The secondary market for luxury goods is experiencing an unprecedented surge, with designer bags and high-end watches emerging as two of the most sought-after categories. From the timeless appeal of a Hermès Birkin to the prestige of a Rolex Daytona, second-hand luxury isn’t just holding its value – it’s appreciating.
Today’s resale market has transformed into a multi-billion-dollar industry, fuelled by a perfect storm of factors, including production slowdowns due to COVID-19, heightened consumer interest in sustainability, rising investment value, and the ever-growing allure of rare and discontinued pieces.
As collectors and fashion enthusiasts alike recognise the long-term worth of pre-owned luxury, resale platforms and auction houses like Sotheby’s, Christie’s, and online resale marketplaces are thriving. However, until now, there has been no regionally based platform serving clients in the Middle East. All that is about to change with the launch of Eluxum, a new auction experience based in the GCC and founded by female entrepreneur Aysha Adnan Al Meer.
“Eluxum started in 2019 when I was a student in the US, but it was a different concept then,” Aysha, who originally hails from Kuwait, shared with Villa 88 just after the company’s first exhibition took place in Dubai.
“I would travel back and forth [to the Middle East], and do personal shopping for my friends and family at home, sourcing pieces they couldn’t find in the region,” she said. “I began visiting auctions, seeing how popular they were, and I soon realised there was a space for something similar in the Middle East. So, I decided to evolve Eluxum into a luxury auction house.”
Specialising in the resale of luxury handbags and watches, Eluxum held its debut exhibition at Dubai’s Bvlgari Resort in November 2024. “We had huge success with the guests. It was a good foundation that we can now build on,” Aysha says of the event. “I think people were definitely more excited about the bags than anything else – we had many exclusive pieces, limited-edition bags and discontinued items.”
It comes as no surprise that Hermès and Chanel were the two most popular brands, with the Hermès Kelly and Birkin bags attracting the most attention. “These two bags are genuine investments. The second you go into a boutique and buy a Birkin or a Kelly, it triples the amount it’s worth when you leave the store. And so, people will always want them,” Aysha reveals.
In recent years, customers have begun investing in handbags in the same way they might invest in art, cars, or real estate. Hermès and Chanel, in particular, have made their new bags so difficult to purchase due to low production and long waiting lists that customers have turned to resale platforms, further driving up prices and fuelling demand and exclusivity.
“For watches, Richard Mille and Patek Philippe are the most difficult to acquire in the GCC, and are in the highest demand,” Aysha explains. “Watch brands are also very particular about customers who resell watches, and they can put a block on people reselling, which makes things even more complicated. We do everything we can to ensure that the seller is protected as much as the buyer is.”
With so much momentum in the luxury resale market, it seems inevitable that Eluxum will thrive. For Aysha, the sky is the limit. “I would like to see Eluxum auction house compete with international houses one day. But I also want to keep that GCC touch and make sure we always elevate the experience,” she shares.
That experience comes in the form of exclusive events that go beyond the auction itself, incorporating dinner, talks, and glamorous entertainment to create an immersive, community-driven atmosphere. “I think it’s in our culture that we like to go all-out, and I feel like that is different from other auction houses. It sets us apart. People can come wearing gowns. They can have a beautiful dinner – it’s a very different experience from other auctions around the world,” Aysha notes.
Despite the excitement, she acknowledges the challenges of running a start-up, particularly in securing suppliers and building an engaged audience. “Suppliers are probably the biggest challenge – you need to create a good network with the right people and collectors,” she says. “That doesn’t come overnight.”
While Aysha’s passion for her business is evident, she credits her father for her drive and entrepreneurial spirit. “I grew up being inspired by him. He was a very hard-working man. He taught me everything about business. He told me there was nothing I could dream of that was too big,” she recounts. “A lot of people see how stubborn I am. I feel like I can do anything I set my mind to, and I think that comes from him.”
It’s clear Aysha seems to have the perfect recipe for success in this thriving market. Eluxum will host several events across the Middle East this year, growing its community and selling highly coveted items. “We have something really exciting happening towards the end of April, and then hopefully, maybe something in Qatar towards the end of the year,” Aysha shares. Watch this space.
