“The condition of a designer bag is paramount, along with its identification, stamped on the inside of a bag,” adds Shapiro, who recalls once selling a Hermes Birkin for $60,000 to a London buyer.

But those who aren’t prepared to part with $60,000 for a bag (let’s face it, that’s most people) might be more comfortable purchasing a vintage designer bag for $1500. At Hawkeye Vintage, an online business in South Yarra, Melbourne, this amount will get you a Bottega Veneta bag – considerably less than the bag would be sold for in the retail environment.

“We’ve seen the rise in popularity with the Bottega Veneta bag, both here and overseas,” says Danielle Goodwin, director of Hawkeye Vintage, who has seen increased interest in designer bags since she established her business six years ago.

“Because we’re online, most of our customers are from Europe, Japan, America and South-East Asia,” she says. Fendi’s “Baguette”, a sequinned bag popularised by actress Sarah Jessica Parker, is highly desirable, selling at Hawkeye Vintage for around the $3000 mark.

Roxy is an avid collector of designer bags. She purchased her first Hermes Birkin, a 35-inch black bag with silver hardware, when she was in her mid-20s.

Loading

“Back then you would be paying around $18,000 for a 35-inch,” says Roxy, who sees the Birkin and Kelly bags as the ultimate status symbol. “I looked at people with them and saw success.”

Roxy sees them as investment pieces – and estimates her collection of designer bags could be the cost of an apartment and keeps her most valuable bags in a bank vault. “To be candid, I love the chase of how hard they are to get.”

For Shapiro, who regularly sees these objects of desire come up at auction, designer bags can be compared to the bitcoin of fashion – how far they head north is anyone’s guess.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

Stephen Crafti is a specialist in contemporary design, including architecture, furniture, fashion and decorative arts.

The Money with Jess newsletter helps you budget, earn, invest and enjoy your money. Sign up to get it every Sunday.