by Phoebe Philo Belted Trench Coat 2 Navy 36

Pre-owned is the heart of what we do. Each piece comes to us with its own history, and our specialists examine every one by hand before it joins the Edit — assigning a grade and noting anything of significance in the listing. Think of the grade as a quick read on a piece's character; the close-up photos tell the rest of the story, so give them a good look before you decide.

New — Shows no real signs of having been used. Often arrives with its original tags, dust bag, box, or papers — at most, a faint trace from time in storage.

Excellent — Worn lightly, if at all. Any hint of handling takes a close eye to spot — about as pristine as pre-owned gets. Anything noteworthy is flagged in the listing.

Very Good — Carried with care. Light, even signs of life — a faint mark here, softened corners there, perhaps a little patina — none of which take away from the piece. Details are noted in the listing.

Good — Genuinely used, and all the better for it. Expect honest, visible wear — surface scratches, handles darkened a touch, a little tarnish on the hardware. Everything still works; the specifics are listed.

Fair — Well-loved and well-travelled. The wear is clear — scuffed edges, deeper scratches and the like — which is exactly why these are the smartest way into an authenticated piece. Read the notes and study every photo first.