Shut up and take my money: How to plan your first splurge

That’s a lot of buying. That’s also a lot of buyer’s remorse. It’s easy to be swept up in the excitement of that first splurge. Celebrities toting freebies are rarely reliable sources of information. Those who buy to resell have different opinions from those who buy to show off. Young folks, particularly, react badly once prices rise and new collections come in. We asked the experts about their best tips for those making their first big purchase.

Be a smart sneakerhead

It’s easy to ask, “That much for kicks?” when the Nike Air Footscape Woven style costs ₹13,596. And it’s easy to keel over when you realise that’s a markdown. Some designs, such as the Y-3 Gendo Pro, part of a two-decade-long Adidas x Yohji Yamamoto collab, cost ₹69,999 -- if you can still find them.

Resale sites position every sneaker pair as special or must-have. Don’t fall for it, says Mark Ong, aka Mr Sabotage, sneaker artist and streetwear designer from Singapore. “First, find your niche,” Ong says. “There are too many options to own with just two feet. Start a collection that holds meaning to you.” Ong started collecting limited-edition sneakers 20 years ago when the sneaker obsession had just started to take off and he has a clear idea of what to buy. “I focus on ’80s basketball sneakers.”

His latest collaborative partner, Mandeep Chopra, founder of sneaker brand Limited Edt, recommends classic models, such as Nike Air Jordan retro styles in the original colourways, as a failsafe for first-time buyers. “But if new-to-market sneakers catch your eye, go for it. Who knows? It may be a future classic. Either way, always buy within your means, even if that means starting out second-hand.” Most sneakerheads resell within a year of a collection going out of circulation. Ong recommends buying them from Japan (on a trip there or when a friend visits) because it offers better value against the rupee in comparison to more traditional shopping hubs such as Singapore.

Remember that, as with art, the truly rare stuff is rarely circulated publicly. Private collectors get first dibs on new drops. Iconic models are auctioned, not sold. Even influencers wear fakes. And if a shoe is out of the box, its value has already dropped.

The It bag that has it all

The handbag industry has been playing with demand- supply, special-editions, hero products and re-releases since the 1990s. So don’t rush. Spend time researching a brand, a style, an era and a finish. Look up blogs devoted to a particular style to learn about a signature stitch, a handwoven effect or a classic colour, to know the fakes from the originals.

And don’t fall for hype. First-time buyers are unlikely to own an Hermes Birkin , even if they have ₹35 lakh to spend. There’s a year-long waitlist for the style. Customers who make smaller purchases as they wait are typically bumped up. The good news: Unlike sneakers, bags show less wear, are easier to refurbish, and are possible to buy pre-loved.

Fashion designer and stylist Nandita Mahtani says she avoids trendy styles. “Something that’s too colourful or has a very busy design” will look dated after a few seasons. She believes instead in picking classic pieces that have resale value. “The designs that never go out of style are a good investment option.”

She also recommends checking out a brand’s website and store display in the months leading up to a big buy. “Look for what’s relevant, what’s new and what’s classic,” she says. Vintage pieces are often only available at second-hand stores.

For prices and range, Europe is the best market, with France and Italy as being the best places for a new or second-hand bag, and even thrift stores knocking off VAT for tourists. Look for classics such as the Chanel flap bag, the Dior saddle style, Goyard’s Saïgon Structuré mini bag and Hermes’s more attainable Kelly. “The classics usually never go on sale. If you find one on discount, buy it. If you can afford something, buy it then, because prices go up every year.”

New art for new buyers

India’s 21st century art boom doesn’t extend only to auction houses and record-breaking sums for long-dead masters. Most purchases are in what gallerists and art consultants term the emerging artists segment – young buyers picking early works by young artists, hoping to develop long-term patronage alongside the artist’s oeuvre.

