The Trend of Luxury and Celebrity Fashion in Auction Houses

This article was first posted by The Business of Fashion, a partner of CNN Style.

When it comes to fashion, auctions are where items are fetching the highest prices, despite the ongoing discussion about the increasing costs of luxury goods.

In 2022, Joan Didion's Celine sunglasses were sold for $27,000, while Kurt Cobain's Levi's fetched $412,750 in 2023. Elton John's leopard-print Rolex recently sold for $176,400. However, the highest price was for Princess Diana's black sheep sweater, which went for $1.14 million last year.

Fashion items from TV, film, and commercials can also fetch high prices. This year, the Burberry bag from "Succession" sold for $18,750, and Nicole Kidman's suit from an AMC Theatres ad went for $9,525. An auction of costumes and props from "The Crown" raised a total of $2.1 million.

Fashion has increasingly become a focus for leading auction houses like Sotheby’s, Bonhams, and Christie’s in the last ten years. It has played a significant role in their efforts to appeal to a younger audience who are able to bid online.

Lucy Bishop, a specialist in handbags and fashion at Sotheby’s, mentioned that anyone with the financial means now has the opportunity to take part in auctions.

Princess Diana's iconic black sheep jumper on display at Sotheby's in London on July 17, 2023.

Princess Diana's iconic black sheep jumper on display at Sotheby's in London on July 17, 2023.

Frank Augstein/AP

While selling prices are widely publicized, auction houses maintain something akin to attorney-client privilege when it comes to the identities of their bidders.

There are several types of buyers in the art market: museums and institutions, private collectors, vintage dealers, and super fans. Some buyers hope for a significant return on their investment, while others see it as a bonus. Most buyers are driven by a long-held passion, with the rare item adding to the allure.

As the value of an item increases, the pool of potential buyers decreases. According to Bishop, the art world is an exclusive club where those who are knowledgeable have the advantage.

Historically significant pieces, whether due to their connection to a specific designer, era in fashion, or association with iconic figures like Audrey Hepburn or Princess Diana, are typically acquired by institutions such as London's Victoria & Albert Museum or New York's Metropolitan Museum of Art. Private collectors may also purchase them, with the possibility of them being loaned out for museum displays.

Celebrities themselves are often the ones purchasing these pieces; for instance, Lady Gaga and Kim Kardashian have acquired clothing belonging to Michael Jackson. They also help bring attention to their purchases, as seen with actress Laverne Cox wearing her own Mugler collection on the red carpet. Much of the vintage fashion worn by celebrities today has passed through auctions.

Wearing vintage Mugler, Laverne Cox poses on the red carpet at the 2024 People's Choice Awards on February 18.

Wearing vintage Mugler, Laverne Cox poses on the red carpet at the 2024 People's Choice Awards on February 18.

Jordan Strauss/Invision/AP

“Fashion auctions have been Hollywood stylists’ best kept secret for a few decades but that secret is now definitely out,” said Bishop.

People who are passionate about iconic items, whether owned by celebrities or not, pursue them for their love of fashion. Shannon Hoey, a vintage fashion dealer, has built an extensive collection through auctions. She collaborates with designers to provide references for their collections and works with stylists to showcase pieces on the red carpet, in editorials, and on the big screen.

For some people, owning a luxury item is more than just a fashion statement. It can be a direct link to a well-known public figure or cultural icon. These special pieces often come with a higher price tag, attracting fans rather than traditional fashion enthusiasts to make the purchase. Meg Randell, the head of fashion and handbags at Bonhams, pointed out that a Lady Dior handbag carried by Elizabeth Debicki as Princess Diana in "The Crown" sold for over $12,000, well above its original retail price of $4,000.

Leigh Anne Clark, who is a dedicated shopper of brands like Valentino, Saint Laurent, and Chanel, was able to acquire Andre Leon Talley's Birkin bag at Christie's auction last year.

Clark mentioned that the item probably sat next to Anna Wintour on a plane heading to a trendy photoshoot she may have seen in a magazine. She felt a connection to (Talley) through it, as if he would have understood a part of her if they had known each other.

She intends to showcase it in her closet instead of using it on a regular basis.

A circa 1990 personalized Hermès Birkin with gold hardware details, from Andre Leon Talley's collection, is show at Christie's in Palm Beach, Florida on January 17, 2023.

A circa 1990 personalized Hermès Birkin with gold hardware details, from Andre Leon Talley's collection, is show at Christie's in Palm Beach, Florida on January 17, 2023.

California teacher Renae Plant has a collection of 89 Princess Diana pieces, which she started building in 2015. One of the highlights of her collection is the Versace dress worn by Diana on the cover of "Harper's Bazaar" in November 1997, which she bought for $200,000. Renae's admiration for Princess Diana dates back to her childhood, when she had the opportunity to shake hands with the royal during her visit to Australia in 1983.

Plant is currently running a website to display her collection. However, she is aiming to organize a large exhibit in the future. At the moment, her clothes are stored in a climate controlled facility in California.

Plant expressed, "I was inspired to share her story because her life is so impactful. She was known for her kindness and the way she could instantly make you feel like a longtime friend with just a simple touch of her hand."

The appeal of potentially high returns has drawn a new type of fashion buyer to auctions. These buyers view fashion items as investments, especially those linked to celebrities. Such pieces not only garner media attention but also attract a diverse range of buyers, leading to higher valuations. For instance, a taxidermy bird worn by Carrie Bradshaw in "Sex and the City" was sold by Hoey for $25,400 at Sotheby's in 2023.

Martin Nolan, executive director of Julien’s Auctions, calls one category of fashion auction buyer the “hedge fund manager.” Their interest in investment pieces may well extend to "Sex and the City" character Carrie Bradshaw's wardrobe (pictured above).

One category of fashion auction buyer is referred to as the "hedge fund manager" by Martin Nolan, executive director of Julien’s Auctions. These buyers are interested in investment pieces, such as items from "Sex and the City" character Carrie Bradshaw's wardrobe (pictured above).

Meanwhile, new high-value items are constantly being created, both on public stages and behind the scenes. There is already talk circulating about who will acquire the outfits featured in the upcoming “Barbie” movie, according to Martin Nolan, the executive director of Julien’s Auctions, a company specializing in selling items owned by celebrities and memorabilia.

The next significant sale could involve an item that has previously sold for a substantial amount, as changing circumstances or the passage of time can increase its value. For example, when Kim Kardashian wore the same dress that Marilyn Monroe wore in 1962 to sing happy birthday to President John F. Kennedy at the 2022 Met Gala, opinions were divided. Some believed that Kardashian had compromised the dress's historical significance, while others argued that she had added a new layer of importance to the iconic garment. This dress has already seen its value soar from $1.27 million in 1999 to $4.8 million in 2016.

“That dress would now sell for $10 million because of that double whammy connection of a celebrity,” said Nolan.

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Editor's P/S:

My feelings and thoughts:

The article highlights the fascinating world of fashion auctions, where iconic items and pieces with historical significance fetch staggering prices. It's intriguing to see how the value of these items is driven by a combination of factors, including their connection to celebrities, cultural significance, and rarity. The article also sheds light on the diverse motivations of buyers, from investors seeking high returns to passionate enthusiasts pursuing their love of fashion and history.

More information:

One notable trend is the increasing participation of younger audiences in fashion auctions, thanks to the ability to bid online. This has contributed to the growing popularity and accessibility of these auctions, allowing more people to acquire unique and coveted pieces. Additionally, the article mentions that some fashion items have become investments, with collectors viewing them as a potential source of financial gain. This has further fueled the demand for high-value items, particularly those associated with iconic figures or cultural moments.