Ever since Christophe Lemaire took over from Jean-Paul Gaultier, Hermes has released a steady stream of seasonal Limited Editions. Though the tradition of mixing up colors and materials for limited runs stretches back through decades of Hermes’ history, the era of Limited Editions as we know it began with the So Black collection. This somber all-black farewell to JPG was met with a tepid response upon release, but over time has proven to be one of the most stable investments in terms of Limited Editions. Following this was the now iconic Candy Collection in 2011, which saw classic Birkin and Kelly styles rendered in new and exciting ‘Candy’ colors in Epsom leather, paired with pre-selected contrasting interiors. This collection went on to include further color-ways in following seasons, and remained in production until 2014, making it today one of the most well-known and numerous Limited Editions on the market. Over the past five years, many new editions have been released, some more immediately recognizable than others, and some more readily found on the secondary market than others. For the purposes of this article, I will be looking only at the ten most numerous Lemaire Era and post-Lemaire Era editions: Candy, Ghillies, Grizzly, Club, Au Pas/Trot/Gallop, Arlequin, Cascade, Officier, Verso and Lettre. I have left out exotic editions like Grand Marriage and Touch as the exotic materials make value comparisons less level.
Candy Collection
Produced in Birkins and Kellys in every size from 25cm to 35cm, in eleven different variations, The Candy Collection is one of the most well-known Limited Editions Hermes has produced.
As of July 2021, over 100 Candy Birkins and Kellys have sold at auction since December 2011, when the first example sold at Heritage for $19,718, after which, the values remained high, peaking in 2014 at an average of $21,875. Between 2015 and 2019 the average prices for these bags dropped precipitously into the $10,000-11,000 range before rebounding over the past three years at an average rate of 16% annually, with the values in 2021 so far averaging almost $15,500. The last Candy bags were produced in 2014, meaning every year there are fewer and fewer that remain in untouched condition. As these surviving pristine example come to auction less and less often, its likely they will continue to fetch higher and higher sums, though this could easily be countered by an influx of more used Candy bags as well.
Ghillies Collection
Drawing inspiration from the classic Irish Ghillie Brogue, a traditional style of shoe from the Emerald Isle notable for it’s perforated edges, Hermes’ Ghillies collection has evolved with variations spanning the house’s ranges of color and material. Released in 2011, and kept in continuously evolving production through 2017, the countless variations of this series are too vast to list. Seen in 30cm through 40cm Birkins and 32 and 35cm Kellys, these bags have been made in solid colors, with suede, toile and even matte alligator central panels, in combinations as subtle as Black and Indigo, or in bold colors like Bamboo, Anemone, or Blue Paradis. Exceptional examples have been crafted from Ostrich, and some even from mixed matte and shiny crocodile, though the most exquisite form the Ghillies line has taken is that of the Grand Marriage series, which combines Crocodile, Ostrich and Lizard for an overwhelmingly exotic effect.
Excluding the exotic iterations, since 2013 122 Ghillies Birkins and Kellys have sold at auction, giving us a clear view of how the value of this special series has changed over time. 2014 saw the average for these bags peak at over $22,500, before dropping precipitously the next year to just under $15,000. From here the numbers continue down steadily to just under $11,000 in 2019, since which things seem to be turning around. So far in 2021 the seven Ghillies bags sold have averaged almost $14,250.
Grizzly Collection
An off-shoot of the Ghillies collection, Grizzly bags feature a body of ‘Grizzly Suede,’ a material slightly rougher than Doblis Suede, and forgo the leather trim at the base, and the perforation around the leather edges. The 31 Grizzly Birkins sold at auction tell a similar story to their Ghillie cousins for the first few years, but appear to have rebounded sooner, with prices beginning to tick up in 2019 after the previous year’s nadir average of under $8,700. Since then the rise in prices has continued and the three examples sold so far in 2021 have averaged over $18,000.
Club Birkins
The Club Collection was a group of Birkins in six different colorways, produced in either 30cm or 35cm sizes.Four of these feature thin Lizard stripes flanking a central panel of varying color. Two light versions with Palladium hardware featured alternating White and Gris Perle Clemence bodies with Sanguine or Mykonos Lizard stripes, and two warm versions featured either Gold and Marron d’Inde Clemence with Ficelle Lizard or Etain and Graphite Clemence with Gris Fonce Lizard, both of which sport rare Permabrass hardware. Two additional versions were produced with Barenia leather replacing the Lizard, Crinoline down the center, and Fjord leather bodies. These versions, done in either Indigo with Red Crinoline, or Vert Bronze with Blue Crinoline, also features a stripe of Barenia across the top front edge which is visible only with the bag open.
The 37 Club Birkins that have sold at auction since 2013 have varied wildly in value with results ranging from $7,500 to $40,000, and the annual averages reflect this volatility. In time, we will see if certain versions become more valuable, as I predict the more striking Barenia-trimmed ones will. Excluding outlier results, the bulk of these bags trend downward at about -4% each year, though the four examples sold so far in 2021 show signs of a rebound with prices averaging at almost $13,250.
