Seriously...organizing your purses should take 30 minutes. Allow one hour for "big jobs". You either use a bag or you don't. So, keep your best, donate or consign the rest. I like to store purses in their dust bags or in a covered box so that I know just where they are. Your more likely to change your bags if you can see them and why not enjoy the view of them the dust bags or boxes neatly lined up on the top shelf of your closet. Use tags and labels to mark the contents.
Acrylic Shelf dividers are also a great solution to organizing handbags. Line bags up on top shelf of your closet and let the shelf dividers do the work. This option is especially great for clutches.
Don't stop with organizes your handbags. Organizing the inside of your handbags is also a component in keeping your sanity. I like to keep things contained in cosmetic bags by type rather than running wild in my bag and I seriously never have to dig for anything. One pouch is for on the go cosmetics, tissue, a brush, lip balm, I keep a second for gift, membership and rewards cards. My wallet and sunglass case fill the rest of the space and I can see everything at a glance. When I'm on the go, I religiously keep my keys in the side pocket of my bag so I'm not digging for those either.