Which Hermes and other handbags are good investments? - Christie's New York Edit Online Handbag auction 2023

Which Hermes and other handbags are good investments? - Christie's New York Edit Online Handbag auction 2023
A RARE, NATUREL BARÉNIA LEATHER & BEECHWOOD PERSPECTIVE CAVALIÈRE KELLYWOOD 22 WITH PALLADIUM HARDWARE HERMÈS, 2022, Price RealisedUSD 176,400 Source - Christie's
  • Hermes Birkin bags in contrast to Chanel bags, have had higher volatility compared to global bonds or hedge funds amongst financial assets but offer a better risk-reward profile than the latter.
A collectable with strong performance against inflation
Luxury bags, especially Chanel handbags, offer inflation protection and strong performance, driving price increases and thriving resale market
  • Using the Christie's New York Edit Online Handbag auction 2023 we are going to analyse and decode which bags stood out as good investments and bags to keep an eye on.
Below we are going to give a sample auction results analysis from 80 LOTS.  As a member you will also get additional unique and personal insights into this auction.

Auction Sample Results using 80 LOTS - become a member for more analysis, key insights and opinions.

The number of bags sold per brand were as follows:

  • HERMÈS: 70
  • CHANEL: 4
  • DIOR: 2
  • FENDI: 2 (1 each from FENDI and FENDI, CIRCA)
  • GUCCI X BALENCIAGA: 1
  • LOUIS VUITTON BY VIRGIL ABLOH: 1

The average price of the bags sold per brand were as follows:

  • HERMÈS: $24,303
  • CHANEL: $7,339.5
  • DIOR: $2,205
  • FENDI: $9,135 (average of FENDI and FENDI, CIRCA)
  • GUCCI X BALENCIAGA: $882
The most popular brand in terms of the number of bags sold was HERMÈS.

The most expensive bag sold in the auction was a "RARE, NATUREL BARÉNIA LEATHER & BEECHWOOD PERSPECTIVE CAVALIÈRE KELLYWOOD 22 WITH PALLADIUM HARDWARE" by HERMÈS, 2022. It was sold for $176,400, which was $43,600 below its upper estimate.

A RARE, NATUREL BARÉNIA LEATHER & BEECHWOOD PERSPECTIVE CAVALIÈRE KELLYWOOD 22 WITH PALLADIUM HARDWARE
GRADE: 122 w x 19 h x 8.5 d cmFeatures intricate marquetry of Beechwood with luxurious Hermès leathers in Vert Bosphore Clémence, Rouge Sellier Togo, Rose Pourpre Chèvre, Rouge Piment Epsom, Menthe Chèvre, Rose Sakura Clémence, Rouge de Coeur Tadelakt, Celeste Madame, Bleu Brume Epsom, & Rose Lipsti…

The top 5 bags where the realised price exceeded the upper estimate the most were:

  1. A "RARE, MATTE WHITE NILOTICUS CROCODILE HIMALAYA BIRKIN 30 WITH PALLADIUM HARDWARE" by HERMÈS, 2016. The realised price exceeded the upper estimate by $31,200. Details
A RARE, MATTE WHITE NILOTICUS CROCODILE HIMALAYA BIRKIN 30 WITH PALLADIUM HARDWARE
GRADE: 230 w x 22 h x 15 d cmIncludes lock, keys, clochette, dustbag, rain protector, care card, and box.

2. A "LIMITED EDITION SESAME, ÉTOUPE & BLEU INDIGO EPSOM LEATHER SELLIER CASAQUE BIRKIN 30 WITH PALLADIUM HARDWARE" by HERMÈS, 2021. The realised price exceeded the upper estimate by $12,760. Details

A LIMITED EDITION SESAME, ÉTOUPE & BLEU INDIGO EPSOM LEATHER SELLIER CASAQUE BIRKIN 30 WITH PALLADIUM HARDWARE
GRADE: 1.530 w x 22 h x 15 d cmIncludes lock, keys, clochette, small dustbag, dustbag, and box.

3. A "LIMITED EDITION SHINY MIEL, BORDEAUX & TANGERINE TRI-COLOR NILOTICUS CROCODILE SELLIER KELLY 28 WITH GOLD HARDWARE" by HERMÈS, 2003. The realised price exceeded the upper estimate by $11,800. Details

A LIMITED EDITION SHINY MIEL, BORDEAUX & TANGERINE TRI-COLOR NILOTICUS CROCODILE SELLIER KELLY 28 WITH GOLD HARDWARE
GRADE: 2.528 w x 20 h x 10 d cmIncludes shoulder strap, lock, keys, clochette, and Christie’s dustbag.

