Gucci handbags disappoint at auction as luxury fervour cools
AN AUCTION of rare Gucci handbags disappointed at Christie’s, a sign that robust demand for high-end purses is softening.
Two Gucci Bamboo bags failed to meet the low pre-sale estimate at an online auction held by Christie’s that ended on Tuesday (Nov 14), while a third just reached the low estimate, according to preliminary results.
The costliest purse at the sale, which also included Hermes bags, was a black leather Bamboo with a yellow gold handle and a diamond-encrusted closure. It was seen fetching between 150,000 euros (S$219,352) and 200,000 euros prior to the auction, but sold for 138,600 euros including buyer’s fees.
Gucci partnered with Christie’s to sell the three bags, with the proceeds going to Save Venice, a charity which seeks “to preserve the artistic heritage” of the Italian city. Christie’s is owned by the billionaire Pinault family’s investment company, Artemis, which in turn holds a controlling stake in Gucci parent Kering.
Three lower-priced Gucci bags at the auction whose proceeds were not going to charity did better, surpassing estimates.
Some well-heeled consumers are reining in luxury purchases after a period of feverish demand during and coming out of the pandemic. A record price for a handbag at auction was reached two years ago at Christie’s for a rare Himalaya Kelly, which sold for HK$4 million (S$691,146).
A NEWSLETTER FOR YOU
Lifestyle
Our picks of the latest dining, travel and leisure options to treat yourself.
More broadly, Gucci sales have lagged behind its main luxury peers for the past few years, prompting Kering executives to begin a reset at the group’s biggest label. Gucci named a new designer, Sabato de Sarno, who unveiled his first collection in September in Milan.
The Gucci auction at Christie’s was an attempt to “convince consumers Gucci’s value endures and is not transient and dependent on today’s fashion”, Bernstein analyst Luca Solca told Bloomberg. “Auctions have become a tried and tested tool to enhance brand image.” BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Lifestyle
Former Zouk morphs into mod-Asian Jiak Kim House, serving laksa pasta and mushroom bak kut teh
Massimo Bottura lends star power to pizza and pasta at Torno Subito
Victor Liong pairs Aussie and Asian food with mixed results at Artyzen’s Quenino restaurant
If Jay Chou likes Ju Xing’s zi char, you might too
Mod-Sin cooking izakaya style at Focal
What the fish? Diving for flavour at Fysh – Aussie chef Josh Niland’s Singapore debut