Majors

At eBay’s New Pop-Up, Pre-Owned Luxury Goods Are Currency

MajorsNov 17, 2022

At eBay’s New Pop-Up, Pre-Owned Luxury Goods Are Currency

The temporary space in New York’s Diamond District lets shoppers trade in one authenticated luxury item for another.

EBay has opened the eBay Luxury Exchange, a pop-up that lets shoppers trade in their pre-owned luxury goods for other authenticated items.
New York—At eBay’s new pop-up, shoppers can trade in their pre-owned luxury goods for another authenticated item.
 
In time for New York Jewelry Week, the company has opened the eBay Luxury Exchange in the Diamond District.
 
Shoppers can bring their luxury items in for an appraisal. After receiving an assigned value, they can look through the store’s array of designer jewelry, watches, and handbags.
 
Once they find something they like, their appraised item can be exchanged for the new item.
 
If there’s nothing they like, shoppers can use the on-site photo studio to list their item on eBay rather than exchange it. 
 
The pop-up stocks brands like Rolex, Van Cleef & Arpels, and Gucci.
 
The eBay Luxury Exchange is located in the heart of New York’s Diamond District.
The eBay Luxury Exchange is located in the heart of New York’s Diamond District.
 
"It's never been easier for luxury enthusiasts to refine their collections in a trusted environment, and we wanted to create an IRL experience that reflects what's happening on eBay every day," said Tirath Kamdar, general manager of luxury at eBay. 
 
"The Luxury Exchange gives shoppers an opportunity to appraise and sell their valuable goods, and add something new to their personal collections, just in time for the holiday season."
 
EBay's Luxury Exchange is located at 22 W. 47th Street in New York. It is open to the public from Nov. 16-17 from 11 a.m. to 6 p.m.
 
Physical authentication is key to making a shopper comfortable purchasing pre-owned luxury goods on an online resale platform, said eBay.
 
Its upcoming brand campaign, “Everyone Deserves Real,” will highlight its authentication service and experts.
 
EBay recently expanded its authenticity service to include fine jewelry, teaming up with the Gemological Institute of America. 
 
The company is now able to authenticate new and pre-owned fine jewelry sold for $500 and above, including designer jewelry from Bulgari, Van Cleef & Arpels, David Yurman, Cartier, and Tiffany & Co.
 
 Related stories will be right here … 
 
In the face of economic uncertainty, interest in alternative investment classes, like luxury goods, has grown, said eBay.
 
The company looked into this growing interest, partnering with BoF Insights, the data and analysis think tank from The Business of Fashion, on a new report titled: "The Rise of Resale: Luxury As Currency." 
 
The report found that 30 percent of U.S. luxury shoppers surveyed believed the value of luxury handbags, watches, and jewelry is less volatile than other investment assets they own.
 
“More than half of these shoppers see their luxury items as a form of currency, and they think about their collections dynamically, as a way to trade for other items that they want,” said eBay.
 
Of those surveyed, 62 percent said they have sold items in their collections for more than the original purchase price.
 
EBay also shared some insight on what its shoppers are buying.
 
In 2021, eBay sold eight fine jewelry items in the US and Canada every minute.
 
Cartier, David Yurman, Gucci, Swarovski, and Tiffany & Co are the top selling brands in the US and Canada this year.
 
As for popular styles, sales of the Chanel “Coco Crush” ring, the David Yurman “Cable Spira” bracelet, the Gucci Interlocking G bracelet, and the Mikimoto cultured pearl bracelet are up triple digits year-over-year this year in the U.S. and Canada.
 
EBay is also a major watch seller with eight watches purchased in the U.S. every minute in 2021.
 
Hamilton, Omega, Seiko, TAG Heuer, and Tissot are this year’s top-selling watch brands in the U.S. and Canada.
 
Sales of the Omega Speedmaster and the Rolex Oyster Perpetual Explorer were up triple digits year-over-year in the U.S. and Canada this year.
 
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

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