The Most Expensive Bag in History
Jane Birkin’s Birkin just sold at auction for a record $8.2 million, $10 million with fees. The sale smashed the previous record of $513,040, which was held by a diamond and crocodile skin Hermès Kelly. The bag was the first of the infamous Birkin bags to be created, and was named after Jane herself. She was a famous actress and singer, and when sitting next to the boss of Hermès on a flight, she spilled her belongings and questioned why no bigger bags were made. This prompted the boss to sketch the first drawing of the bag onto one of the airplane’s sick bag. The first bag was then gifted to Birkin and named after her.
Birkin’s bag has some personal touches, such as an engraved J.B. on the front flap, metal rings, and shoulder straps. The bag also features a nail clipper tied around the shoulder strap, as well as discoloration from stickers that she placed on the bag in support of UNICEF and Médecins du Monde.
Photo: Thomas SAMSON/Gamma-Rapho/Getty Images/W Magazine
This is not the first time that the bag has switched owners. The bag was donated in 1994 by Birkin to benefit AIDS research, and the bag was later bought by Catherine Benier, who just auctioned off the bag after owning it for 25 years.
Since the original’s creation, the Birkin has grown to become synonymous with luxury, wealth, and exclusivity. They are notoriously hard to get, with Hermès limiting the amount of people who can purchase a Birkin, in order to maintain exclusivity. The bags come in all different colors and materials, with the prices ranging from more than $12,000 to millions.
Photo: WWD
So the burning question is: Who bought the bag? Shinsuke Sakimoto, CEO of Valuence Holdings Inc, was the winner of the bidding war. Valuence Holdings is a Japanese company known for their trading of luxury pre-owned items and their goal of circular design, which represents a sustainable approach to the purchase of luxury items. Sakimoto’s intention for the Birkin is for the bag to become part of the brand’s story through its representation of circular society and authentic value, with the potential of being for educational and cultural initiatives. The brand will not be reselling the bag, but instead using it to highlight the company’s message.
This sale is coming at a time where secondhand items are gaining in popularity. Many are choosing to shop secondhand due to lower prices and sustainability. Thrift stores and vintage shops have become many’s go-to, while online retailers such as The RealReal and depop sell second hand items, whether luxury or not. On July 13, three days after the sale of the Birkin, the popularity of second hand shopping surged 12.77% according to Google trends.
Photo: Sotheby’s
The original Birkin symbolizes the luxury that many love, while also possessing a lived-in quality through Birkin’s use and personalization of the bag. And while the Birkin is making headlines for its record sale, let's not forget Jane Birkin, the inspiration for the iconic bag.
XOXO, The Fashion Stock Market
Cover Photo: Mike Daines/Shutterstock/AD
Editor: Felicity Field
