Valentine’s Day is commonly associated with luxury items as an expression of undying love. As everybody’s favorite romantic holiday passed, sharp increases in the sales of such items were expected.

Are there bright spots hidden in the gloom and doom currently given by the media? The answer is a resounding yes.

Since August 2008, eBay sales of fine jewellery items have not only been resistant to the global economic downturn but they have been flourishing as indicated by a steady rise in total sales. Average price has remained steady for all examined categories as the number of sold listings has steadily increased.

Since Christmas, fine earrings, bracelets, necklaces and rings have altogether risen 31% from a combined total of $1.6 million USD to $2.1 million. They also peaked close to the anticipated levels this past Valentine’s Day week to a combined total of $2.5 million.

In contrast to the fine jewellery items sales, watches have seen a lower growth in sales. Although combined sales of watches increased 7% in comparison to Q3 2008, they have declined 8% from last year’s Q4. Despite this, total annual revenue sales for 2008 have increased 8% from $448 million USD in 2007 to $483 million USD.

The average price for watches sold under $5,000 USD showed little fluctuation between $150 and $200 USD. Similarly for watches sold over $5,000 USD, the average transaction price excluding shipping costs remained between the $7,800 and $12,500 USD range. The most popular brands were Rolex and Seiko.

This continued consumption of luxury items on eBay with the recent increase in the American personal savings rate present interesting implications. As the recession unfolds, it is likely eBay will experience a higher influx of buyers seeking refuge from offline retail prices.