Collecting

Investing in collector bags, between myth and quality

Among the most popular collectables are handbags, this year crowned by Jane Birkin's double record: that of the Hermès prototype and that of the 'Voyageur'

by Teresa Scarale

14 December 2025

La Original Birkin, 8,6 milioni di euro (10,1 milioni di dollari), battuta il 10 luglio 2025 da Sotheby’s Parigi

5' min read

Translated by AI

Versione italiana

Key points

Japanese collectors' interest
Why the Birkin (with the Kelly) became a collector's fetish
The best models and brands for investing in collectible bags
What features investment purses should have
The market, now

5' min read

Translated by AI

Versione italiana

Among the assets that made collecting history in 2025 are 'The' Birkins. First of all, the prototype handbag that belonged to the one who inspired its birth, the actress Jane Birkin: at Sotheby's Paris on 10 July 2025 it fetched $10.1 million (€8.6 million), setting an absolute record in its category. Then another Birkin of hers, the 'Voyageur' model, became at Sotheby's Abu Dhabi on 5 December 2025 the second most expensive bag in history with $2.8 million. Both lots outperformed the initial valuation (€1 million for the prototype, $230,000 to $430,000 for 'Le Voyageur').

Hermès gave the actress what would become 'Le Birkin Voyageur' in 2003. She resold it in 2007 for charity, after customising it internally with silver lettering and designs (she had already sold the Original Birkin, again for a charitable reason). "Mon Birkin bag qui m'a accompagné dans le monde entier" ("My Birkin, which has accompanied me to every corner of the world") is one of the phrases that can be read on it, the one that gave the bag the nickname 'Voyageur'. In total, Hermès presented its muse with four bags, each one given to her after the sale of the previous one, again to monetise resources for philanthropic causes.

Jane Birkin con la “Birkin Voyageur”, 2,8 milioni di dollari aggiudicata da Sotheby’s Abu Dhabi il 5 dicembre 2025

The interest of Japanese collectors

At the time of writing, it is not known who purchased 'Le Birkin Voyageur'. Instead, it was former Japanese footballer and entrepreneur Shinsuke Sakimoto (1982), ceo of Valuence, which specialises in quality vintage, who bought the Original Birkin. In 10 minutes of bidding, the Original Birkin became the most expensive handbag ever sold at auction, the most expensive fashion item sold in Europe and the second most expensive in the world (the absolute record being held by Judy Garland's slippers in The Wizard of Oz, also the most expensive prop ever at auction). A result capable of eclipsing the previous record, held by a Hermès Kelly, the White Himalaya Niloticus Crocodile Diamond Retourne Kelly 28, $513,040 in November 2021 at Sotheby's Hong Kong, bought by a Japanese collector. "Since its launch over 40 years ago (in 1984, ed.), the Birkin has become much more than a fashion accessory; it represents luxury, exclusivity, status. It is the iconic bag par excellence," comments Morgane Halimi, global head of handbags and fashion at Sotheby's.

Esemplare di “Snow Faubourg Sellier Birkin 20” con metalleria in palladio. In coccodrillo, vitello Sobrero, Swift e Togo, pelle di capra, venduta a circa 292.000 $ da Christie’s Hong Kong il 26 maggio 2025

Why the Birkin (with the Kelly) became a collector's fetish

The announcement of the sale of the Original Birkin boosted Hermès sales on the auction house's online platform by 48% in quantity and 94% in value in July 2025 alone, while traffic to the Hermès Birkin landing page almost doubled, with 'Hermès' becoming the most searched word on the site ('Birkin', the fifth). Since 2021, Sotheby's has sold nearly $100 million worth of Birkin bags.

The desirability - when not obsession - for the so-called 'ultra handbags' Birkin Hermès (and the Kelly, which follows its collectors' and market logics) is due to their intrinsic quality (precious leathers, rare metals; sometimes precious gems), craftsmanship (each piece comes from the hands of a single artisan). The craftsmanship presides over the scarcity of the object, also created by wise sales policies limiting access to the primary market: it is not enough to go to a boutique and pay to buy one; one must have a relational history of purchasing other products of the brand. For collectors, the secondary market represents an exciting frontier of the 'forbidden' possible: there are no waiting lists or quotas at auction.

