Hermes has produced exotic bags with leather from all sorts of exotic animals. While many of these such as Beluga, Anteater, Elephant, and Emu were discontinued long ago, Hermes still produces bags from six exotic species: Ostrich, American Alligators, Porosus Saltwater Crocodiles, Nile Crocodiles (also called Nilo or Niloticus), Nile Monitor Lizards, and Asian Water Monitors, also known as Salvator Lizards. Porosus Crocodile bags retail for the highest prices of all, but Lizard bags are by far the rarest.
As long as Hermes has been making handbags, they have been making Lizard bags as well. Auction records show Hermes Lizard bags dating back to the first half of the 20th century, and while Lizard Kellys can be found dating from almost every decade the style has been produced, in every size from 15cm to 32cm (though almost always in Sellier construction), the first Lizard Birkins weren’t seen until 2005. The skin was an obvious choice for a special exotic edition of the new diminutive 25cm Birkin, which first appeared around 2004. In the years since, Lizard Birkins and Kellys have been produced in a rainbow of colors, some exclusive to this exotic skin. They can be found with both gold and palladium hardware, and many early Lizard bags from 2005 and 2006 have the discontinued gunmetal hardware called Ruthenium.
Birkins stand out among other Lizard bags as the only style to decrease in value on average. The record for a non-Ombre Lizard Birkin was set by Christies back in November 2014 with a Gris Fonce example with Palladium hardware selling for just over $67,500, the only Lizard Birkin sold that year. While most results cluster between $20,000 and $30,000, the trend is clearly downward, with average prices peaking at just over $40,750 in 2012, and declining on average at -4% annually, and hitting an all-time low of $27,235 in 2018. That number was just barely topped in 2020, and so far no non-ombre Lizard Birkins have sold in 2021.
Kellys are a different story. With examples dating back almost a hundred years, the defining difference between Kellys and Vintage Kellys comes in the form of the handle-attachment hardware. In 2000 Hermes phased in a new double-looped handle-hardware that gave the shoulder-strap its own place to hook. After 2000, almost all Lizard Kellys produced were 25cm, with a few 20cm exceptions at the beginning of the decade before the Vintage Kelly 20 was discontinued, and a few new Lizard mini-Kelly II’s which have just started to trickle out of Hermes stores. The trends for this style could not be more different than the Birkin’s. While 20cm Vintage Lizard Kellys cluster around $25,000 with a slight but notable annual climb, 25cm Lizard Kellys climb dramatically, with the last three years averaging a 20% annual increase. This is mainly due to the record-setting results achieved at Christies in November 2020 with the sale of a 25cm Black Lizard Kelly with Palladium hardware for over $88,500, almost double the previous record of $47,914 for a Fuchsia example sold by Christies a year earlier (This record was actually broken twice in the same auction, with another Black 25cm Lizard Kelly, this one with Gold hardware achieving almost $56,500). Vintage Lizard Kellys show a similar trajectory, though the results vary wildly as condition can become a serious issue with bags that are many decades old.
As far as Lizard bags go, the most desirable color is Ombre, which moves from white on the sides to gray at the center, and displays natural white rings that give these bags their distinct patterns. Aesthetically similar to the Himalayan, Ombre Lizard bags showcase the natural coloring of the animal, but also require painstaking work to perfect, and are subject to even higher quality standards. Not only do the scales have to be perfect, and the skins free of blemishes, the pattern also has to be distinct and symmetrical, and they need two skins to match. These highly coveted bags have been produced sporadically since the mid 2000’s, and early examples that have not been carefully maintained show yellowing. Some collectors appreciate this patina, but for others it further drives demand for the newest and best kept examples. Recently Hermes has released a series of ‘Desert Ombre’ Lizard Bags which use a tan-tinted coloration and Gold hardware for a warmer effect that shouldn’t yellow as noticeably over time. None of these have yet to come to auction. Overall the results bolster the assumption that Ombre Lizard bags are the best Lizard bags for investment purposes. Realized prices for Ombre Birkins, Kellys, Pochettes, and Constances all trend upward, with the highest results for each of these styles achieved by Ombre examples (Birkin: $137,500 - Sothebys 2020, Kelly: $120,297 - Christies 2017, Constance: $61,180 - Christies 2021, Pochette: $63,000 - Sothebys 2020).
When you think of Lizards you probably picture little scaly critters that scamper up trees and hide under rocks, these are not the lizards discussed here. While Monitor Lizards can grow to the size of a small crocodile, they grow slowly and require very special care. This is why the vast majority of Lizard bags are 25cm or smaller, though Hermes has produced some larger examples. A handful of 30cm Lizard bags have come through the secondary market in recent years, and vintage Lizard Kellys can be found in both 28cm and 32cm sizes, and sporadic recent examples of Lizard Kellys in these sizes have also been spotted. I’ve only seen one example of a 35cm Lizard Birkin, and one example of a 40cm Lizard Birkin, both of which were unique special order pieces, the latter, black with Palladium hardware, was sold by Heritage Auctions on June 10th, 2018 for $57,500. Most Lizard bags are done in Veranus Niloticus, or Nilo Lizard, which is prized for its small even scales, and is buffed to a high-gloss finish for a glittering effect. These bags are marked with a single dash next to the Hermes logo. Some bags have a double dash which indicates Salvator Lizard. While Ombre Lizard bags are done in Salvator and buffed to a sheen, most Salvator bags are treated with a matte finish, accentuating the texture of the scales.
Exceptional Examples
From left to right:
Custom Violet & Vert Anis Lizard 25cm Retourne Kelly with Palladium Hardware, 2006 - Christie’s 2015 - $35,482
Unique 5P Pink Lizard 15cm Birkin with 18K Gold Hardware, 2014 - Christie’s 2016 - $317,157 (as part of an eight-piece set of unique 15cm Micro bags created for the Tokyo Leather Forever Exhibit)
Vert Emerald Lizard 15cm Sellier Kelly with Gold Hardware, 1985 - Christie’s 2018 - $18,987
Tangerine Lizard 15cm Micro Candy Kelly with Palladium Hardware, 2012 - Christie’s 2016 - $12,900
Blue Roi & Rouge Vif Lizard 20cm Sellier Kelly with Gold Hardware, 1989 - Christie’s 2015 - $45,122
From left to right:
Black Lizard 32cm Sellier Kelly with Gold Hardware, 2012 - Christie’s 2017 - $48,024
Ombre Lizard 25cm Birkin with Gold Hardware, 2007 - Christie’s 2018 - $60,691
Ombre Lizard 30cm Birkin with Palladium Hardware, 2012 - Christie’s 2016 - $64,338
Vert Emerald, Blue Sapphir & Rouge H Lizard 32cm Sellier Kelly with Gold Hardware, 1994 - Christie’s 2015 - $41,933