Handbags are hot right now

Fashion accessory meets recession hedge [View in browser]( [Bloomberg]( Hey there. Natasha here, social editor for Pursuits. From where I sit, it’s been a busy year for [luxury cars](, [expensive watches]( and [exclusive hotels](. The stories keep coming, and you all keep reading (or so I hope). But there’s a newer, perhaps more unexpected player on the field that's catching the eyes of Bloomberg followers, wealthy collectors, and newbie investors alike: designer handbags. The idea of a new handbag has crossed my mind, too, although for more practical purposes. It’s autumn in New York, which means I’ve been thinking about ushering in the routine of a new capsule wardrobe, ready for the cold—but I haven’t been able to convince myself that the $1,000 price tag I saw on the last one to catch my eye would be worth it. It turns out I may be able to make an argument for spending big on bags. With market turmoil and the threat of recession, more and more buyers are seeing luxury goods as a stable bet to park their cash—and grow it, too. Handbags on display in a Chanel store window. Photographer: SeongJoon Cho/Bloomberg In Hong Kong this summer, Sotheby’s held whisky, jewelry, and handbag auctions simultaneously, figuring buyers for one might be interested in all. ([They were right](.) And during Monterey Car Week in Pebble Beach, handbags and watches were [on sale next to Ferraris](. And just last month, a Hermès handbag [fetched a record price]( of €352,800 at a Sotheby’s auction. It sold for almost three times its pre-sale estimate, and offers more evidence that wealthy buyers are willing to pay up for rare luxury goods that are winning attention as stores of value. Hermès is on a roll, having recently opened its biggest store ever in New York. Photographer: Kevin Scott A July study from the [Business of Fashion]( said 40% of US consumers had bought or were planning to buy a designer handbag, helping bolster the sector from a global market of $72 billion this year to a [predicted $100 billion in 2026](. And in June, [Credit Suisse Group AG]( singled out the entire luxury bag sector for its risk-reward proposition: [Chanel bags rose in value]( 24.5% from the previous year vs. average annual stock market returns of [about 10%](. The likes of Gucci, Balenciaga, and Burberry are also already minting money in the metaverse. Illustration: Rad Mora Even thrift shop Goodwill is now getting in on the designer game, making its [first big push online]( with [GoodwillFinds](. The curated marketplace of donated goods seeks to compete with [Poshmark Inc.]( and [RealReal Inc.](, secondhand sites where resale has become sport to shoppers hunting luxury brands to [flip for profit](. The profit might not be enough to compete with a 401(k), but it’s something. So while I’m still not sure if I have the guts to spend $1,000+ on a purse I’d take on the subway, I’m starting to think keeping a handbag in storage is a good idea—[and here’s an investment guide to start](. Stay in touch with Natasha via [Twitter](. The latest on travel. Eager to plan a last-minute fall getaway? Same. Here’s the latest on global travel. [What It’s Like Inside City, the Colossal Desert Artwork Thousands Want to See]( Only six people a day are allowed inside Michael Heizer’s 300-acre City. This is what it’s like to go inside this vast outdoor work. [Your Dollars Will Go a Long Way on That Long-Awaited Trip to Japan]( When Japan finally opens its doors to vaccinated tourists on Oct. 11, many travelers are going to find great bargains. [Why Madeira’s Lush Ecosystem and Sweet Wines Make It Ripe for a Visit]( There’s history, adventure, and world-class food and drinks, all on one tiny island. [Checking Into the Chelsea Hotel, Where Ghosts Are Welcome Guests]( A renovation of the historic (some say haunted) building weaves a wealthy past into a comfortable, cool present. [The Best Bar in the World Is Hidden Behind a Barcelona Pastrami Shop]( Paradiso claimed the top spot from World’s 50 Best Bars. Do you love luxe real estate? How about cars? Keep reading. [Dubai Sets New Record With Sale of Palm Jumeirah Mansion for $82 Million]( [The Corvette’s Sometimes Sensational, Sometimes Sloppy History]( [How to Design Your Home Like a Fancy Hotel? Top Decorators Give Tips]( [With the Purosangue, Ferrari Offers Utility With Sports Car Style]( [A Well-Preserved Frank Lloyd Wright House Hits Market Near NYC]( Some personal favorites. - New Yorkers know how tricky it can be to score a table at A-list bars and restaurants without a reservation. Here’s [where to drink when you can’t get into the world’s 50 best bars](. - Want more go-to Manhattan restaurants? Here are the 10 best [power lunch spots in NYC right now](. - While I eagerly wait on Succession’s return, binging Industry on HBO is scratching that itch for [sexy young finance folks]( exhibiting incredibly bad behavior.  - For a single brisk October evening of entertainment, [I Came By on Netflix]( is a recent mystery thriller I loved starring Hugh Bonneville. - And since it’s Spooky Season, there’s a new Hocus Pocus movie out, and I need to see it. Even though one of our editors gave it a... [lukewarm review](. So, you’ve got questions? Here’s some answers! Whatever the topic, keep them coming for next week via our [Bloomberg Pursuits Instagram]( and [e-mail](mailto:askpursuits@bloomberg.net?I%20have%20a%20question). Where’s the best weekend trip from New York? If you love the mountains and outdoors, take a drive up the Taconic Parkway and head to the Hudson Valley. My colleague Jim Gaddy just spent a weekend[feeding chickens at Wildflower Farms](, the country’s newest Auberge resort and commendable experiment in rustic luxury. Autumn in the region is a sight—with fiery foliage and horse farms aplenty. If you’re looking for some quaint country charm for a lower nightly rate, try stopping in Millbrook (you can’t miss the town diner) or Rhinebeck (I’ve heard wonderful things about the [Beekman Arms & Delamater Inn](). Go a little farther north for a weekend in Hudson with some great antiquing, or head east to Great Barrington in the Berkshires for a Massachusetts escape. A view worth waking up to in a Wildflower Farms cabin. Source: Auberge Resorts Collection What’s the best luxury experience you’ve had? Last year I had the chance to [spend the day]( at Silo Ridge Field Club, a [members-only private community]( in Amenia, New York. I toured the upscale grounds, drove the golf course, visited lush gardens, and spent (too much) time inside the stables. I even tried my hand at skeet shooting. Homes at Silo start at over $2 million (and can cost much more), which is why it’s not uncommon to find celebrity members—over the years executives like Weight Watchers CEO Mindy Grossman and football legend Tom Brady have been [reported]( to have been members. So if you’re like me and love luxury real estate, horses, and sweeping views of the Hudson Valley, I’d recommend checking it out. A $5.5 million 4-bedroom home that was for sale at Silo Ridge last year. Photographer: Andy Carlson Which luxury companies do the best job on social media? As far as luxury fashion is concerned, the [Ralph Lauren Instagram account]( rarely fails to grab my attention. Their photographers capture the brand’s collections and seasonal shows equally beautifully, and I’m just on board with their style. Especially this time of year—wool coats and tweed blazers galore. [Versace]( and [Prada]( do great jobs, too.  What’s the one piece of gear you need to become a successful influencer? A good lighting system and a good camera, hands down. That’s two things, but it’s all about quality these days. There’s even some ‘how to influence’ courses you can take. Source: Getty Images As someone who works in social media, what did you think of the Bella Hadid spray-on dress for Coperni last week in Paris? Was it just for the social media effect and did it work? It was [an incredible moment to watch](. I, for one, had never seen anything like it, and Coperni brought that sense of wonder—[and pretty amazing new technology](—to a global audience. If going viral was the desired effect, I’d say their team achieved it. Can social media and true luxury coexist, or does social media just ruin everything? I could argue both answers to this question. I think they can coexist, but more often than not, the most luxurious experiences probably don’t make it online. With the fall of crypto, are Patek and Rolex watches still a status symbol? By the sheer amount of interest our readers show in stories about these two brands, yes, they’re definitely still a status symbol. Could a Rolex really ever fully go out of style? A crash course in Patek Philippe, through the eyes of a watch newbie. Illustration: Andrea Chronopoulos Ask us anything! Each week we’re picking reader questions and putting it to our network of experts. So get in touch via AskPursuits@bloomberg.net. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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