4. An "ORANGE H EPSOM LEATHER MINI KELLY 20 II WITH PALLADIUM HARDWARE" by HERMÈS, 2022. The realised price exceeded the upper estimate by $9,720. Details

AN ORANGE H EPSOM LEATHER MINI KELLY 20 II WITH PALLADIUM HARDWARE
GRADE: 120 w x 14 h x 9 d cmIncludes shoulder strap, shoulder strap dustbag and dustbag.

5. A "CUSTOM NATA & BLACK EPSOM LEATHER SELLIER BIRKIN 25 WITH GOLD HARDWARE" by HERMÈS, 2021. The realised price exceeded the upper estimate by $8,240. Details

A CUSTOM NATA & BLACK EPSOM LEATHER SELLIER BIRKIN 25 WITH GOLD HARDWARE
GRADE: 125 w x 19 h x 14 d cmIncludes lock, keys, horse stamp clochette, clochette dustbag, dustbag, and box.
  • The brand HERMÈS seems to do particularly well, with all top 5 bags being from this brand. This could be due to the brand's reputation and the high demand for their products.
  • Limited edition and custom bags seem to perform well, possibly due to their uniqueness and rarity.
  • The year of manufacture doesn't seem to have a clear impact, with the top 5 bags ranging from 2003 to 2022.
  • The hardware (gold or palladium) doesn't seem to make a significant difference either, with both types appearing in the top 5.

Disclaimer - We do not give any financial advice or recommendations on how you should invest and hold no responsibility for any investment decisions you make.

Unique Limited Edition Designs

The unique limited edition designs from Hermes did well with a lot of them exceeding their price estimates by large margins; we have highlighted some below:

A LIMITED EDITION BLEU ÉGÉE TOILE GOELAND & BLEU NAVY SWIFT LEATHER CARGO BIRKIN 25 WITH PALLADIUM HARDWARE
GRADE: 1.525 w x 19 h x 14 d cmIncludes lock, keys, clochette, clochette dustbag, dustbag, and rain protector.
Price Realised USD 35,280 Estimate USD 20,000 - USD 30,000
A CUSTOM NATA & BLACK EPSOM LEATHER SELLIER BIRKIN 25 WITH GOLD HARDWARE
GRADE: 125 w x 19 h x 14 d cmIncludes lock, keys, horse stamp clochette, clochette dustbag, dustbag, and box.
Price Realised USD 30,240 Estimate USD 18,000 - USD 22,000
A CUSTOM BETON & JAUNE AMBRE BIRKIN 25 WITH BRUSHED GOLD HARDWARE
GRADE: 125 w x 19 h x 14 d cmIncludes lock, keys, clochette, clochette dustbag, dustbag, felt protector, rain protector, care card, ribbon, and box.
Price Realised USD 23,940 EstimateUSD 10,000 - USD 15,000
A LIMITED EDITION SHINY MIEL, BORDEAUX & TANGERINE TRI-COLOR NILOTICUS CROCODILE SELLIER KELLY 28 WITH GOLD HARDWARE
GRADE: 2.528 w x 20 h x 10 d cmIncludes shoulder strap, lock, keys, clochette, and Christie’s dustbag.
Price Realised USD 37,800 Estimate USD 20,000 - USD 26,000
A LIMITED EDITION GOLD SWIFT LEATHER & OSIER PICNIC KELLY 35 WITH PALLADIUM HARDWARE
GRADE: 135 w x 25 h x 13 d cmIncludes lock, keys, clochette, clochette dustbag, dustbag, felt protector, rain protector, care card, ribbon, and box.
Price Realised USD 47,880 Estimate USD 26,000 - USD 30,000
A LIMITED EDITION NATUREL BARÉNIA LEATHER & OSIER MINI PICNIC KELLY 20 WITH PALLADIUM HARDWARE
GRADE: 120 w x 14 h x 9 d cmIncludes shoulder strap, small dustbag, dustbag, felt protector, care card, ribbon, and box.
Price Realised USD 113,400 Estimate USD 30,000 - USD 40,000
A LIMITED EDITION TOILE & BLACK SWIFT LEATHER CARGO HAC BIRKIN 40 WITH PALLADIUM HARDWARE
GRADE: 1.540 w x 30 h x 19 d cmIncludes lock, keys, clochette, removeable cup holder, two small dustbags, dustbag, felt protector, and box.
Price Realised USD 40,320 EstimateUSD 10,000 - USD 15,000
A LIMITED EDITION SESAME, ÉTOUPE & BLEU INDIGO EPSOM LEATHER SELLIER CASAQUE BIRKIN 30 WITH PALLADIUM HARDWARE
GRADE: 1.530 w x 22 h x 15 d cmIncludes lock, keys, clochette, small dustbag, dustbag, and box.
Price Realised USD 32,760 Estimate USD 15,000 - USD 20,000
A CUSTOM NATA & TRENCH EPSOM LEATHER MINI KELLY 20 II WITH GOLD HARDWARE
GRADE: 120 w x 14 h x 6 d cmIncludes shoulder strap, small dustbag, dustbag, felt protector, care card, ribbon, and box.
Price Realised USD 35,280 Estimate USD 15,000 - USD 20,000
A LIMITED EDITION CRAIE, MAUVE PALE, & GOLD EPSOM LEATHER MINI KELLY 20 II WITH PALLADIUM HARDWARE
GRADE: 120 w x 14 h x 6 d cmIncludes shoulder strap, small dustbag, dustbag, felt protector, care card, ribbon, and box.
Price Realised USD 30,240 Estimate USD 15,000 - USD 20,000

