Hermès bag sells for over R2.5m, second hand!

Are second-hand shopping platforms about to replace auction houses? Perhaps not yet, but the sales records posted by some pre-owned goods specialists make you wonder.

For example, a Birkin Faubourg bag by Hermès recently sold for €158,000 on Vestiaire Collective — much higher than the average price of the luxury label’s legendary model.

Why invest in cryptocurrency, when you can step into the Parisian flagship of Hermès, rue du Faubourg Saint-Honoré, and buy yourself a Birkin bag? Better yet, you can skip the waiting lists by snapping up one up on the many luxury goods resales platforms that are growing at pace on the web.

A real investment — better than gold, according to some specialists — bags from the French brand Hermès have always been coveted, but in recent months, they have reached record prices, even on the second-hand market.

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The Vestiaire Collective platform hosted one such sale in May, when a Birkin Faubourg model went for €158,000, shattering the previous record set six months earlier by another bag… a Hermès Birkin bag, nonetheless. The latter sold for €112,000 — already a staggering sum.

A favourite bag of celebrities, and now of reality TV stars — who show them off on social networks — the Birkin sees its price rise from year to year, representing not only a symbol of wealth but also a real investment for fans and collectors.

A safe bet, a safe investment

The coveted accessory, which will celebrate its 40th birthday in 2024, is now being snapped up at a premium, and not only in auction rooms, where it can fetch six-figure sums. Vestiaire Collective explains that the average price of a Hermès bag is up 15% in 2022 compared to last year. And this is by no means stopping customers from reaching deeper into their pockets.

According to the second-hand platform, searches for Birkin bags have increased by an average of 20% compared to last year, and sales peaked in January 2022 with a 40% increase compared to the previous year. 

“Timeless or classic handbags are a safe investment because they never go out of style and never lose their value,” explains Sophie Hersan, head of fashion and co-founder of the platform. “This is not the first time that Vestiaire Collective has sold an extremely rare Hermès, which is a testament to the trust of customers and the quality of the authentication service offered by the platform.”

Rarity is indeed one of the reasons why the second-hand market is the ideal solution for those who dream of a unique (or almost) model, and for the authentication services that guarantee you don’t end up with a counterfeit.

While a classic Birkin is priced under €10,000 in boutiques, prices climb to tens of thousands of euros for specific models on luxury second-hand platforms such as Collector Square and Vestiaire Collective, reflecting a growing craze for the iconic bag, which has gone from being a rare and precious accessory to a genuine financial investment in the space of just a few years.