Close-up detail view of a gray Hermes Birkin bag in grained leather, during a street style fashion photo session, on October 28, 2025 in Paris, France.
Edward Berthelot | Getty Images Entertainment | Getty Images
Despite two recent blockbuster auctions for Birkin bags, overall auction prices for the iconic Hermès handbags are falling, according to a study.
Earlier this month, a Birkin bag previously owned by Jane Birkin sold at Sotheby’s for $2.9 million, well above its high-end estimate of $440,000. The Black Box Birkin 40 with palladium hardware was signed by Jane Birkin, who owned the bag between 2003 and 2007. The auction followed the July sale of her original Birkin bag, which also sold at Sotheby’s for $10 million.
Yet, beyond Jane Birkin, auction prices for secondhand Birkin and Kelly bags have been sliding from the pandemic highs, according to Bernstein. The research firm’s Secondhand Pricing Tracker gauges the resale premium — or the auction sale price of a bag compared to its original retail price — and is weighted by volume. A resale premium of 1.5, for instance, means a bag that originally retailed for $10,000 sold at auction for $15,000.
According to the price tracker, the average resale premium for Birkins and Kellys has fallen from 2.2 times in 2022 to 1.4 times in November. The Birkin Togo 30 is now reselling for an average of 1.0 the original retail price, meaning no premium to its original sale price, down from 1.7 in 2022 and 1.9 in 2018.
Luxury experts say aspirational luxury consumers are facing new pressures from inflation and a slowing job market, meaning fewer Birkin buyers at auction. The rising supply of secondhand Birkins on the market and growing numbers of secondhand luxury resellers is also putting pressure on prices.
“There has been a sobering up from the post-Covid euphoria,” said Luca Solca, a e Bernstein luxury analyst. “We are atoning and normalizing from that boom.”
Granted, the vast majority of Birkin and Kelly handbags are still selling for more than their original retail price, proving that demand outstrips supply and that many customers prefer to pay a premium to avoid Hermès’ opaque sales process and wait times for top bags.
A report from Rebag, which sells pre-owned Birkins and other luxury goods, said that Hermès “dominated the bag category” in 2025 with eight bag styles selling for above their original sale price.
Birkin handbags were selling for a premium of 122%, or 22% over the original retail price. While Birkin prices have leveled off over the past two years, failing to keep pace with retail price increases, resale prices have nearly doubled since 2015, the report said.
Solca said that even if their auction prices fall, Hermès still holds the top perch in luxury.
“What counts is the ranking in the pecking order, in terms of consumer desirability,” he said. “I see Hermès firmly in the top spot.”
