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If you’re an avid sneaker head you’ve probably heard of StockX the “stock market of things”, where people can buy or sell hard to find Yeezy Boost’s or cop the sold out piece from the LVxSupreme collection. A category that StockX has recently launched are high-end designer bags, which currently include: Louis Vuitton, Chanel, Hermes, Gucci, Goyard, Givenchy and Prada. StockX keeps a running database of as many items available within a collection for any given brand. As a “stock market of things” they not only let people buy and sell, but allow consumers to keep a portfolio of their current investments (ie. Hermes and Chanel) showing you if the value of your goods is increasing or decreasing.
We had the opportunity to test out StockX and used it to buy a handbag on their marketplace to see whether or not the process was seamless and relatively easy to use.
StockX acts as the authenticity gate keeper. Sellers ship the bag to them for inspection prior to being sold to the customer so that they can check for authenticity. The handbags are guaranteed authentic by their specialists and if a seller sends a replica they will issue a refund to the buyer and charge the seller with a 15% penalty on the closing bid of the item.
What’s different about StockX is that sellers are only allowed to post goods in Excellent Condition. This means that unlike consignment stores, there is no condition criteria; all bags sold must be in excellent condition and include all accessories (ie. lock & key) to be accepted. They also include a handy “Condition Guide” so sellers know what they can or can’t send.
The Purchase: Louis Vuitton Speedy 30 Palm Dots
For our test we picked out the Louis Vuitton Speedy 30 from the Spring 2016 Tropical Journey Palm Dots Collection. A good rule of thumb when it comes to buying is to stick to limited edition styles that are difficult for replicas to be made of. The Speedy 30 from this collection was only produced for the Spring 2016 collection and released around April of the year.
Disclosure: We received a discount on the handbag purchased, the review of StockX’s service is 100% our personal experience in testing out their product.
The handbag was in excellent condition when we received it and looked barely used except for the bit of discoloration on the lock and keys. Serial code checked out for the period MB1146 (Made in France 14th week of 2016). There was some patina on the handles and the interior was immaculate.
The bid buying process is a bit confusing and as a result of the large database of handbags, buyers must realize that only the bags with “Asks” are actually available. Also, to buy a bag is to “Bid” for it, so the deal is complete when an Ask is available and a Bid is accepted. This meant it took a while to figure out whether or not the bag we wanted was even available — we were disappointed to discover that the NN14 bags from Marc Jacobs final Louis Vuitton collection was actually not available.
If you’re a patient buyer and willing to wait to get that bag you desired (which is going to only be available in excellent condition) then its easy to place a “Bid” on a bag that you want and wait to see if a seller decides to sell it to you. Once you are matched with a seller StockX will notify you immediately. This is diferrent from how we normally shop at consignment stores as we are limited to what is available and we have to constantly search for that bag that was produced in one season.
Looking at StockX’s current inventory there are definitely some rare gems, for example the Louis Vuitton Speedy 35 Monogramouflage bag. By being able to “Follow” specific bags, it will notify you on its app available on iOS and Android, whether or not the price has fluctuated. For this bag, the price declined from $4,775 to $3,208 USD within the week.
The process of buying the bag on the app was very quick, shipment of the bag by the Seller to StockX took two business days, another day to authenticate and finally we received the item via UPS expedited in another two business days for a total of five business days.
Cool Options on the App
Ever wonder what your existing handbag collection is worth? Specific styles tend to go up in value especially Chanel Timeless Classic Flaps and Hermes Birkins. Use the app to save the products you currently own in your portfolio. If people “bid” (buy) for the specific style it will track how valuable the item you currently own is. Much like holding real estate you can decide to sell at some point when the price is favorable.
Currently handbags at StockX aren’t moving as fast as their more popular items (ie. sneakers) but it’s interesting to see how much data they can begin to track going forward.
Example: Hermes Birkin 35 Noir Togo Bag