Chanel

The Limited Edition Pafrum Clutch box did exceptionally well, with
an estimate USD 3,000 - USD 4,000 and realising USD 8,190.

A LIMITED EDITION WHITE & BLACK LEATHER CHANEL NO. 5 PARFUM BOX CLUTCH
GRADE: 2.513 w x 17 h x 5 d cmIncludes authenticity card and box.
Price Realised USD 8,190 Estimate USD 3,000 - USD 4,000

Himalayan Leather

We noticed that three Hermes bags using White Niloticus Crocodile Himalayan leather performed well realising well above their price estimates.

A COUTURE MAROQUINERIE WHITE NILOTICUS CROCODILE HIMALAYA LADY DIOR BAG WITH SILVER & CRYSTAL HARDWARE
GRADE: 1.520 w x 17 h x 8 d cmIncludes shoulder strap, small dustbag, dustbag, felt protector, care card, and box.
Price Realised USD 21,420 Estimate USD 5,000 - USD 7,000
A RARE, MATTE WHITE NILOTICUS CROCODILE HIMALAYA BIRKIN 30 WITH PALLADIUM HARDWARE
GRADE: 230 w x 22 h x 15 d cmIncludes lock, keys, clochette, dustbag, rain protector, care card, and box.
Price Realised USD 151,200 Estimate USD 90,000 - USD 120,000
A RARE, MATTE WHITE HIMALAYA NILOTICUS CROCODILE BIRKIN 35 WITH PALLADIUM HARDWARE
GRADE: 235 w x 25 h x 18 d cmIncludes lock, keys, clochette, two small dustbags, dustbag, card card, rain protector, and box.
Price Realised USD 138,600 Estimate USD 90,000 - USD 110,000

Shiny Black Porous Crocodile

We saw some handbags which used shiny black porous crocodile leather do well, with there realised price being quite a bit above their estimates.

A SHINY BLACK POROSUS CROCODILE BIRKIN 25 WITH GOLD HARDWARE
GRADE: 125 w x 19 h x 14 d cmIncludes lock, keys, clochette, clochette dustbag, dustbag, felt protector, rain protector, care card, and box.
Price Realised USD 69,300 Estimate USD 40,000 - USD 50,000
A SHINY BLACK ALLIGATOR MINI KELLY 20 II WITH GOLD HARDWARE
GRADE: 220 w x 12 h x 6 d cmIncludes shoulder strap and Christie’s dustbag.
Price Realised USD 47,880 Estimate USD 26,000 - USD 35,000
A SHINY BLACK POROSUS CROCODILE BIRKIN 25 WITH GOLD HARDWARE
GRADE: 125 w x 19 h x 14 d cmIncludes lock, keys, clochette, clochette dustbag, dustbag, felt protector, rain protector, care card, and box.
Price Realised USD 69,300 Estimate USD 40,000 - USD 50,000

Colours

The Birkin bags that came in Magnolia, Rose, Rouge and Rose and Lime seemed to perform well.

