Would you pay US$200,000 for a second-hand Hermès Birkin handbag? Here’s how you can buy one
It’s typical that in a bear market, people begin to put their money in more stable investments – and if there’s one thing that the fashion set guarantees will hold its value, it’s the Hermès Birkin.
This elusive and coveted accessory has long fascinated those who care about style, but besides being a status symbol, some say this holy-grail handbag might be a less volatile buy than stock in the latest unicorn start-up. Which drives the question – how does one actually acquire one of these bad boys, much less one of the rare and limited-edition models that, released at the right time, can garner record-breaking, news-making returns?
If you’re a boutique regular, the Hermès store will be your first port of call. It’s a truth universally accepted that customers must prove their mettle with other in-store purchases in order to be granted access to any Birkin being held on site, though for first-time Birkin buyers, the choices of colour and finish might not be ideal.
Why do women’s handbags cost so much more than men’s bags?
According to Lolo Brown, who makes regular purchases at Hermès boutiques around the globe during her travels, having a strong relationship with your sales assistant will get you further than rampant buying, if you are looking for a very specific style. “They do look at the record of what you’ve bought, of course, but if you get along with the sales assistants and have regular contact with them, they’re more likely to help you find what you want than if you were to walk into a boutique in which you’re not already a familiar face,” she says.
For some, this long game is part of the fun of the chase. But not everyone has the time or interest to invest in relationship building. In which case there are easier – though perhaps pricier – ways to acquire one.
In a city like Hong Kong, where everyone has a “guy” on speed dial for everything, from a wine supplier to a handyman, it’s not unusual to source through private dealers. These personal shoppers often take advantage of cross-border price arbitrage to offer Birkins sourced in Europe to collectors at highly competitive prices, as well as a large inventory of other Hermès items they’ve garnered in the quest to gain access to more unusual stock.
“Some clients might send us photos of what exactly they want and we can try to help them to find it, or else we also give them options of what we have and what could we find at that moment,” explains Ellen Yan, one such seller.
The hottest summer looks to wear, even while in lockdown
Getting in touch with Yan is mainly by referral, though she says some clients have been able to find her through Facebook, with many transaction discussions taking place directly on the social-media platform, or over WhatsApp.
More public reselling platforms include the likes of The Real Real and Vestiaire Collective, the latter of whose VIP service makes it easy for high-end clients to place their wares online for sale, without having to photograph and upload items themselves. And while one might assume that the selection is a little haphazard (and perhaps it is), that doesn’t mean you won’t find anything rare or unusual.
“We do see a regular listing of exceptional pieces from our global community of nine million members, so our recommendation is to wish list the specific item you're looking for,” suggests Fanny Moizant, co-founder and president of Vestiaire Collective. “One of the most memorable sales was from a Hong Kong seller a few months ago who sold an exceptional Hermès Himlaya Birkin 30. Just earlier this week, one of our UK sellers sold a beautiful Hermès Birkin 30 in a unique rose scheherazade colour, and last month, one of our Italian sellers sold an Hermès Birkin 35 Pink Rose Porosus Crocodile.” The price range for these sales went from HK$330,000 (US$42,500) to above HK$650,000, proving that even super high-ticket items are being moved in the online consignment market.
What does Queen Elizabeth keep in her handbag? The answer may surprise
Auction houses also hold regular online sales, as well as live auctions exclusively devoted to luxury handbags, with Birkins almost always the highlight. The news of a record-breaking sale always garners plenty of news coverage, but the sales aren’t just for the filthy rich.
Christie’s, which holds the currently world-record price for a Birkin, will be hosting an auction on July 10 in Hong Kong.
While there will be Himalaya and So Black Birkins on the block (both known to elicit record-breaking prices), there are entry-level Birkins that open at just HK$40,000 – though there’s no telling what the final hammer price might be, even in these so-called unprecedented times.
Chanel, Hermés or Miu Miu? STYLE’s 5 hottest handbags for spring
“Recent strong performance in our luxury online sales shows that appetite [for luxury collectibles] is still there,” says Winsy Tsang, the house’s specialist for handbag sales.
She cites other market signifiers that point to strong demand: “[The] reopening of the Hermès Guangzhou flagship store during Easter drew huge crowds and spending; [while] Chanel confirmed [it will be] increasing the price of its handbags worldwide. [This proves] there is still high demand despite current market conditions.”
The auction house also offers a private-sale service, working with clients to source bags that fit their specific needs. Patience is of the essence, even with someone else handling the heavy lifting: “It normally takes more than a year for our specialists to acquire a handbag for sale, sourced through private collectors,” she says.
Want more stories like this? Sign up here. Follow STYLE on Facebook, Instagram, YouTube and Twitter .
They are up there with gold as an investment and in these uncertain times the fashion set are rushing to put their money in Hermès Birkin handbags