Market for the Formerly Rich back in business

Market for the Formerly Rich back in business

What do you do with that expensive Hermes bag that’s so last season? Sell it and use the cash to buy a new one, of course

Report by New Tang Dynasty Television on the Market for the Formerly Rich.

Coming as a sign the economic recession isn’t over yet, Bangkok’s Market for the Formerly Rich has reopened its doors to cash-strapped luxury lovers after a 10-year hiatus.

Mercedes-Benz dealer Wasant Pothipimpanon first opened the market in his showroom shortly after the 1997 economic crash, keeping it open for a year. He brought the market back in August, once again giving wealthy Bangkokians a venue to offload their pricey goods.

But clearly, the words “formerly rich” are a bit of a stretch.

"Most Thai businesses are not as badly hit as they were in 1997," he was quoted by Reuters in a recent report. "But banks are not willing to lend money now, so everyone is stuck.”

The Market for the Formerly Rich has more than just brand name purses and jewelry. There are antique dishes, golf clubs, shoes and even plots of land for sale. And cars, of course.

For those who prefer to do their second-hand shopping online, away from public eyes, there are two main websites selling luxury brands in Bangkok. There's Sanook.com, a tie-up with online shopping leader eBay, and the lesser-known Siambrandname.com.

This latter site is rough looking. There’s nothing luxurious about it. The layout is nasty and the search function is bizarre.

But the stuff for sale is fabulous. Shopaholics will waste hours scrolling through images of velvety smooth vintage Chanel bags and silky Hermes scarves.

Both sites are in Thai but most of the brands for sale are listed in English and accompanied by photos. After all, luxury is an international language.

getting there

Market for the Formerly Rich
Benz Thonglor
540/5-6 Sukhumvit 55
tel +66 (0)2 714 8888

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