This tool calculates how much your Prada bag will sell for

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.