Hermes Birkin bag sells for world record HK$1.72 million
What would you buy with HK$1.72 million?
How about 5,700 shares in Hong Kong Exchanges and Clearing, which closed at HK$302 per share yesterday, or perhaps a posh Porsche Cayenne GTS car at HK$1.692 million?
Or a porosus crocodile luxury handbag with 18k white gold and diamond hardware?
The Hermes diamond Birkin bag in fuchsia sold at a Christie's auction in Hong Kong yesterday for a world record HK$1.72 million, including commission, comfortably beating the presale estimate of between HK$1 million and HK$1.5 million.
It was one of two Birkin bags highlighted at the auction house's latest round of handbags and accessories sales in the city.
The previous world auction record for a handbag was set in the United States - the shiny rouge H porosus crocodile 30cm Birkin bag with solid 18k white gold and diamond hardware went for US$203,150, or HK$1.59 million.
Hong Kong's luxury retail sector has been struggling of late. But any fears that the mainland's anti-corruption campaign would dampen sales proved to be unfounded.
A spokeswoman for Christie's Hong Kong described the bidding in the Convention and Exhibition Centre, Wan Chai, as "intense", although she declined to disclose the identity of the winning bidder.
Conceived in 1981 and launched in 1984, the Birkin is named after the English actress and singer Jane Birkin, who reportedly told then Hermes chief executive Jean-Louis Dumas to make a bag larger than the Kelly - another Hermes classic named after Hollywood icon Grace Kelly.
The Birkin's resale value is good, as proven by the success of shops in the city trading second-hand designer bags, such as Milan Station.
Christie's held the first of its handbag auctions in the city last November, with six Birkin bags fetching more than HK$500,000 each. Besides Hermes, a handful of bags from other brands including Chanel, Fendi and Louis Vuitton were among the more than 360 lots up for sale, but fetched only a fraction of the price of the far more desirable Birkins.
The sale marked a new chapter for the company - the first live sale of handbags in its 248-year history. It began auctioning handbags in 2004, partnering them with gowns, and then with jewellery and timepieces. In 2013, the handbags and accessories category was created, but only for online sales.
