A white crocodile skin Hermès Birkin handbag is now the most expensive handbag ever sold at an auction. It took only mere minutes of bidding before the Birkin, encrusted with 10.23 carats of diamonds, was sold for a record breaking $377,000. The handbag was sold to a telephone bidder at Christie’s Hong Kong auction.
Though the price for a brand new Birkin starts from $6,500, actually getting to buy the bag has become a notoriously tricky business. Not only will there be a long waiting list to buy the Birkin – a wait that can stretch up to years – it takes more than cash to be able to get a rare Birkin bag. Indeed, while record breaking auction reflects the consistent performance of Hermès bags at auctions, given years of record prices, buying a Hermès handbag purely for investment purposes is likely not the best idea.
“We don’t advise clients to buy purely for investing, but top quality Hermes bags have been performing strongly at auctions, so buyers start viewing this category as a collecting class,” Winsy Tsang, Christie’s Head of Sales, Handbags and Accessories in Hong Kong tells us. “Buyers should understand that tastes and trends in the market may shift, so it is best to buy what they are passionate about rather than for monetary returns.”