Birkin bag prices drop at auction despite notable sales

Despite recent blockbuster auctions for Birkin bags, overall auction prices for iconic Hermès handbags are declining, 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 actress, who owned the bag between 2003 and 2007, signed the black Birkin 40 box with palladium hardware. The auction followed the sale in July of her original Birkin bag, which was also sold at Sotheby’s for $10 million.

However, with the exception of bags that once belonged to Birkin, auction prices for used Birkin and Kelly bags have fallen from their highs during the pandemic, according to Bernstein. The research firm’s used pricing tracking software measures the resale premium — or the selling price of a bag at auction 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 retailed for $10,000 was sold at auction for $15,000.

According to the price tracker, average resale premiums for Perkins and Kelis fell from 2.2x in 2022 to 1.4x in November. The Birkin Togo 30 is now reselling for an average of $1.0 original retail price, meaning no premium over the original selling price, down from $1.7 in 2022 and $1.9 in 2018.

Luxury goods experts say aspiring luxury consumers face new pressures from inflation and a slowing job market, which means fewer Birkin buyers at auctions. The high supply of used Birkins on the market and the growing numbers of second-hand luxury goods sellers are also putting pressure on prices.

“There has been a bit of a wake-up call from the post-Covid euphoria,” said Luca Solca, luxury goods analyst at Bernstein. “We are atoning and normalizing from that mutation.”

Sure enough, the vast majority of Birkin and Kelly handbags still sell for more than their original retail price, proving that demand outstrips supply and that many customers would rather pay a premium to avoid Hermès’ murky sales process and wait times for luxury bags.

A report from Rebag, which sells used Birkins bags and other luxury goods, said Hermès “dominated the bag category” in 2025 with eight styles of bags selling for more than their original selling price.

Birkin handbags were sold at a premium of 122%, or 22% above the original retail price. While Birkin prices have stabilized over the past two years, failing to keep pace with increases in retail prices, resale prices have nearly doubled since 2015, the report said.

Even if auction prices decline, Hermès still ranks first in luxury, Solca said.

“What matters is the ranking in the hierarchy, in terms of consumer desire,” he said. “I see Hermes firmly in the lead.”