Buying luxury has gone digital

by Finploris
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In the course of several month-long shutdowns, luxury auctioneers and resellers reconsidered their understanding, as consumers’ price thresholds rose steadily. The consumer behavior changed and wealthy persons are looking for high-value merchandise without an in-person viewing.

Christie’s auction house is hosting its worldwide “Luxury Week” with coloured gemstones from Bulgari and Cartier alongside innovative contemporary designs by jeweler Michele della Valle to meet demand. Last year, Sotheby launched its luxury auction series under the headline “The Festival of Wonder,” celebrating the finest examples of jewels, watches, handbags and sneakers. 1stDibs, the online marketplace for extraordinary furniture, home décor and high-end jewelry, watches and art has also seen an acceleration in merchandise value.

Consumers were more willing to buy used high-priced items online. As a result, online luxury sales had been up year over year. At Sotheby’s, buyers can currently bid online for a diamond ring with a 4.28 carat on a platinum and 18 karat gold band for $43,350. At Christie’s, shoppers could buy the extreme rare double dialed Patek Philippe for $1,0 million to $1,8 million in its online auction “Watches Online: The Dubai Edit.” According to the auction houses and other resellers, the demand for high-value e-commerce is surging and more and more online slots are offered.

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