In Hermes World, few items have sparked as much intrigue and admiration as the So Black collection. A product of Jean-Paul Gaultier's visionary tenure at Hermes, these bags have woven a narrative that transcends mere aesthetics, becoming icons of luxury, rarity, and cultural significance. One of Jean-Paul Gaultier's final acts as the creative director of Hermes was the creation of the So Black collection. Launched in 2010, these bags were a departure from Hermes' conventional Black bags. Dressed entirely in black, from their PVD-coated hardware to their foil-less brand stamp and black accessories, they were a bold black statement that stood out in a sea of orange and gleaming gold. Their release not only marked the end of an era at Hermes but also set the stage for Christophe Lemaire’s chapter, which saw the proliferation of limited edition Birkins and Kellys.
Since their introduction, So Black bags have made regular appearances at auction, each sale a testament to their growing allure. From the classic Box So Black Birkins and Kellys to the exotic Alligator and Crocodile ones, each So Black style has carved out its niche in the collector's world. The auction journey of these bags began with a steady climb. In 2012, the price for Box So Black Birkins and Kellys was already commanding attention, with the first example, a Birkin 30, selling at Christie’s for over $21,000, the equivalent of about $29,000 today when accounting for inflation. Strong results continued to follow, with these bags steadily gaining in value and popularity among collectors. The middle years of the decade saw fluctuations in average auction prices. By 2015 the average for leather So Blacks had jumped to nearly $35,000, or nearly $46,500 today adjusted for inflation. Averages then readjusted back under $30,000 for the following three years (about $35,000 today) before spiking at nearly $50,000 in 2019, equating to nearly $62,000 today. Averages again dipped under $30,000 the following year, and have since held in the mid-$30,000 range.
The value and desirability of the So Black collection have also been influenced by cultural waves. High-profile celebrities and fashion icons, like the Kardashians, frequently showcasing their So Black bags, have played a role in elevating their status. These celebrity endorsements have led to surges in demand and can affect auction prices.
The Alligator and Crocodile variants, with their rare and exotic appeal, first appeared at auction in 2015 and began fetching average prices in the $88,000 - $99,000 range ($110,000 - $125,000 adjusted for inflation) until 2019 when average prices neared $108,000 or nearly $135,000 in today’s money. Averages for exotic So Blacks dipped about 10% the following year, realigning with earlier values before jumping to an all-time high average of nearly $135,000 in 2021 ($157,650 today). Since then, average prices have dropped by nearly 50% to less than $65,000 in 2022. Prices have since rebounded by about 10% with the single sale of an exotic So Black in 2023 being an Alligator Birkin 35 sold at Christie’s for $76,500 in April. A Kelly 32 failed to meet its CHF 60,000 reserve (that’s about $84,000 USD inclusive of auction fees) in a Sotheby’s auction in November of that year.
In a nutshell, these days, Hermes So Blacks are worth, on average, more or less, depending on what it comes with and what condition it’s in -
Box Birkin 30: $39,500
Box Birkin 35: $36,500
Box Kelly 32: $38,000
Box Kelly 35: $31,500
Box Kelly Pochette: $30,000
Box Kelly Cut: $16,500
Crocodile Birkin 30: $112,000
Alligator Birkin 35: $73,500
Crocodile Kelly 32: $75,000
Alligator Kelly 35: $62,000
Crocodile Kelly Pochette: $68,000
Crocodile Kelly Cut: $38,000
Midnight Faubourg: $195,000
Feather Kelly: $245,000
Feather Kelly Cut: $125,000
The Feather So Blacks, emerging onto the auction scene much later, and the recently introduced So Black Midnight Faubourg Birkins have added new dimensions to the So Black narrative. The rarity of the Feather So Blacks, considering their late emergence, raises questions about the dynamics of luxury fashion - what drives the decision to hold onto such rare pieces before releasing them into the auction world? The first Feather So Black, a Kelly 28 (shown in the video below, courtesy of Christie’s), achieved nearly $287,000 at Christie’s Hong Kong in November 2022, followed by a 32cm example that Sotheby’s Hong Kong secured nearly $260,000 for in April of 2023. In November of that year, Christie’s offered another Feather 28 in Paris which achieved just under $194,000. This raises questions about the influence location has on auction results, positing Hong Kong may be the strongest market for such high-value rarities. So Black Faubourg Birkins have appeared at auction six times since the first example crossed the block at Christie’s in March of 2023. Results have ranged from $151,000 to $236,500 and average just under $195,000.
The original So Black collection also included Kelly Pochettes and Kelly Cuts in both Box and Exotic, though these have sold at auction so infrequently that we cannot make any concrete assumptions about their value other than that So Black Kelly Cuts are worth about half that of So Black Kelly Pochettes, and the exotic versions about double the leather. There was also a precursor to the So Black collection in the Millenium Moonlight Kelly, a rare limited edition from the year 2000 made of Black Chamonix with Ruthenium hardware, and on some examples, a foil-less brand stamp. Later on, an edition of semi-So Black bags including a Medor clutch, GoodLock, and Constance Wallet was produced in shiny Black Alligator with PVD hardware, though no black accessories accompanied these pieces and their brand stamps were silver-foiled.
Looking beyond the hammer prices, So Black bags are not merely luxury collectibles; they are cultural artifacts. They represent a confluence of artistic vision, quality craftsmanship, and the evolving nature of luxury fashion. Their steady rise in auction values over the years speaks volumes about their investment potential. It prompts one to ponder - what future lies ahead for these bags in the ever-fluctuating world of collectible Hermes? Will their allure continue to grow, or will they plateau, giving way to new favored editions? Could emerging trends or economic factors significantly impact their value in the coming years? These bags, in their silent elegance, hold stories and secrets of a rapidly changing world, making their future trajectory a captivating topic for speculation. One trend is clear, though, unused examples maintaining a full set of So Black accessories will remain the highest valued and most sought-after.