The best models and brands for investing in collectable bags

Of 'gold standard' in the collector's handbag market speaks Lucile Andreani, Director of the Handbags department, Christie's EMEA, referring to Hermès, which remains the premier brand for investment, and not for all models: Faubourg Birkin 20, Hermès' pretty 'little house' (there are - it seems - less than 100 examples of each of the five types in the world, which cannot be bought in-store), Himalaya (both Birkin and Kelly), all limited editions, Mini Kelly, So Black and Metallic: "they can be expected to continue to increase in value," observes Meg Randell, UK and Europe head of handbags and fashion at Bonhams. There are, however, a few small exceptions to the dominance of the fashion house founded in 1837. One above all: Chanel, as long as we are talking about bags from the period of Karl Lagerfeld's creative direction (1983-2019): the flap bags, the minaudières (small jewel evening bags), the metiers d'art collections. Then, the Lady Dior and the Vuitton collaborations (such as the one with Yayoi Kusama).

Borsa zucca con metalleria in argento di Louis Vuitton in collaborazione con Yayoi Kusama, 47.880 euro da una stima di 8.000 euro, aggiudicata da Christie’s il 29 aprile 2025

What features investment purses should have

Rarity, history and provenance, raw materials and state of preservation are the four primary factors that define the perimeter of handbag collecting. Then there are secondary elements, such as trends and colours. "Rarity is fundamental," Lucile Andreani emphasises. But collectability "also comes from the heritage, design and cultural relevance of the object. Handbags are a personal form of expression and status, but they are also objects of history: they reflect trends, craftsmanship and the evolution of fashion'. The raw materials: exotic skins, out-of-production leathers, metallics and rare colour palettes increase the value (think of the White Himalaya Niloticus Crocodile Diamond Retourne Kelly 28, in Nile crocodile, goatskin as inner lining, diamonds, white gold). The state of preservation: 'The closer a handbag is to pristine ('mint') or unseen, the better its potential resale value will be. This is emblematic of how collecting often contradicts itself: for some editions, signs of time are accepted and 'even appreciated' for being an unmistakable sign of authenticity, as in Jane's Birkin. It is important to be able to ride trends, perhaps anticipating them by a little. For example, Randell notes that 'recent catwalk trends have seen the return of large bags, so we expect the secondary market to see an increase in demand for them'. Andreani notes that 'certain colour palettes perform better in certain seasons. Timeless neutral colours, however, continue to hold their value well and are considered 'safe' investments'. The three most expensive bags in the world are the perfect synthesis of these qualities.

The market, now

Handbags are one of the fastest growing categories of collectables in the secondary market. Halimi: "Female buyers are the majority of our clientele, even in their twenties. They sell especially in the 30-40 age group (but they buy, too). On average, in each auction 40 per cent of the customers are new'. Knight Frank, in its Luxury Investment Index (KFLII) to 31 December 2024 - the black year for art returns - for handbags reports a return of 2.8% over the previous 12 months, the best rate of return of all other collectables.

The three specialists believe that the current moment is favourable for both buying and selling. Halimi: "Sellers are benefiting from the increase in demand for rare and iconic handbags: auction remains one of the most effective ways to obtain maximum market value. Randell: 'Auctions can allow buyers to unearth discontinued items or styles at a fraction of the original sale value. There are of course cases where bids can far exceed estimates: finding exceptional pieces remains a highly competitive process'. Andreani: 'For some, the sale serves to finance a new purchase; for others, it is a way to support personal projects - handbags have become a real asset class. Many customers who start out as buyers later become sellers'.

For those looking for greater immediacy of purchase, there are the digital platforms of auction houses: here, for lots that are not in vogue or slightly worn, the auction base can also be very low. All that remains is to try.