Editors' pick: Originally published Dec. 9.
Stocks, mutual funds and ETFs are not the only assets attracting attention heading into the new year. High-end furniture, art and fashion are also gaining steam, said David Rosenblatt, CEO of 1stdibs.
"Beautiful antiques are never out of fashion and the market is benefiting from the strong economy," said Rosenblatt, adding that collectors are starting to complement their antiques with "equally beautiful" contemporary pieces.
1stdibs offers a global marketplace for collectors and dealers of high-end furniture, art, jewelry and fashion.
More and more websites are shipping worldwide, giving consumers all over the globe access to their storefront, according to Rosenblatt. For 1stdibs this new ability to ship globally means its dealers in cities worldwide have massively increased their ability to sell product.
"This is very recent," said Rosenblatt. "Three years ago, consumers did not have the ability to buy online at 1stdibs, just simply browse and use another channel for the purchase."
The online luxury commerce market continues to grow because consumers no longer feel the need to touch and feel a product before purchasing it, even at very high price points. This is particularly true for high-end furniture, according to Rosenblatt, where consumers don't have boutiques locally that carry what they want.
"The average distance between our buyer and seller is 2,134 miles," said Rosenblatt. "This year 1stdibs will sell $150 million in product online. That number is growing at 100%. Three years ago that number was zero. 1stdibs processes over 10 orders each day that are north of $10,000, which speaks to the fact that consumers are very comfortable making sizable purchases online."