Its well known that the opportunity to special order a Birkin or Kelly (or other style) with custom colors is only offered to top-tier clients of Hermes. A few years ago, this process was changed dramatically when Hermes removed the option to order tri-color bags, leaving their VIPs to chose between a selection of bi-color arrangements (interior/exterior, body/handles, etc.). This lead many collectors to predict that tri-color bags would become much rarer and more desirable, but the years of auction results since have proven otherwise.
When discussing multi-color bags, there are a few important distinctions to be made. Kellys produced prior to 2000 have a single-ring handle attachment, and tri-color bags from this era are typically considered ‘Limited Edition’ rather than ‘Special Order.’ most of these are box Sellier Kellys in a handful of pre-set color combinations. The Horseshoe Stamp or HSS was not introduced until 2006, though tri-color Kellys from 2000-2006 are often considered ‘Special Order’ even if the same combinations do show up often enough to indicate a ‘Limited Edition’ from this era. Birkins, on the other hand, are more easily deciphered, as ‘Limited Edition’ Birkins are not common prior to 2006, making the distinction between Limited and HSS easily determined. In this data set I did not include multi-color HSS Ostrich bags, as there are not enough results to substantiate any trends, and the values are predominantly between those of Leather and Crocodile or Alligator bags. HSS Lizard bags are almost never seen, with only one example ever coming to auction: a 20cm Retourne Kelly in Violet and Vert Anis Lizard from 2006 that Christies sold in December of 2018 for almost $35,500.
HSS Birkins are far more numerous on the secondary market than Kellys, with 69 Crocodile or Alligator and 326 leather examples sold at auction over the last ten years. Kellys by comparison have only crossed the block 170 time for leather and a mere 27 times for exotics. This set of numbers paints a clear, if unexpected picture of how these bags are valued. While leather HSS Birkins as a whole have increased in value at an average annual rate of 5%, parsing the results shows how aggressively tri-color bags buck that trend. Declining at an average annual rate of -4% between 2014 and 2020, tri-color leather Birkins seem to prove that scarcity does not equate to value, though 2021 has seen their average auction price jump 36% from just over $13,900 in 2020 to almost $18,850 so far this year. As Hermes stopped accepting orders for tri-color bags, the stock of pristine examples clearly dwindled, and as more used bags came to market, the average price dropped accordingly. It is possible the future will show us the auction potential of well-kept tri-color Birkins, as one example at Christies this past year brought almost $50,000, though its likely the majority of these bags coming to market will be more used, furthering a divide in results.
Exotic Birkins magnify this difference, with tri-color examples showing an extremely clear picture of declining value. Considering only nine tri-color exotic Birkins have ever sold at auction, an assumption could be made that each subsequent opportunity to acquire one would be met with increased vigor and desire from bidding collectors, though the results show the exact opposite. Prices plummeted from a record first result of $144,500 at Christies in 2015 for a 30cm Nilo Crocodile Birkin from 2014 done in Vert Emerald, Blue Izmir and Geranium with Gold hardware, to a record low of $38,330 in 2019 with Christie’s sale of a 35cm Porosus Birkin from 2007 done in Ficelle, Gris Elephant and Caramel with Palladium hardware.
While results for HSS Kellys show many similarities to those for Birkins, they overall increase at a steeper 13% annually, with tri-color leather examples eking out an average value gain, if only a slight one. Exotic HSS Kellys also manage a slight increase for bi-color examples, though tri-color exotics again decline, though not in such a clear and dramatic way as the Birkins. The record-high for an exotic HSS Kelly is held by a 2019 bi-color 25cm Sellier example done in Shiny Gris Tourterelle and Graphite Alligator with Brushed Gold hardware that Christies sold in July of 2020 for $153,200, and the record-low came years earlier at a February 2017 Heritage auction where a 32cm Sellier Kelly from 2000 done in shiny Blue Sapphir, Blue Jean, and Blue Marine Alligator with Gold Hardware sold for just $21,250. Unsurprisingly, Sellier Kellys skew around $5,000 higher than Retourne ones, though both constructions appear to increase at around the same rate, and as with Birkins the majority of the top spots are held by pink-dominant bags.
While results for bi-color Birkins and Kellys, both leather and exotic seem relatively stable and likely to continue on their respective paths, tri-color bags, particularly exotic examples appear prime for dramatic change. The proven scarcity of these bags should resonate with collectors who seek to acquire the rarest pieces.
