Secondary Market Signals After Hermès Impressive 2024 Results
What to expect in 2025 for Birkin and Kelly secondary market prices after another strong year for Hermès.
Hermès 2024 Results
Hermès recently reported 2024 results and continued to deliver strong growth despite mixed results from other luxury brands. No surprise, leather goods and saddlery led Hermès growth at 18% in 2024 versus 2023. Hermès sited the introduction of Arçon and Della Cavalleria Élan bag models and the opening of its 23rd workshop in 2024 as important contributing factors. Hermès also opened a new boutique in Princeton, NJ in 2024 and increased prices for most of its bags. Looking ahead, Hermès plans to open three new workshops over the next three years to increase production. Additionally new handbag models and new limited editions are expected to drive growth.
Looking ahead to 2025, January boutique price increases for high demand handbags and stable demand outlook should continue to drive growth for Hermès.
Hermès Bag Prices
Hermès announced higher prices for many of its bags in January of 2025. The most popular Birkin 30 and Birkin 25 in Togo leather are now 6% higher in the US and 4% higher in Europe. Birkin prices have steadily increased since 2019. The most popular Kelly 25 Retourne in Togo leather is also 6% more in 2025 to $12,000. The Kelly 25 Sellier in Epsom leather is now $12,600 up almost 7% from 2024. The Mini Kelly 20 will also cost more in 2025 and now sells for $10,000 at Hermès boutiques, up 6% from 2024. Kelly prices have also increased nearly 30% since 2019. While few luxury brands sell leather handbags for $10,000 and higher, Hermès is the only luxury brand with secondary market bag prices at 2-3x boutique prices.
Secondary Market Hermès Premium
Hermès is one of the few luxury bag brands that sell for significantly higher on the secondary market compared to retail. The highest Hermès premium is generally for a store fresh leather Mini Kelly followed by a store fresh leather Birkin 25. The secondary market defines store fresh as a pristine condition bag with its original box, dust bag and plastic covering the hardware. Prices for leather Mini Kelly 20 II bags have remained reasonably stable since 2022 between $20,000 to $40,000. Mini Kelly 20 II bags with older date codes and in less popular colors tend to sell closer to $20,000 while the most recent date stamped bags in the most popular neutral or pastel colors sell at the highest premium.
Prices for leather Birkin 25 bags with date stamps 2020 or newer have also remained reasonably stable. Most Birkin 25 bags have selling between $25,000 to $35,000. The outliers include a Swift Rose Sakura Birkin 25 with a 2021 date stamp that sold at auction in 2022 and a few Birkin 25 bags selling below $20,000. Not surprising, the Birkin 25 bags that sold below $20,000 in 2024 had 2020 date stamps. The Hermès secondary market premium above retail declines as the date stamp gets older and the Birkin or Kelly get larger. Demand remains strongest for leather Mini Kelly 20 II and Birkin 25 bags followed by the Kelly 25 and Birkin 30.
Hermès Secondary Market Outlook
Overall demand on the secondary market for the smallest Birkin and Kelly bags remains stable with prices remaining within the same range. As Hermès continues to expand workshop capacity and increase prices, we would anticipate the secondary market premium to continue to compress. While Hermès boutique prices have steadily increased since 2019, prices on the secondary market haven't grown at the same rate. Auction prices in 2024 saw some softness especially late in the year while fixed prices on marketplace were most unchanged from 2023. Looking ahead to 2025, the Birkin and Kelly bags likely to sell at the highest premium to retail are likely to be the newest Limited Edition bags and classic leather bags in the newest Hermès colors. Exotic Birkin and Kelly bag prices have been more volatile since there are fewer buyers for most colors.
Buying and Selling an Hermès Bags at Sotheby's
Sotheby's always has a curated selection of the top Hermès bags available for immediate shipping. Sotheby's also sells Hermès bags at auction in New York, Paris, Zurich and Hong Kong. Expect to find rare and collectible Birkin and Kelly bags in every sale in addition to other popular Hermès bags in pristine condition in the newest colors and classic neutrals. Sotheby's handbag sales include rare and limited edition Hermès bags in exotic materials, custom color combinations and even diamond hardware. Prices for Hermès bags range from $3,000 to $5,000 at the low end for the Herbag, Garden Party and Evelyne TPM. Prices for the most sought after Birkin and Kelly bags start at around $20,000 and can exceed $100,000 for the rarest and most desirable limited edition Birkin or Kelly bags.
- Browse Hermès bags available for immediate delivery.
- Explore upcoming handbag auctions across the globe.
- Speak to a Salon Associate in New York, Zurich or Hong Kong to schedule an appointment.
- Contact a Handbag Specialist about selling an Hermès bag.
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