Steal vs Splurge
Comparing A Pair of Vintage Emerald and Gold Kelly 25s
In the rarefied realm of luxury auctions, the enigmatic allure of Hermès Kelly bags is undisputed, commanding prices that can rival the cost of a car or even a house. But what results in such similar bags achieving such vastly different prices at auction? This investigative article delves into the intricate tapestry of factors that influence the hammer prices of two Hermès Kelly bags, each a 25 exotic in Vert Emerald with Gold hardware —a combination as timeless as it is captivating. We'll explore the nuances of rarity, the heritage of craftsmanship, the whims of market demand, and the silent stories imbued in the leather and hardware that contribute to the staggering price variances at auction. Join us as we unravel the threads of provenance, condition, and collector's fervor that determine why one bag might fetch a premium that sets it apart from its seemingly identical counterparts.
The two Kelly bags we’ll be looking at in this article are both vintage examples (meaning pre-2000 when the handle attachments had only one loop). The first, an example sold by Heritage on April 28, 2013, in a New York auction likely dates from 1996-1999 (at this time Heritage did not publish the production year of the bags they offered). It sold for $25,000, which at the time was a strong price. Back then, crocodile or alligator Kellys of any size averaged less than $19,000 at auction. We will compare this to another vintage Kelly 25, one dating from 1964 (note how the hardware on 1960s Kelly 25s is larger than that on later 25s, giving the bag a slightly different shape and proportioning). Achieving $60,000 at Heritage Auctions in Dallas on February 8, 2016, this was the third highest result for an exotic vintage Kelly bag, following Heritage’s 2012 sale of a Rouge H Shiny Caiman Crocodile Kelly 32 with Gold hardware likely dating from the late 1980s for $62,500 and Christie’s 2014 sale of a Shiny Blue Saphir Porosus Kelly 28 with Gold hardware dating from 1993 for over $67,850 at an auction in Hong Kong.
A Black Shiny Alligator Kelly 20 with Gold hardware dating from the late 1960s achieved $74,500 at Christie’s sale of the collection of Elizabeth Taylor in 2011, but the provenance precludes this lot from being a mere “regular vintage exotic Kelly.” I also do not consider Celadon Himas to be “regular” either. To this date only three additional vintage exotic Kellys have come in above our 1964 Emerald example, all Kelly 20s: A Braise Porosus example with Gold hardware from 1998 brought over $91,000 at Christie’s in Hong Kong in 2022, a Black example with Palladium hardware dating from 2002 brought $128,800 at Christie’s Hong Kong in 2021, and most recently, an extremely rare Rose Bonbon example with Gold hardware dating from 1997 sold for over $153,500 at a Sotheby’s auction in Hong Kong in early 2023.
Going back to our two comparison Kellys, let us look at the material differences that could have led to one selling for more than double the other a mere three years later. Primarily we see the 1964 example has the larger vintage hardware, which makes it far more unusual and desirable for serious collectors looking to acquire the rarest and most special and historical Hermes bags in existence. I have only seen a handful of Kelly 25s from this period, and most are not in the best condition, or made from the most appealing materials. Vert Emerald with Gold, though, is a combination that has remained popular for over half a century, and the condition of this Kelly was exceptional given its age. The cataloging states: There is light scratching to the exterior crocodile, moderate scratching and brown patina to the hardware, and light scuffing to the base corners. The handle exhibits some darkening, and the clous are scratched and exhibit a dark patina. There is creasing to the exterior crocodile in places. The interior leather is scratched and scuffed, with denting in places. The slip pockets are stretched. All wear to this bag is consistent with age. This bag includes [a Lock, two keys, a clochette,] an Hermes box, dustbag, and a ribbon. Though this may sound like a laundry list of problems, no bag from the 1960s exists without these issues, and no tears, stains, or smells are mentioned. Most important, though, is the last line of the condition description: This bag includes [a Lock, two keys, a clochette,] an Hermes box, dustbag, and a ribbon. When we compare this to the condition description for the late 90s example: This bag is in Excellent Condition. Includes lock, key, clochette and dustbag. We can less clearly picture the shape of this bag. Notably, it does not include the box, or more importantly the shoulder strap. Straps were (though there is debate about the exact start date) initially included with Kelly bags around the time the Birkin was introduced, in 1984, to further differentiate the two designs. This means our 1964 example would never have had a strap, but our late 1990s Kelly should.
Now let us investigate the subjective differences between these two bags, most noticeably, the color. Though both are Vert Emerald, in the 1990s Kelly appears much darker than her older cousin. Vert Emerald is an enigmatic, multifaceted color that changes in the light and is slightly unique to each bag. It also changes over time, often darkening with use or exposure. The 1964 Kelly is still vibrant, bright green, with lighter yellow-green glowing in the webbing between scales. The 1990s Kelly is darker, closer to Vert Fonce. If you’re wondering whether a dark green croc Kelly is Vert Emerald or Vert Fonce, check the lining, though the exterior may have darkened, the bright emerald green of the interior will be the clearest differentiating factor. Another aspect to consider is the provenance. Though we often say provenance doesn’t affect value unless it’s Grace Kelly’s Kelly or Jane Birkin’s Birkin (or I guess unless it’s Elizabeth Taylor’s too), the 1964 Kelly was cataloged with. fascinating backstory: This bag was originally a gift from Bengt Olof Åkerrén, the Swedish Ambassador to London, Vienna and Geneva, to Baroness Märta Bengtsdotter Thott, née Vinstorpaätten in the mid-1960s. Could a glint of royal provenance have helped push the results for this rare vintage bag higher than otherwise?
By 2016, the average price for crocodile or alligator Kellys of any size at auction had almost doubled from less than $19,000 in 2013 to nearly $36,750. On the surface, the disparity in final bids—a more-than-doubling in price within the span of three years—could be casually attributed to the market's inflation. However, a closer examination reveals a more nuanced narrative. The 1964 Kelly, with its larger, distinctive hardware and a dash of royal connection, has transcended the bounds of mere accessory to become a historical artifact, a beacon for serious collectors in search of Hermes' rarities. Its well-preserved condition, despite the years, and the completeness of its presentation with the original Hermes box, dustbag, and ribbon, have undoubtedly amplified its allure.
Contrast this with the late 1990s Kelly—its absence of a shoulder strap and the box, and a color that has morphed into a darker shade, could have slightly dimmed its desirability. Yet, both share the coveted Vert Emerald color, albeit with varying intensity and luminosity through time, hinting at stories untold and lives lived in elegance. While provenance may not always sway valuations, the 1964 Kelly's association with Swedish nobility adds an intangible luster that, in conjunction with the overall surge in auction prices for exotic Kellys, may have contributed to its extraordinary price tag.
In the end, the price tag of these Kelly bags is not just a reflection of their material worth but a testament to their journey through time and the hands that cherished them. As we close this case study, it is evident that the confluence of historical significance, condition, completeness, and provenance, coupled with broader market trends, has painted a complex picture of valuation—one where each stitch and scale tells a part of the story.