The fashion world is abuzz with excitement as a pop-up handbag auction opens in London, showcasing luxury pieces from top brands like Hermès, Rolex, and Cartier. This surge in interest in fashion auctions has led to record-breaking prices being paid for coveted items, raising the question: can fashion ever be on par with a Picasso?
In the past, fashion divisions at auction houses were often seen as secondary to more traditional art categories. However, recent sales, such as the £7m ($9.2m) Hermès bag owned by Jane Birkin, have proven that fashion items can command just as much attention and money as fine art pieces.
Celebrities have long been a driving force behind the popularity of fashion auctions, with items belonging to icons like Princess Diana and Marilyn Monroe fetching high prices. Monroe’s iconic “Happy Birthday Mr President” dress, which sold for $4.8m in 2016, continues to capture the imagination of collectors, especially after being worn by Kim Kardashian at the 2022 Met Gala.
Fashion historian Cora Harrington notes that the association of celebrity with certain garments can significantly impact their value at auction. Additionally, the rise of social media and online communities dedicated to luxury fashion has increased the demand for authentic designer items, driving up prices in the resale market.
While some experts worry that the growing interest in luxury fashion could lead to unsustainable price increases, others see it as a sign of the democratization of the industry. Resale sites like Depop and TheRealReal have made luxury fashion more accessible to a wider audience, while also creating new opportunities for collectors and investors.
As fashion continues to gain prominence in the auction world, questions are being raised about the role of museums in preserving and showcasing historical garments. While some argue that delicate and culturally significant pieces should be housed in museums with strong conservation policies, others believe that private collectors and auction houses play a valuable role in preserving fashion history.
Ultimately, the intersection of fashion, celebrity, and art in the auction world is reshaping our perceptions of luxury and value. Whether fashion can ever truly be on par with a Picasso remains to be seen, but one thing is clear: the allure of a coveted handbag or dress can be just as powerful as a masterpiece hanging in a gallery.
