Mine are looking good without signs of wear but I take good care of them - both when carrying and storing. The chain leaves little marks in the velvet nap if pressed against it for a long time - nothing to worry about though as it's not permanent. Most likely wear is at the front clasp. The velvet does collect a bit of lint.
If you carry the bag sometimes ( and keep it away from food, wine and soaking rain) it should look good for a long time. If you carry it as an every day bag (the 'it' bag to be seen with ATM) it will look old fast

I'm a velvet fan and a bit of a collector (clothes, shoes, bags) so I'm not scared of velvet and I don't ask too much of it because it's not like leather or suede.
I wouldn't call it a classic as such, but it's a classic shape flap with a good chain strap and it's beautiful. Mine have been bought for the long term.