Once a customer puts in details about the age, model, and condition of their luxury bag, Clair's algorithm determines the bag's worth in the second-hand market.

If you have been planning to sell your luxury bag but are unsure if it will fetch you the right price, a new tool will help you calculate its worth in the second-hand market.

Clair, short for Comprehensive Luxury Appraisal Index for Resale, is a smartphone app that allows sellers to quickly assess the value of their luxury bags, Fast Company reports.

Once a customer puts in details about the age, model, and condition of their luxury bag, Clair's algorithm determines the bag's worth in the second-hand market.