Marissa Speer has built a reputation as one of the world’s most successful auctioneers, her impressive track-record of over 500 auctions in global markets speaking for itself. With a diverse portfolio of clientele, including the world’s biggest names in luxury and fashion, she has developed a widespread knowledge in the industry unlike any of her peers. In this exclusive interview with TheIndustry.Fashion, Marissa Speer talks about the booming secondary market for luxury goods and shares her insight into the world of auctions.
1. Bonhams’ Marissa Speer on the Booming Secondary Market in Fashion
Whether you’re looking for something vintage, one-of-a-kind, or perhaps, something rare from a designer label, many now turn to the secondary market to search for fashion gems. Marissa Speer, the director of handbags and accessories at Bonhams, is an insider on this market. Here, Marissa shares with us her insight:
Why the Secondary Market is Booming
- It’s a great source of valuable collector’s items. While the primary market is saturated with mass-produced designer garments and brands, pre-owned fashion pieces offer an opportunity unique from retail stores.
- Sustainable fashion is gaining traction as an important trend. In pursuit of more environmentally friendly fashion choices, many shoppers now look toward the secondhand market.
- Access to a global market of buyers allows even the most obscure designer items to gain a following. Thus, increasing the market for higher-end, rare designer pieces.
Unlock Hidden Talent with Diligent Research
- Use the internet to your advantage – it’s crucial. Do research to discover diverse designers as well as different vendors to go to.
- Find out what is trending in the world of fashion at the moment. By understanding current trends you may just stumble on future classics.
- Sign up for auction alerts. You can easily keep an eye on upcoming sales and the hottest fashion pieces to buy.
By actively seeking out these gems, true collector’s items can be found in the secondary market.
2. Exploring the Explosion of the Resale Industry
The resale industry has exploded in the online marketspace, transforming the way that people buy and sell items from one another. In just a few years, it has developed from an underground market between people with brick-and-mortar stores into an online metropolis, with many different sites and platforms hosting huge collections of items. It’s a fascinating phenomenon!
What makes the growth of the resale industry so captivating is the newfound freedom these online marketplaces offer, both to buyers and sellers. For buyers, they can purchase pre-owned items at a fraction of the cost from what it would cost to buy them brand new. On the other hand, sellers have the opportunity to make extra money from their unused clothes or furniture with much more ease than ever before. All of this has led to people of all ages having access to a wide selection of options for buying and selling – it’s almost akin to window shopping, but in a virtual marketplace.
- Buyers benefit from lower costs
- Sellers make extra money
- Online window shopping experience
3. An Interview with the Expert: Understanding Change in the Fashion Landscape
Change is always a constant in the fashion landscape, yet understanding it can be nerve-wracking. Luckily, it’s time to talk with an expert who has the experience and perspective to help us parse it out.
We caught up with expert fashionista Helen Higgens who has been steeped in the industry for over 20 years. In her take, the progress of the fashion industry, today, is nothing short of “astounding”.
- What do you think is the most significant change to the fashion landscape in recent years?
- “Naturally, I would have to say the influx of technology. From 3D printing to custom-cut garments, technology has revolutionized the way we think about fashion. It’s far more accessible than ever before and I could go on and on about the amazing possibilities.”
From a sustainability standpoint, Helen considers the growing recycled fashion movement to be incredibly progressive. And while the exact direction of the fashion industry remains uncertain, fashion studios and retailers must continue to think outside of the box in order to keep up.
- What advice would you give to someone trying to stay on top of fashion industry trends?
- “It’s all about experimentation! It’s important to stay open-minded and be willing to try different styles and explore different materials. Don’t be afraid to take risks and branch out. You never know what might become the next fashion statement.”
4. What brands and buyers need to know going forward
It’s important for both consumer brands and industry buyers to stay informed about the changing regulations and best practices that are affecting the retail sector. Keeping an eye on market trends and staying up to date with latest retail innovations will ensure that buyers and brands remain competitive in the long run.
There are a few key areas to keep in mind when tackling changing retail landscapes:
- Keep a watchful eye on competitors: Track the activities of competitors to locate opportunities before the competition does.
- Stay informed on new technology: It pays to stay updated on the latest industry trends and new technologies that are driving retail performance.
- Adjust business models: Understand new business models, such as asset-light ones, and be ready to adjust according to the latest market requirements.
By being proactive about the changes happening in the retail industry, brands and buyers gain an upper hand in the long run and create more ways to stay ahead in the retail world.
No matter which corner of the vintage market you’re examining, understanding the behind-the-scenes processes of its many facets is essential. Bonhams’ Marissa Speer allowed us a peek into the opulent and rapidly growing resale market– a rewarding insight into a complex and increasingly popular corner of the fashion industry.
