Expert says £300 handbag in your wardrobe 'could now be worth £2,000'

Expert says £300 handbag in your wardrobe 'could now be worth £2,000' It might be time to have a look through what you've got A handbag bought for £300 several decades ago could now be worth more than £2,000, according to an expert who says many owners have no idea how valuable their collections have become. Rachel Fox, handbags, jewellery and gem expert at London-based S&R Jewellers, said designer bags left unused at the back of wardrobes can be worth substantially more than their owners realise. For example, a Louis Vuitton handbag purchased for approximately £300 in 1995 could now be worth around £2,020 - a considerable increase, even when taking inflation into account. Rachel said: “Customers are often surprised by how much a handbag bought 20 or 25 years ago is worth today. Many still think in terms of the few hundred pounds they paid, especially if it has sat unused in a wardrobe. We regularly see people taken aback by the current value of a bag they have owned for years.” Rising new prices and the growth of the pre-loved luxury market mean handbags from leading fashion houses can represent a significant, and easily overlooked, part of someone’s wealth. But owning an old designer bag does not automatically mean it is worth a fortune. How to check if your handbag is worth money Rachel said there are several important details to examine. The name on the bag is an obvious starting point. Hermès, Chanel and Louis Vuitton are among the brands whose bags Rachel regularly buys, but values can differ significantly between models from the same fashion house. Classic, recognisable designs may attract more buyers, while a discontinued or difficult-to-find model could command a premium because of its scarcity. Owners should look for model names, serial numbers, date codes and other identifying marks that could help establish exactly what they possess. Condition can have a substantial effect on a handbag’s value. Check the handles, corners, lining and stitching for wear, stains or damage. Metal fastenings and other hardware should also be examined for scratches, discolouration or missing parts. A bag that has been used only occasionally and stored carefully is likely to be more desirable than one with significant damage. What to do if you find one Rachel said: “The Hermès, Chanel and Louis Vuitton bags we buy tend to be little used and well cared for, often kept in dust bags.” Owners should avoid attempting major repairs or restoration themselves, as poor-quality work could potentially reduce a bag’s appeal. Receipts, authenticity cards, certificates, serial numbers, boxes and dust bags can all help demonstrate a handbag’s history and authenticity. This is known as its provenance and can give prospective buyers greater confidence, particularly when large sums are involved. Owners who no longer have the original paperwork should not assume the bag has no value, but may benefit from having it examined by a reputable specialist. Some colours and limited-edition designs are harder to find than others, which may make them more desirable on the pre-loved market. Demand can change with fashion, so the price someone originally paid is not a reliable guide to either the bag’s resale value or what an equivalent new model would cost today. More valuable 'than owners realise' Rachel said: “The pre-loved luxury market is more established, while new prices have risen enormously, so an older bag can be a more valuable asset than its owner realises. Not every designer handbag is worth a fortune: brand, model, condition, colour, rarity and provenance all matter.” Owners should also make sure valuable handbags are adequately covered by their home contents insurance. They should check their policy’s total contents cover, its limit for any single item and whether valuable possessions must be listed separately. Anyone who regularly carries a bag outside the home should also establish whether away-from-home cover is included. Photographs, receipts and an up-to-date professional valuation could be useful if the bag is later lost, stolen or damaged. Rachel added: “Someone who paid £300 or £500 decades ago should not assume that is the figure that matters today. These bags were bought to enjoy, but when customers sell or borrow against them, they often discover value quietly sitting at the back of the wardrobe.”