Au Pas, Au Trot, Au Galop
First seen in 2018 this trio of Kellys features exceptionally crafted handles with multi-colored stripe or zigzag effects. Both 28cm and 32cm Kellys were produced for this line, with bodies in colors including Indigo or Craie Togo (Au Galop), Malachite Togo (Au Pas) and Blue Electric or Fauve Grizzly Suede (Au Trot). Since their release 24 of these bags have sold at auction. Setting aside the two outlier results of $28,750 and $30,000, both achieved at Christies days apart towards the close of 2018, these bags trend downward at an average annual rate of -6%, with the sole example sold so far in 2021 bringing $15,295 at Christies, a -5% decrease from 2020’s average of just over $16,000, suggesting this trend is set to continue.
Arlequin (or Harlequin)
The Arlequin Collection, produced in 2012 and 2013, was Hermes’ first time combining six different colors in one bag. Made entirely of Clemence leather, the Arlequin came in two different colorways, one marked by an Ultraviolet front panel, surrounded with parts done in Blue Obscur, Etoupe, Blue Lin, Etain, and Gold, and another notable for its Orange H front panel, framed by Blue Lin, Blue Hydra, Etain, Gold and Sanguine. Both versions were finished with Palladium hardware, and were produced as 30 and 35cm Birkins and 32 and 35cm Kellys. Of the 19 examples sold at auction since 2013, 12 have been orange versions and 7 purple. Overall the results trend downward at around -3% annually, but the historical average price for orange versions comes in at almost $15,000, 9% more than that of the purple versions, which average about $13,675.
Cascade Birkins
Produced in 2012, the Cascade Collection saw Hermes experiment with colorblocked bodies of their iconic Birkin bag. The more often-seen version has a top of Etain Swift and a body mainly done in Rose Jaipur clemence with 1/3 of the front panel replaced by Argile Swift leather. This version, topped with Brushed Palladium hardware, can be found in both 30cm and 35cm sizes, though the other Cascade Birkin was only produced in the 35cm size. This one has a body done mainly in Gris Tourterelle Clemence with a stripe of Sanguine Swift which matches the Sangles, and a flap of Moutard Clemence that continues down the bag’s left third. Also topped with Brushed Palladium hardware, the interior of this version is done in Sanguine Chevre leather, whereas the other version features an Argile Chevre interior. Keeping in line with other Limited Editions, the 17 examples of this style that have sold at auction since 2012 have on average trended downward. From a record high of $22,500 at their first offering in a December 2012 Heritage auction, to a record low of $7,500 in a March 2018 Heritage auction. The changing value of these bags can be seen most clearly in the difference between average prices from 2012 to 2015 ($19,350) and average prices from 2016 on ($11,375). This downward trend could be over, though, as the two examples sold so far in 2021 brought $16,075 and $12,880 at Christies auctions in April and May respectively.
Officier Birkins
Released in 2018, the Officier Collection added a simple pair of thin leather contrasting stripes to 25, 30, 35, and 40cm Birkins’ right sides, flanking one of the bag’s Pontets. Produced in four colorways, Gold with Ambre, Vert Cypress with Blue Zellige, Blue Encre with Bordeaux, and Blue Nuit with Vert Cypress, the Officier Birkins were all done in Togo leather with Palladium hardware. A very limited number of these have come to auction, and due to the potential variations there is not yet enough data to paint an accurate picture of these bags’ values. That being said, a clear correlation can be seen between the sizes of Officier Birkins, with the three 25cm examples averaging $22,250, the six 30cm examples averaging $17,000 and the sole 35cm example selling for $13,500.
Verso Collection
First seen in 2017, the Verso Collection served more or less as a soft follow-up to the Candy Collection. Notable only by their contrasting interiors, Verso bags are typically done in Togo leather, though Constances and 20cm Kellys are usually Epsom, and other materials such as Evercolor have also been used on smaller bags in the collection. Produced in a number of combinations and in sizes spanning the ranges for Birkins, Kellys and Constances, with additional colorways added seasonally, the Verso collection is poised to overtake the Candy and Ghillies collections as the most numerous Limited Edition on the market. But for now, the 20 extant auction results show stability I would associate with this collection’s lack of ostentation. Average prices have remained reasonably constant year over year, with numbers vacillating between $15,250 and $19,500 (excluding results for 20cm Verso Kellys and exotic Versos, as these skew noticeably higher than the others).
Lettre Kellys
The Lettre Collection, or Kellygraphie as its sometimes called, released in 2018, took the popular 28cm Sellier Kelly and emblazoned it with the letters of H-E-R-M-E-S. The front panels of these bags feature exciting craftwork, combining multiple leathers seamlessly on one plane. Inspired by graphics drawn by a mysterious ‘Mademoiselle D’ who worked at Hermes in the 1930’s, the entire Lettre alphabet was produced as charms, and Kellys could be customized through the Special Order process to display any letter. The Lettre Kellys in regular production, though, came in either H, E, R, M or S, and multiple colorways for these letters were produced seasonally. In the last four years, 37 of these bags have sold at auction, most of which follow a clear trend. The first Kellygraphie sold at auction set the record at nearly $59,000 with Christies in May 2018, which along with a May 2021 result of nearly $42,000 (also at Christies), makes up the outliers for this style. Excluding these, the average prices for Lettre Kellys started at over $28,000 in 2018, before dropping into the $20,000-$23,000 range in the years since. The abnormally high result achieved earlier this year and mentioned above is a good sign that this collection, which features truly unique construction techniques, is on the rebound.
There are many more Limited Editions that Hermes has produced but aren’t discussed in this post. Stay subscribed to get notified when new articles post, as I’ll be diving into all aspects of the collectible handbag market, including other rarer or more vintage Limited Editions.