A LIME EPSOM LEATHER MINI CONSTANCE 18 WITH GOLD HARDWARE
GRADE: 218 w x 15 h x 5 d cmIncludes Christie’s dustbag.
Price Realised USD 11,340 Estimate USD 4,000 - USD 6,000
A LIME CLÉMENCE LEATHER MINI LINDY 19 WITH PALLADIUM HARDWARE
GRADE: 119 w x 12 h x 9 d cmIncludes felt protector, dustbag, ribbon, and box.
Price Realised USD 10,080 Estimate USD 6,000 - USD 8,000
A MAGNOLIA SWIFT LEATHER BIRKIN 25 WITH PALLADIUM HARDWARE
GRADE: 125 w x 19 h x 14 d cmIncludes lock, keys, clochette, clochette dustbag, dustbag, rain protector, care card, and box.
Price Realised USD 21,420 Estimate USD 10,000 - USD 15,000
A ROSE LIPSTICK TOGO LEATHER BIRKIN 30 WITH PALLADIUM HARDWARE
GRADE: 230 w x 22 h x 15 d cmIncludes lock, keys, clochette, dustbag, and box.
Price Realised USD 17,640 EstimateUSD 10,000 - USD 15,000
A ROUGE VIF SWIFT LEATHER BIRKIN 25 WITH PALLADIUM HARDWARE
GRADE: 225 w x 19 h x 14 d cmIncludes lock, keys, clochette, clochette dustbag, dustbag, rain protector, and box.
Price Realised USD 15,120 EstimateUSD 8,000 - USD 10,000
A ROSE AZALÉE EPSOM LEATHER BIRKIN 30 WITH PALLADIUM HARDWARE
GRADE: 130 w x 22 h x 15 d cmIncludes lock, keys, clochette, dustbag, and box.
Price Realised USD 20,160 Estimate USD 10,000 - USD 15,000
A ROSE D’ÉTÉ SWIFT LEATHER BIRKIN 25 WITH PALLADIUM HARDWARE
GRADE: 125 w x 19 h x 14 d cmIncludes lock, keys, clochette, clochette dustbag, dustbag, rain protector, care card, ribbon, and box.
Price Realised USD 20,160 Estimate USD 10,000 - USD 15,000

Outliers

These were hand bags we could not see a correlation to but they performed well.

AN ANÉMONE SWIFT LEATHER KELLY POCHETTE WITH PALLADIUM HARDWARE
GRADE: 122 w x 13 h x 6 d cmIncludes dustbag, felt protector, care card, and box.
Price Realised USD 15,120 Estimate USD 5,000 - USD 7,000
AN ORANGE H EPSOM LEATHER MINI KELLY 20 II WITH PALLADIUM HARDWARE
GRADE: 120 w x 14 h x 9 d cmIncludes shoulder strap, shoulder strap dustbag and dustbag.
Price Realised USD 27,720 Estimate USD 12,000 - USD 18,000
A WHITE CLÉMENCE LEATHER RETOURNÉ KELLY 28 WITH GOLD HARDWARE
GRADE: 2.528 w x 20 h x 10 d cmIncludes lock, keys, clochette, shoulder strap, shoulder strap dustbag, and dustbag.
Price Realised USD 12,600 Estimate USD 4,000 - USD 6,000
A MAUVE SYLVESTRE EPSOM LEATHER CONSTANCE 1-24 WITH ROSE GOLD HARDWARE
GRADE: 124 w x 19 h x 7 d cmIncludes mirror, felt protector, dustbag, and box.
Price Realised USD 17,640 Estimate USD 8,000 - USD 10,000

Conclusion

  • Hermes bags are naturally volatile and hard to predict what will do well, but looking at the results we can deduce that unique designs that are limited edition or custom have scope.
  • Colours such as rose, magnolia and rouge seemed to be more favoured for the Hermes Birkin bag compared to others.
  • Handbags that used Himalayan leather seemed to perform well due to the uniqueness of the leather.
  • Bags that use Palladium hardware fare better in terms of price as well.
  • Chanel performed very well with the 'Parfum clutch box' fetching an exceptional price.

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