By Jen King
Luxury Daily
April 7, 2017
MUSCAT, Oman – Although one of the newest categories offered by the 250-year-old auction house, Christie’s rare and vintage handbag department has become one of its most profitable.
The handbag department at Christie’s boasts the youngest buyers, the most female clients at 55 percent and the highest spend, totaling approximately $20 million for 2016 sales. Rare and vintage handbags have emerged as a financial and emotional investment for consumers around the world, with high-ticket bids being placed from clients based in the Middle East and Asia.
"We have to give credit to Christie’s," said Matthew Rubinger, senior director of Christie’s. "[The auctioneer] was the first mover in this area in 1978 with the private collection of Gabrielle 'Coco' Chanel.
"In fact, that was the first designer handbag to be sold at auction," he said. "The first designer handbag ever sold was a Chanel navy blue Flap Bag.
"Interestingly, the buyer was the Smithsonian Institute, which I think was a really interesting element for how this market got kicked off."