Fashion and Finance
One of the most talked about contents that clouts the “virtual universe” in recent months are closet tours presenting A-list celebrities all over the world. The age of social media has indeed changed our daily entertainment and viewing habits. It gave birth to the ever trending "vlog" contents, bringing out the elusive lives of celebrities before the eyes of the public. Now, we are given access to the secrets of our favorite stars.
Aside from broadcasting celebrity daily life or grandiose house tours, I am certain that most us share the same interest in prying on our favorite celebrity closets. Who would not want to, right? A lot of celeb wardrobes, as big as an average person’s house, have been beautifully featured. It includes showing off their amazing collections of expensive brands of shoes, accessories, bags and dresses. Isn’t it interesting to know who our idols are wearing? How much each piece of clothing cost? The price tags on each of the accessories? Although we know that these dresses, pieces of jewelry and accessories cost a fortune, we would still want to know how exactly our icons are living the dream and why they built a closet filled with lavish possessions, many of which remained unused.
Princess Diana's Victor Edelstein Midnight Blue Velvet Gown, Marilyn Monroe’s ‘subway’ dress, The Wizard of Oz' Dorothy's blue and white pinafore, blouse and ruby slippers and Audrey Hepburn's Holly Golightly’s black dress from ‘Breakfast at Tiffany’s’ are just few of the most iconic fashion pieces that were sold for thousands of dollars in an auction. These dresses were sold at a price more than what they were actually worth at the time they were first introduced to the public.
Ask why? These fashion items were priced higher than their original worth because they have become quintessential. The value of these items had been appreciated by the mere fact that famous persons wore them and now they have become part of a history.
For an average Jane or Joe, buying exorbitant designer dresses may be a splurge of a hard-earned money not worthy of every penny. However, for celebrities, collectors and those who know the fashion industry quite well, buying designer clothes and accessories is like owning a piece of art. Chanel, Louis Vuitton, Hermes, Cartier, Rolex, Gucci, Dior, Armani, Lancôme along with the long list of luxury brands around the world, are timeless art investments. The value of these items increase as time passes by. These items become vintage classics that can be sold twice or thrice the amount of their original valuation.
Famous celebrities believe that clothes and accessories can be passed on to their children or can be valued higher several years later. They call this a financial investment. Haute-couture collections for example are good financial investment. Haute-Couture is marked by superior craftsmanship. The people behind the making of these art-pieces are not just ordinary laborers but artisans whose skills are extraordinary. For a person to own even just a piece of their work is akin to owning a slice of history. Haute-Couture is custom-fit and custom-made and are not reproduced at a large scale. They are created for the 0.0001 percent of the population, sometimes, only for one specific person. This means, that not everyone can own a piece. Getting your hand to one of the exclusive pieces is like possessing a Leonardo Da Vinci, a Vincent Van Gogh, an Edvard Munch or a Rembrandt. This is why celebrity wardrobes reserve vast spaces to keep the opulent brands.
Fashion is not just about spending money on dresses and accessories in order to look good; to appear rich or to maintain a status. The fashion empire was built not simply to dress people but to clothe history so that the coming generations would be able to appreciate and learn the stories behind each timeline. Fashion is not just about affluence or prestige but also asset-preservation, financial investment and practical application.