Last week, Taiwan’s largest pawn company Bang Master Group (阿邦师集团) held its first mainland luxury auction at the Park Hyatt in Beijing, marking its recognition of the rapid growth of mainland China’s secondhand luxury market.
After starting as a pawn shop in the 1960s, Bang Master began secondhand luxury buyback services in 2010 and now holds 30 secondhand luxury auctions yearly around cities in Taiwan. The group has partnered with British pawn company Kasshin and Japanese chain Brand Off Tokyo, and is ambitiously seeking expansion opportunities in Asia.
“For our first major auction event in mainland China, we have brought our highest-potential items, hoping to make a good impression on luxury consumers on the mainland,” said Bang Master Chair Johnnison [sic] Lee. At least 10,000 luxury items, including rare jewelry, limited-edition handbags, and celebrities’ pre-owned items, were shown at the event. The company plans to hold at least 10 more similar auctions on the mainland over the next 12 months.
As China’s luxury market matures and a growing middle class searches for discounts, secondhand sales are booming on the mainland. In late July, secondhand luxury e-commerce site Secoo secured $100 million in funding, the largest amount ever given to a luxury e-tailer. Luxury consignment and pawn shops are also seeing growing sales in China.
In addition to buying back idle handbags, watches, and jewelry, authenticity identification service is also one of Bang Master’s business focuses, as counterfeit goods has been a growing phenomenon in China.