Consignment stores are doing a brisk business during the recession as women part with Louis Vuitton purses, furs and other luxury items to help ends meet. Men are also selling expensive items to help with cash flow.
Wall Street titans are also foreclosing on their wardrobes, essentially pawning their $4,000 Thom Browne suits at the city's designer consignment shops.
"We have a lot of young professional girls who just lost their jobs, who aren't working now and no longer need their Chanel bag," said Maria Ridolfi, owner of A Second Chance on the Upper East Side.
"They need some cash flow," she said, noting business has been up 25 percent over the past few months.
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"We have men who have never consigned before coming in," said Milo Bernstein, owner of Ina, which has locations around the city. "Several men came in who worked at hedge funds or in the financial industry. There's been an influx of Thom Browne suits."
Consigners say the increased inventory has also inspired more buyers to come to the stores searching for deals on designer goods - but the bargain hunters are more cautious than in years past.
"They still want the 'It' bag, but they are not willing to spend a lot on it," Berinstein said.
A bag originally purchased for $1,200 might be consigned for $300 and then resold for $700, store owners said.
Some owners said they've seen more people trying to pawn off fake Louis Vuitton bags to the consignment stores, but it's hard to fool a store owner. They've see thousands of bags and know what to look for to tell if a bag is counterfeit.
Katy Newton of The L.A. Times has an interesting video report about the
LA Kids Consignment Sale, a biannual kids' used-clothing and equipment sale. Over 275 families consigned pricey baby wear, toys and equipment to the sale, which is a treasure trove for new parents. We like the new father who is sent on a mission to the sale to find baby clothes. He's taking his mission very seriously, as he carefully compares sizes then calculates how much the child will have grown by winter.
It's all part of a growing trend of high-end baby gear consignment. Everyone wants the hottest stroller and gorgeous kids' clothes, but the prices of the top brands are sky-high. But smart moms are finding fabulous deals on gently-used items which are sold on consignment.
The article accompanying the video has some great links for new moms who are looking to find great deals on second-hand high end strollers and other must-have items.
