Fashion trends may come and go but the allure of a timeless luxury designer handbag remains strong season after season, year after year. But with the cost putting them beyond the reach of many, acquiring an iconic bag from a designer or brand you love, at a price you can stand, means buying it on the “secondary market”, as it is called.

The demand for pre-owned high-end handbags is growing – many of us are considering a pre-loved purchase far more readily than we would have in the past. The sustainability message has driven demand, both from a selling and purchasing perspective – in a world still saturated by fast fashion and often poorly made clothes and bags, we are valuing anew the beauty, craftsmanship and cachet of a bag which is carefully cut, constructed, stitched and finished by hand. A burgeoning Asian market hungry for classic heritage brands and the scarcity of, and a feverish appetite for, specific bags, cultivated by certain fashion houses with long waiting lists, also drives demand.

The ways in which this “secondary market” serves demand have also multiplied. Department stores, bricks-and-mortar pre-loved boutiques and digital platforms offer pre-loved designer handbag collections now. You must be committed to doing your research, whether trawling online or visiting stores regularly in person, and once you have identified it, you have to move fast to get the bag you want before someone else snaps it up.

There’s another way to buy a designer handbag bag. At auction. Head of Designer Fashion and Handbags at Bonhams, London, Meg Randell, has seen huge growth in interest in the sector, and the number of bags being consigned to, and bought at, her auctions. “When I started specialising in fashion and handbags seven years ago, it was a very small part of the business but it grew to the point it needed its own department, which I opened a year ago. Now we have several designer fashion and handbag sales a year, with bidders joining from all over the world. And an increasing number of women are coming forward to consign as well, as they realise the value of their handbag collections.” (Apparently designer handbag collections are now officially listed as “chattels” in divorce settlements.)

The advantages of buying at auction are manifold. Sign up to a reputable auction house, and you will receive a catalogue (digital or in print) with details of the items on sale which allows you time to consider your purchase. You can be sure that the provenance of the bag is sound, and that it has been authenticated. (At Bonhams, for instance, Randell double-authenticates with an outside expert). If you spot a bag you like, you can request a condition report or the auction house may agree to a video call to show you the bag before you bid. You can bid online or by phone from anywhere in the world. And it’s likely that the pre-loved bag you buy will be in very good condition, and cost considerably less than a similar style at retail. Never mind the thrill of bidding at auction, and the euphoria when your bid is successful.

The hottest bags, says Randell, are unsurprisingly, the classics – specifially the Hermès Birkin and Kelly, and Chanel “flap” bags in all styles and sizes. “These three handbags, with their interesting history, heritage and associations, perform best. Chanel flap bags from the 1990s are the most sought-after at the moment. The quality of the bags, both the leather and the hardware in that decade – the hardware was even dipped in real gold – was exquisite.” Other handbags worth seeking out at auction are Dior’s Lady Dior (created for Lady Diana Spencer) and rarer bags and classic totes by Louis Vuitton. “There’s also an investment angle here,” says Randell. “Start small and trade up. By buying and selling cleverly, with an eye to market trends, you might get to the dream bag sooner than you think.”