That designer handbag that you bought just a few years back cost you so much, right? But have you considered what your bag would sell for today? Well, even if you gave it a thought, do you really think that you had the right answers? Well, no. At this point, most of us feel even more confused instead of having a clear understanding of the current worth of our handbags. You might have gone to the search engines and searched for the current prices of the similar bags and might have found out different prices on different websites, thereby making things even more difficult for you.

The best way here is to get the appraisal done. The handbag appraisal will help you know your bag's value and sell it later, as the document will back up your claim for a certain amount.

In this article, we will discuss several important mistakes people often make when determining the worth of their designer bags, and we will help you understand what to do and what not to do during the valuation process.

Mistake #1: Assuming Retail Price Equals Current Value

Among all the misconceptions, this one is the most significant. Let’s take an example to consider this scenario. You paid $8,000 for a Hermès Birkin, so it’s effortless to assume that the asking price is the current worth of your bag even after years. But this truly is not the case, and most often this is the biggest mistake that people make. The idea is that the luxury handbags follow market rules, not retail logic. This explains why some bags appreciate in value, while others can depreciate. Therefore, believing that the price has remained unchanged is the worst scenario you could imagine.

·        Limited-edition or rare models. So don't guess their prices; they may have risen a lot.

·        Mass-produced designs or seasonal pieces can lose value after just a few years.

Mistake #2: Ignoring Condition and Maintenance

When valuing a luxury handbag or any other item, the condition is the most important factor to consider. If the bag is in good condition and appears just like a new bag, the chances are pretty high that you will have a good valuation for the stuff. But on the contrary, even if your bag has a small scratch or any kind of slight damage, the prices can come crashing down quickly. Usually, the appraisers go for getting the handbags graded according to their conditions, such as

• Mint/Excellent—like new, minimal signs of wear.
• Very good—gently used, with minor marks.
• Good or fair: noticeable wear, slight structure loss, or hardware fading.

Mistake #3: Forgetting the Power of Provenance

Provenance is a critical thing, and this plays a major role in deciding the price of your handbag. "Provenance" actually means the documents or the receipts showing that you own the asset. This actually is the proof and narrows down any chance of a stolen item getting valued as one’s own. Therefore, having the provenance documents can drastically help you get an increased price when the handbag valuation is done. When you go to get the appraisal of any handbag, try to have the following documents with you, which will help you get the right valuation, most often on the higher side.

• Original receipts
• Authenticity cards or holograms
• Dust bags, boxes, and care booklets
  often appraise higher than identical bags missing these details.

Mistake #4: Using Only Resale Listings as “Proof of Value”

It can be tempting to skip all this hustle and effort of getting the valuation done and rather go for checking the current price of the bag online. But then, few people know that there is a huge difference between the asking price and the selling price.  Sellers often inflate their listings to allow for negotiation, and they base their numbers on sentiment rather than data.

Summing Up

To sum up, even when you plan to get the handbag valuation online done, there are several things that you must pay attention to in order to secure the right valuation for all your stuff. With the help of the article above, you will have an idea about what the various mistakes are that people make when they get the valuation done, and it is best if these are avoided, as they will help you secure the right valuation for your handbags.