Key Highlights
- Auction prices for Hermès Birkin and Kelly bags are declining from pandemic-era highs
- Resale premiums have fallen sharply, despite record-breaking sales of Jane Birkin–owned bags
- Inflation, job market uncertainty, and rising resale supply are cooling demand
- Hermès remains the most desirable luxury brand, even amid price normalization
Birkin Bag Prices Are Falling at Auction Despite Record Sales
Even as Hermès Birkin bags linked to cultural icon Jane Birkin fetch millions at auction, the broader luxury resale market is sending a very different signal. New research shows that prices for secondhand Birkin and Kelly handbags are steadily declining from the extraordinary highs reached during the pandemic-era luxury boom.
The contrast highlights a growing divide between trophy assets with historic provenance and the everyday resale market for even the world’s most coveted handbags.
Record Auctions Mask a Broader Market Slowdown
In 2025, two Birkin bags once owned by Jane Birkin stunned the auction world. One sold for $10 million in July, followed by another achieving $2.9 million at Sotheby’s in December—far exceeding expectations.
Yet analysts say these sales are outliers. According to Bernstein’s Secondhand Pricing Tracker, which measures resale prices against original retail values, the average resale premium for Birkin and Kelly bags has fallen sharply.
The average premium dropped from 2.2 times retail in 2022 to just 1.4 times by November. Some popular models, such as the Birkin Togo 30, are now reselling at roughly their original retail price, erasing the once-guaranteed upside.
Inflation and Job Market Pressures Are Cooling Demand
Luxury experts point to changing macroeconomic conditions as a major driver behind the price decline. Aspirational luxury buyers—who once fueled bidding wars—are facing higher living costs and a cooling job market.
At the same time, the supply of secondhand Birkins has increased. More resale platforms and consignors are bringing bags to market, easing scarcity and putting downward pressure on prices.
Analysts describe the shift as a normalization after years of exuberance, rather than a collapse in luxury demand.
Hermès Still Sits at the Top of Luxury
Despite softer auction results, Hermès remains firmly entrenched as the most desirable luxury brand. Most Birkin and Kelly bags still sell above retail prices, underscoring sustained demand and the brand’s enduring scarcity strategy.
A 2025 report from Rebag found Hermès dominated the luxury resale market, with multiple bag styles continuing to trade at premiums. While resale prices have plateaued in recent years, they have nearly doubled since 2015.
Experts emphasize that prestige, not short-term price movements, ultimately defines luxury leadership—and by that measure, Hermès remains unrivaled.
Conclusion: A Market Reset, Not a Decline
The drop in Birkin auction prices reflects a broader recalibration in the luxury resale market rather than a loss of brand power. While celebrity-owned pieces continue to command extraordinary sums, everyday resale values are adjusting to economic reality.
For collectors and investors, the message is clear: Hermès handbags are no longer immune to market cycles, but their long-term desirability—and cultural status—remains firmly intact.
