Close-up view of a gray Hermes Birkin bag in grained leather, during a photo shoot in Paris, October 28, 2025.
Édouard Berthelot | Getty Images Entertainment | Getty Images
Despite two recent blockbuster auctions for Birkin bags, overall auction prices for iconic Hermès handbags are falling, a study suggests.
Earlier this month, a Birkin bag once owned by Jane Birkin sold at Sotheby’s for $2.9 million, well above its high estimate of $440,000. The Black Box Birkin 40 with palladium details was signed by the actress, 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 bags once owned by Birkin, auction prices for used Birkin and Kelly bags have fallen from pandemic highs, according to Bernstein. The research firm’s Secondhand Pricing Tracker evaluates the resale premium — or the auction price of a bag relative to its original retail price — and is weighted by volume. A resale premium of 1.5, for example, means that a bag originally retailed for $10,000 was sold at auction for $15,000.
According to the price tracker, the average resale premium for Birkins and Kellys increased from 2.2 times in 2022 to 1.4 times in November. The Birkin Togo 30 now resells on average for 1.0 of the original retail price, meaning no premium over its original retail price, down from 1.7 in 2022 and 1.9 in 2018.
Luxury experts say ambitious luxury consumers face new pressures from inflation and a slowing job market, which means fewer Birkin buyers at auction. The growing supply of second-hand Birkins on the market and the growing number of second-hand luxury goods resellers are also putting pressure on prices.
“There has been a return to reflection after the post-Covid euphoria,” said Luca Solca, luxury analyst at Bernstein. “We are atone for and normalize this boom.”
Certainly, the vast majority of Birkin and Kelly handbags still sell for more than their original retail price, proving that demand outstrips supply and many customers prefer to pay more to avoid Hermès’ opaque sales process and wait times for high-end bags.
A report from Rebag, which sells second-hand Birkins and other luxury goods, says Hermès “dominated the bag category” in 2025 with eight bag styles selling for more than their original retail price.
Birkin handbags were selling for 122% more, or 22% above the original retail price. While Birkin prices have stabilized over the past two years, failing to keep pace with rising retail prices, resale prices have nearly doubled since 2015, the report said.
Solca said that even though its auction prices are falling, Hermès still holds the top spot in luxury.
“What matters is the ranking in the hierarchy, in terms of consumer appeal,” he said. “I see Hermes firmly in first place.”