June 2022 Newsletter
Upcoming Auctions
Christie’s New York Online, June 9
Christie’s Spring 2022 New York auction, which is happening online through June 9th, is dubbed The New York Edit and is produced in collaboration with Fashionphile, which as far as I can tell, just means Fashionphile consigned 94 pieces with them under the condition they get some name recognition in the cataloging and marketing. Looking at the examples that came from this partnership, I’d guess the majority are old stock the company has not been able to offload and doesn’t want to mark down just to move. We’ll see if these items do particularly well at auction, if so it could mean a future for this partnership, or at least a path to offload old inventory with some regularity. At the top of the auction is a 25cm 5P and Gris Perle Alligator Birkin that is poised to break records. Already nearing the $160K achieved by a 5P Alligator Kelly 25 last year, this one could go even further. A 2020 Hima Kelly 25 and a 2016 Hima Birkin 30 will give us insight into the health of the Hima market.
Sotheby’s New York Online, June 13
Sotheby’s Spring New York auction, which is opening for bidding online through June 13th, also has a good selection of Hermes Birkins and Kellys ranging from the new and highly sought-after to slightly less new styles that are becoming harder to find, and a nice group of vintage pieces to round out the offering. A So Black Croc Birkin 30, Hima Kelly 32 (with a center-scale base), Gris Perle Matte Alligator HSS Birkin 25 and Ombre Lizard Birkin 25 make up the top of the auction, showing us a foursome of exotic neutrals that could not be more different from one another. Followed by an Ebene Alligator Ghillies Birkin 35, Fauve Mini Picnic Kelly and Nata Cargo Birkin 25, the high-end of this auction is a picture of sophistication at the top of the market.
Notable Upcoming Lots
Christie’s New York, June 9 -
Doblis Suede and Mouton Shearling Teddy Kelly 35, 2008 - The Teddy Kelly has become something of a mythical bag lately, with only a handful of examples coming on the secondary market in past decade. Designed by Jean-Paul Gaultier and seen on his runways, the Teddy Kelly is a difficult collectible because of its tendency to wear. The shearling under the handle is prone to the hands that handle it, and the suede shows its life off proudly. Examples with dealers can sell for six figures, but the $24,000-$30,000 estimate on this teddy opens the door for one final steal if this style is destined to join metallics and sterlings and other legendary vintages in the six-figure club.
Blue Sapphire Swift Padded Kelly 25, 2021 - The Padded Kelly is one of Hermes’ more recent releases, inspired by old automobile upholstery, with version produced in Black, Etoupe, Gold and Blue Sapphire. This is the first example of the style to come to auction, and with dealers regularly asking around $40-$60K for these, the opening bid of $20,000 is tantalizing and will prove an interesting test of this design’s potential to hold value going forward.
Vache Naturelle Grainee Sellier Birkin 35, 2020 - The new Sellier Birkin is exciting enough, but rendered in this new heritage leather it becomes exquisite. Vache Naturelle Grainee is to Vache Naturelle what Barenia Faubourg is to Barenia. Emblazoned with a foil-less brand stamp, this Birkin is the latest in a long line of timeless classics. It’s unlikely many of these will come onto the secondary market, and less likely many will remain in excellent condition, as these Heritage leathers are destined to patina.
Sotheby’s New York, June 13 -
Millennium Moonlight Kelly 32, 2000 - Pre-JPG Limited Editions are scarce, and few have the impact of the Millenium Moonlight Kelly. Produced in 2000 this Black Chamonix Sellier Kelly features Ruthenium hardware, leading many to dub it the precursor to Gaultier’s So Black collection. The best examples, such as this one, feature a foil-less brand stamp.
Blue de Prusse Box Kelly 28, 2016 - Box leather has been around for more than a century, and a Black Box Kelly with Gold Hardware is a staple in every Hermes collection. Rarely do we see Box bags produced in color, but this rare Blue de Prusse 28cm Kelly from 2016 is an exceptional example. The Gold hardware is rich and overall the effect is unique without being overt.
Bicentennial Kelly 32, 1989 - Another pre-JPG Limited Edition, this 32cm Box Kelly was produced in celebration of the bicentennial of the French Revolution. Clad in red, white and blue, the white piping around this bag’s edges really make it stand out.
Past Auctions
Christie’s Hong Kong, May 23 - Woooooo this was an exciting auction. From the day the catalog was released to the when the hammer fell on the final lot I was enthralled. So many firsts were offered and overall prices were strong. Both Himas topped $200K with the Birkin 25 bringing almost $230,000 and the Kelly 25 coming in over $210,000. This tied with the Black and Rouge Vif Alligator HSS Kelly Doll, setting the values for these exotic characters firmly above $200K (this being the second Alligator Kelly Doll in a row to top that number). The Wood Kelly achieved just over $195,000, right in line with the style’s auction average, and the blue Faubourg Birkin brought nearly $165,000, further lowering the auction average for the style, which now averages $188K against the Brown version’s $195K average. The sole White example to sell at auction brought over $300,000 in November 2021, and no Black Midnight Faubourgs have yet to cross the block. A new record was set for Picnic Kellys with the nearly $138,250 sale of a Blue du Nord example. The Blue Brume Picnic Kelly, the first of its color to sell at auction, brought over $81,000. The first Picnic Birkin to sell at auction, a Framboise example, sold for over $97,500 setting the stage for this new style. The Himalayan Constance 24, the First Hima Constance to come to auction, just broke six figures with a final price topping $105,000, though the Hima Plume 28 did not perform as well, selling for around $35,000. Three other bags topped $100K with a HSS Ambre and Ficelle Alligator Sellier Kelly 25 selling for over $117,000, a Shiny Black Alligator Kelly 25 with Gold hardware bringing over $105,500, and a 30cm Birkin in true Barenia Alligator achieving the same. The boldly offered set of six Lettre Kellys spelling out HERMES achieved over $96,000, or about $15,500 per Kelly if you factor in the matching charms from $500 each. A 1998 Braise Porosus Kelly 20 sold for over $91,000, further pushing prices for Vintage 20s in line with those of the Mini Kelly 20 II. A bi-color example of which in Matte Alligator brought over $97,500 along with a Shiny Cassis example for the same price. Matte Vert d’Eau and Beton Kelly 20s sold for around $78,000 and $73,000 respectively, whereas a matte Black example brought under $57,000 and a Jaune Borgeron one just over $48,750. The Violine Ostrich Kelly 20 that sold for just over $45,500 was beat out by the bi-color pink Casaque Epsom example at over $48,750, tying the Jaune Borgeron Alligator. Contrast this with the $16,250 achieved by a Magnolia Epsom Kelly 20 and the staying power of this mini-bag comes into question. The Sesame and Etoupe Casaque Kelly 20 sold for just over $26,000, in line with two other solid Epsom examples. Overall, regular leather Kelly 20 IIs averaged just under $28,500, which is still about $20,000 more than they retail for and generally in line with overall auction market averages. A Black Monsieur Up Point Sur Deux Kelly 28 sold for a whopping $52,000 confirming my suspicion that this style is legitimately rare and highly desirable. This was the first example of such a Kelly to appear at auction. All three leather Kelly Dolls sold in the $40,000-$45,000 range. There are so many other interesting results in this auction, like the In & Out Kelly that sold for nearly $68,300, but I must end this overview here.
Articles
Pick Your Hermès Picnic Bag
Published with Sotheby’s May 23, 2022
The Best Hermès Handbags from Jean-Paul Gaultier
Published with Sotheby’s May 23, 2022