Are there any functionalities in AEM so that the assets can be archived to a certain folder based on the lastModified properties? The only thing I found close to this is version purging.
as Scott said, there is no OOTB function for this.
however, write a custom function to check the last modified and zip that all.
you will lot of article to find last modified and check the code for zipping it.
What do you mean with "archiving"? Any special requirements with retention policies, additional audit log entries? Special legal requirements? Note: AEM is not an archiving solution, so for any archival required by law I would strongly consider a dedicated archivial solution.
Are you looking something with respective to Asset Expiration as otherwise you would need a custom workflow setup as per your need.
Please refer  in case Asset Expiration help your case.
We do have Assets filtering option: Asset Selector
Here you can filter out assets based on many parameters. I don't actually get you on what do you mean by archiving?
If this is just moving Assets to another folder than the primary folder then this can be done.