A Brief History of Handbag Auction Records
The Top Wasn't Always Dominated by Himas!
For many, a handbag is not just a functional accessory, but a symbol of status, style, and success. The auction houses have long witnessed fierce bidding wars for iconic and rare pieces. Over the years, the stakes have risen substantially, with record-breaking sales figures being acheived for some of the world's most sought-after bags. This article takes you on a journey through time, tracing the evolution of the highest prices paid for handbags at auction – a trajectory that, interestingly, reflects not just the increasing value of these luxury items, but also the shifting dynamics of the global luxury market.
In the early days of Hermes auctions, sales were primarily held in Europe, and Artcurial was know as the place to go for rare and unusual vintage bags. In 2008 a particularly rare Kelly came across their auction block. This 40cm example, dating from 2007 and trimmed in Blue Jean Epsom featured a unique printed image of Grace Kelly on its front. The interior bears the signature of Princesse Stephanie of Monaco. Achieving €64.438 or the equivalent of just over $100,200 USD, this was the first bag to ever break six figures at auction. Artcurial sold the same piece two additional times; in 2014 for €73.720 ($99,285 at the time) and again in 2017 for €104.000 ($119,765 at the time).
Artcurial held this as the handbag auction record until late 2011, when Heritage Auctions staged one of their first Holiday Auctions. Over the course of this sale Heritage broke the auction handbag record not once, but twice. Early in the sale a Matte Blue Brighton Porosus Crocodile Birkin 35 with Palladium hardware sold for $113,525, but this piece only held the record for less than hour, as the hammer fell later in the sale on a Rouge H Shiny Porosus Crocodile Diamond Birkin 30 setting a new record at $203,150. In a mere three and a half years, the handbag auction record had more than doubled.
Heritage held onto this record for about as long as the last record had held, three and half years. In June 2015, Christie’s sale of a Fucshia Shiny Porosus Crocodile Diamond Birkin 35 supplanted Heritage’s record at $221,741. But this record would hold for less than year, as Christie’s topped themselves with the record-setting sale of a Diamond Hiamalaya Birkin 30 in their 30 Year Anniversary Auction in Hong Kong. Realizing $298,585, this would set off a string of Diamond Hima Birkin 30s that successively took the top spot from one another.
Hong Kong based Poly Auction managed to get on the leader board with their April 2017 sale of a Diamond Hima 30 for $369,985, but only held their top spot for about 57 days, as Christie’s sale of another Diamond Hima 30 at the end of May inched the dial up to $377,250. This was again broken by Christie’s in November of that same year with their sale of yet another Diamond Hima Birkin 30, this one for $381,632.
This record held for about three years before a wild upset occurred at Christie’s in Hong Kong. In November of 2020, two Himalayans sold for record-breaking prices, and neither had any diamonds. Unlike in the 2011 Heritage sale, though, the higher of the record breakers came first, depriving the Hima Birkin 25 which sold for $387,000 any time in the top spot. No, that honor would would be taken by a Hima Kelly 25 (I reiterate, no diamonds) that set the new record at $435,375. This would be broken, though only a year later in November 2021, by Christie’s sale of a Diamond Himalaya Kelly 28 for $512,880, officially cracking the half-million-dollar mark, at setting the record that stands today. This was the first Diamond Hima Kelly to ever come to auction, though Poly had high hopes to take the record back, with their sale of the second Diamond Hima Kelly 28 (isn’t it funny how these things come in two’s?) a mere six days later for $461,538, a number that would have broken the previous record, but because of the scheduling of Christie’s and Poly’s respective sales, never got to hold the top spot. Today it remains in second place.
So what follows? Which bag will next snatch the top title? Will it be another Diamond Hima, or something more special like a Feather Kelly, or Metallic Crocodile? Prior to Jane Birkin’s passing, Birkins she personally owned fetched extremely high sums, often six figures when sold at auction, and since, none have crossed the block, spurring speculation about the future value of these most Birkin of Birkins. But the question on many insiders minds is “What, When and Who will sell the first Million Dollar Bag at auction? ”
The world of luxury handbags is ever-evolving, with each auction offering up surprises and setting new benchmarks. These record-breaking sales not only reflect the intrinsic value and craftsmanship of these iconic bags but also underscore the timeless allure they hold for collectors and enthusiasts alike. The record set by Christie's sale of a Diamond Himalaya Kelly 28 is a testament to the handbag's unparalleled standing in the world of fashion and luxury. As the saga of the highest auction prices continues, one thing is certain – the fascination with these symbols of opulence is far from waning.