Millions of dollars of Rolex Watches, Louis Vuitton and Hermes Birkin handbags, high end shoes, jewellery and opulent items broke records on the weekend at Lloyds Auctions in one of the biggest luxury designer auctions ever.
Over 350 pieces of high-end watches and handbags went under the hammer with a Hermes Kelly Crocodile Handbag selling for $50,000.
“We haven’t seen another auction that has had as many quality luxury and designer items as this one, we are constantly seeing more high end brands such a Rolex, Audemars Piguet, Hermes, Louis Vuitton come forth to auction as they are achieving these record prices across the board,” said Mr. Lee Hames, Chief Operations Officer for Lloyds Auctions.
“The demand on luxury collectables is huge, people are willing to pay more than original retail price because they can have it now, they don’t have to wait on lengthy waiting periods,” continued Mr. Hames.
Another perfect example of this is a brand new 2022 Chevrolet Stingray C8 3LT Corvette which is going under the hammer completely unreserved this Saturday where bids are already exceeding $75,000 over the original retail price due to 2 year waiting periods on the model.
Other feature items that sold in the designer auction included other Hermes Birkin bags one for $18,600 and the other one for $15,700 and the Deep-Sea Dweller Rolex for $16,000.
Knight Frank’s 2022 Luxury Investment Index Report stated that fine wine and watches led with the highest increase in investment, both rising an impressive 16% through the year with handbags increasing by 7% in asset performance.
According to the Knight Frank report, the total sales of watches at auction worldwide in 2021 was an increase of 54% on the previous year, with Rolex Daytona’s followed by Explorers and Submariners the models set to continually increase in value the most overall.
Knight Frank reported in their 2021 Wealth report that watches were the 3rd most popular passion investments following classic cars and art and over the last 10 years the average investment has grown by 89%.
If classic cars are more your passion than build your portfolio with one of the 400 classic cars that will be going under the hammer on Saturday 25th June from 10:00am including a single owner, genuine matching numbers 1985 Holden HDT VK SS Group A Commodore ‘Blue Meanie’ along with the 2022 Chevrolet Stingray C8 3LT Corvette.
You can view Peter Brock’s Blue Meanie here.