HOW TO PRICE YOUR DESIGNER RESALE ITEMS
Whether you received a shipment of limited-edition bags by Louis Vuitton, or your customer dropped off a few vintage Hermès silk scarves, you need to know how to price them. And while the pricing for some items might be common knowledge—the Chanel 19 medium is nearly impossible to find for less than $5,000—other items aren’t so simple.
HOW TO DETERMINE THE VALUE OF YOUR ITEMS
Have you ever visited an estate sale at an old, Victorian mansion? Sure, you know the items for sale are exquisite, but if you don’t know the works of a famous sculptor, how to identify jewelry previously owned by Marie Antoinette, or the value of a vintage Leica camera, you’ll feel a bit lost.
The designer resale market works the same way. We all know the Chanel Classic Flap bag is a must-have staple, a croc Birkin is most-coveted, and the Louis Vuitton Neverfull is the ultimate everyday tote. But what determines the price on the resale market?
You already know the value of Chanel, Hermès, Louis Vuitton, Dior, and Gucci. But do you know about their brand power? The brands with the biggest worldwide name recognition are the most talked about and sought after, ensuring the strength of their resale value.
In addition to brand power, another factor impacting the resale value of an item is the make or model. While everyone knows about the Chanel Boy Bag, how many people want the Chanel Hula Hoop Bag? The LV Neverfull is a guaranteed sell, but what about other LV styles?
Here are a few of our top-selling bags during COVID-19.
Louis Vuitton Neverfull
Louis Vuitton Keepall
Louis Vuitton Alma
Louis Vuitton Cabas
Chanel Classic Flap
Dior Book Tote
Second to the brand power, is the condition of the item. At LePrix, a designer item will only make it to our site if it passes our condition test. Visible signs of wear and tear will negatively impact the final sale price of the item, whereas a bag in like-new condition will fetch top dollar.
Below is how we rank and price our bags based on their condition.
While Gucci, Louis Vuitton, and Goyard all use coated canvas on many of their most popular bags, luxury materials still matter. If you’re reselling a bag made of goatskin, you’d price it lower than ostrich or snakeskin. And if you’re selling a Birkin made of Himalayan Crocodile, you’ve gotten your hands on a goldmine…shoot for the stars!
No one wants to unknowingly purchase a counterfeit bag, that’s why it’s crucial you have your items authenticated and appraised! A trained professional knows just what to look for and can determine the value and authenticity of the bag. Luckily, LePrix Wholesale has an authenticity guarantee policy.
On the authenticity note, if you have access to proofs of purchase, such a receipt, the original box and shopping bag, authenticity cards or dust bags, it’ll add to the value of the bag. Did you know that by offering Certificates of Authenticity (COAs), your chance of closing that sale increases by 35%?
With your first purchase on LePrix Wholesale, you can get free COAs*. COAs are a great way to increase sales and build trust with your customers as well as may give you the ability to increase your margins.
TRENDY OR TIMELESS?
Fashion trends come and go, but what’s really trendy these days is reselling luxury items. Whether you’ve got your hands on a classic piece or a handbag that’s iconic for other reasons, there’s a way to determine how to price it. For example, the price of a brand new Chanel Classic Flap Bag has continued to increase, so the resale value of a vintage Chanel Classic Flap bag has almost doubled its original price which means both of these bags can be priced above $5,000 on the resale market.
If you want to play it safe and essentially guarantee a sale, go down the timeless and predictable route. But if you’d like to take a trip down memory lane to a time when Takashi Murakami’s uber-trendy, whimsical designs ruled Louis Vuitton, the payoff can also be huge. Why? Two words: limited edition.
Everyone knows just how difficult it is to get your hands on a brand new Birkin or Kelly bag, and due to the exclusivity and accessibility factors, these bags should be priced accordingly. It’s all about supply and demand.
You already know we have access to the most amazing designer resale items, but have you noticed how we personally guide you through the wholesale process?
On our wholesale platform, every item comes with a description condition grade and for top brands. Leveraging our deep data analytics and AI, our platform also shows a suggested minimum resale price.and estimated profit margin for top brands