I didn't read all the other responses yet but I have to ask, is your husband selling something important to him...perhaps his golf clubs or something? I do think a child's tuition is more important than a handbag, but I certainly don't think you should be expected to sell both bags.
edited to add:
did I read she is only 4??? If that's the case, wait and sell one of those bags in 13 years at which point it will be "vintage" and will fetch more money...lol!
It's irresponsible to keep the bags and not invest in her tuition. I think, even if you DO keep them, you will feel guilty, and even more so when the hype of this bag eventually dies down. Although your daughter is only 4, you should still save up for her, because there is nothing more important in this world to a mother than her own daughter. Also, you may decide to delay to fund for her tuition this time, but will you be able to control yourself in the future? It's better to stay in a good habit in the beginning. LV is a luxury brand; when money is a financial problem/argument in the household, LV should not be your priority.
Also, I just want to add that even though she's only 4, the flip side of that is that the money you invest at this early stage has a LOT of time to grow before she needs it -- so you won't end up having to invest as much total money. Kind of like why you should start saving for retirement super early.