CAPE TOWN, SOUTH AFRICA, February 15, 2021 /EINPresswire.com/ -- Because of the coronavirus pandemic, the global economy has suffered, and millions of people have left unemployed. However, even though the economy has been declining, studies have shown the resiliency of the luxury market. According to a “The State of Fashion” report by McKinsey & Company, high-end watches and jewelry--hard luxuries--are among the top-performing categories in 2020 because of their appeal as an investment asset. But in totality, the global fashion sales have declined by 15% to 30% in 2020, compared with 2019, making luxury goods resilient even during a recession.

Whiteside Capital Group understands the resiliency of luxury items; that is why the company launched its digital auction site to support its clients looking at investing in high-end watches and other pieces. Online luxury sales have increased over the past months, which showed how consumers became more comfortable with buying used items online.

Whiteside Capital Auction allows more consumers to avail themselves of luxury items at the comfort of their home, defying the traditional way of doing auctions. Since global lockdown has started, more luxury sellers have discovered that people are willing to spend with the additional time spent at home.

“It is surprising how buyer behavior has changed even during the pandemic. Customers are now excited to attend online auctions, participating in events that were once limited through person-to-person events. Whiteside Capital would like to capitalize on this trend to give our members more investment opportunities; this is why we have launched our digital auction platform to the public. Consumers can now take advantage of the resiliency of luxury goods during times of uncertainty, in the comfort of their homes,” explains Raymond Cornish, CEO of Whiteside Capital.

Zane Jelani
Whiteside Capital Auction
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