Close-up photo of a gray Hermes Birkin bag in grained leather during a photo shoot in Paris on October 28, 2025.
Edward Berthelot | Getty Images Entertainment | Getty Images
Despite two recent blockbuster auctions for Birkin bags, overall auction prices for iconic Hermès handbags are declining, according to research.
Earlier this month, a Birkin bag previously 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 hardware is signed by the actress, who owned the bag from 2003 to 2007. The auction comes after the sale of her original Birkin bag in July, which also sold for $10 million at Sotheby’s.
But Bernstein said auction prices for used Birkin and Kelly bags, in addition to those once owned by Birkin, have fallen from their pandemic highs. The research firm’s used price tracker measures the resale premium, or the auction sale price of a bag compared to its original retail price, and is weighted by volume. For example, a resale premium of 1.5 means that a bag that originally sold for $10,000 sold at auction for $15,000.
The average resale premium for Birkins and Kellys fell to 1.4x in November from 2.2x in 2022, according to the price tracker. The Birkin Togo 30 is currently being resold for an average of 1.0x its original retail price. This means no premium to the original selling price, down from 1.7x in 2022 and 1.9x in 2018.
Luxury experts say aspirational luxury consumers are facing new pressures from inflation and a slowing job market, meaning fewer Birkins are being bought at auction. The increasing supply of second-hand Birkins on the market and the proliferation of second-hand luxury goods resellers are also putting pressure on prices.
“We’ve sobered up from the post-COVID-19 euphoria,” said Luca Sorca, a luxury goods analyst at Bernstein. “We are redeeming ourselves from that boom and normalizing.”
Indeed, the majority of Birkin and Kelly handbags still sell 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.
According to a report from Leebag, which sells second-hand Birkins and other luxury goods, Hermès “dominated the bag category” in 2025, with eight bags selling for more than their original selling price.
Birkin handbags were sold for 122% of the original retail price, or a 22% premium. The report said Birkin prices have remained flat for the past two years, failing to keep up with retail price increases, while resale prices have nearly doubled since 2015.
Solka said that even if auction prices have fallen, Hermès remains at the pinnacle of luxury goods.
“What matters is the hierarchy in terms of consumer desirability,” he said. “I think Hermès is firmly in the top spot.”
