The most expensive handbag record has been broken again
This second-hand bag sold for more than a Sydney house deposit. Yes, really.
Once again, an auction at Christie's Hong Kong was the venue for a record-breaking sale. An ultra-rare Hermès Himalayan crocodile Birkin bag sold for US$379,261. Yep, a price that's probably more than your parents' first home. And this bag is now the most expensive in the world.
The 30-centimetre Birkin bag is diamond encrusted and has white gold hardware. It is one of the limited Himalayan style bags and is characterised by a light cream colour that fades into a smoky charcoal on the edges.
The previous record was also held by a Himalayan Hermès Birkin which sold for US$300,168 in June 2016 at a Christie's auction.
Christie's international director of handbags and accessories Matt Rubinger told WWD: "The most valuable bags are the diamond pieces, and the top collector pieces are the ones from the Himalaya family. This example, with white gold detailing and 245 diamonds, combines the two. It is a Himalaya with diamond hardware, and thus the apex of the market.”
According to Rubinger, there are rumours that Hermès could stop making the Himalaya style, which likely contributed to the record price. Also, at present there is a six-year waitlist to buy a new one. This also inflates the price of second-hand items at auction which have no waitlist at all.
Birkin bags on average have increased in value by 14.2% per year making them a safer investment than gold or even most stocks on the market. So it's only a matter of time before this record is broken again.
For anyone interested in investing in a designer handbag, you can head to our designer bags guide.