This too is a large, complicated landscape. Every new name is heralded as a brave new talent. Every art fair has new names hoping to become the next MF, VS, FN or A S-G. The big names fetch upwards of ₹50 lakh per oil-on-canvas. Emerging artists, at their raw, fresh best, charge as low as ₹18,000 for a watercolour, limited-edition photo print or a mixed-media work.

So, first-time collectors don’t need very deep pockets. What they need is an eye and patience. Find an artist whose works seem arresting to you. Research their work, their ideas, their preoccupations. Find out if they’re thinking about familiar, controversial, personal, whimsical, or otherwise exciting things. See how deeply they are involved with their work. “Develop a genuine love for the art you’re considering acquiring,” advises Pallavi Khandelwal, founder-curator of art consultancy ArtBela. “Your collection ultimately reflects your taste and passion.”

Don’t wait for big exhibitions or events. New artists display their work at smaller centres such as Triveni Kala Sangam in Delhi, or Mumbai’s Tarq gallery and Baro Market, or directly on Instagram. If any of this seems intimidating, approach an art consultant for guidance and set a budget. Khandelwal recommends buying from a gallery, which typically vets and endorses the artist and their work. Make sure all purchases, even a photograph or a doodle, come with a certificate of authenticity, should you want to sell it later.

Khandelwal’s cheat sheet: Note the techniques and mediums employed by the artist, how the work fits into the overall body of their work, whether it has been displayed at any noteworthy exhibitions or spoken about in any major publications.

Gems from the archive

Nothing succeeds like excess, and for many, jewellery is the ultimate big splurge. Most young buyers are realising that the glittery treasures in the family’s bank locker are either too heavy or too outdated to resonate with their new lifestyles. And that contemporary updates can be made for as little as ₹50,000 for a cluster of tiny diamonds on a rose-gold ring.

Don’t blow the bonus on a pretty stone. Jewellery designer Inayatinder Kaur, from the erstwhile royal family of Patiala, recommends setting a budget and having a clear understanding of one’s personal style and requirements for their first purchase. Jewellery to add to one’s wedding kit, to a festive event or for a big day at work all differ, even if they cost the same. “It’s better to build a smaller collection of high-quality pieces rather than have a big stash of jewels that you’re less enamoured with,” she says.

Here’s where the second-hand market works better than sneakers, bags or even art. “You can find great treasures at small auctions,” Kaur says. Don’t be afraid to buy pieces that aren’t from large jewellery houses. “They can be every bit as beautifully made as their signed counterparts, but without the premium price tag.”

Buy jewellery on trips, she says. You’ll find one-off pieces, get VAT refunds, and often benefit from the prices of precious metals and stones abroad. Kaur recommends Hong Kong, the UAE and Singapore for gold, and India, South Africa and Thailand for all other jewellery.

Steering towards a goal

Billionaires buy 70-year-old Rolls Royces and two-seater Jaguars. Younger buyers, however, have been eyeing (and buying up) the vehicles they grew up with: Early-model Maruti 800s, the Hindustan Motors Contessa, diesel-run Ambassadors and the Bajaj Chetak.

The international standard for historic vehicles of value considers vehicles made before 1975 as historic, and before 1995 for modern classics. “Indian vehicles collectively come under the Indian Vehicle Class (IHC),” says Ritabrata Mukherjee, an executive committee member of the Classic Drivers Club, Kolkata. “It’s common for young buyers to buy Indian models at scrap yards and refurbish them. This gives them good resale value too. Word of mouth is the best way to find good deals, but you should also keep an eye on classifieds, scour classic car publications and websites, and attend auctions and car club events. Some can cost as little as ₹10 lakh.

Almost all of these cars will have been driven, sometimes extensively. Mukherjee recommends doing a thorough check not only of the model, its market value and its characteristics, but the individual vehicle’s condition and ownership.

Some historic cars are just for show – they are ferried to shows and displayed, but never driven. Others are entered in rallies. Start with a more affordable and easy-to-maintain make and model. “Just remember to approach it with passion, patience, and a willingness to learn along the way,” Mukherjee adds.