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Fashion is a collecting category that is a component of the larger Luxury Goods sector. In most cases, fashion can be considered a broad term that usually encompasses clothing, handbags and accessories, and in some cases jewelry.
The market for luxury clothing, handbags and accessories share many commonalities with the fine and decorative art markets. The main hubs for buying and selling luxury fashion include New York, London, Paris, Hong Kong, and Shanghai. The structure of the fashion market is comprised of both dealers and collectors, and auction records often establish benchmarks for pricing.
In terms of appraising fashion pieces, the most important factors appraisers look for in determining value include brand name, provenance, and condition.
Brands like Louis Vuitton, Chanel, Hermes, and Gucci are the most sought-after amongst buyers and collectors. The more iconic the brand name, the more exclusive and therefore valuable the item becomes.
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Provenance can also be an important component of value. If an item was once owned by a well-known figure or celebrity, it almost always positively influences the value, as potential buyers often wish to experience the “exclusivity” of obtaining a piece once owned by an important individual.
The condition is also an important factor. As with pieces of fine and decorative art, the value of a fashion item will be affected if it is damaged or altered in some way.