Handbags are good investments, we all know that, but is there a limit on how far that logic extends? Maybe, but probably not for the proud owner of the 30-centimeter Hermès Birkin that just broke the record for the world’s most expensive bag. The 2014 crocodile skin accessory was sold at auction for $379,261 in Hong Kong; it comfortably cleared the previous record holder, a similar Birkin, that went for $300,186 in 2008.
So, what makes this bag worth more than the median priced US home? The white Himalaya features 18-karat white gold hardware and diamond embedded straps. Explaining the item’s appeal 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.”
For those not familiar, Himalaya refers to the crocodiles the bags are made from. The company raises the animals on their own farms, and these particularly rare white bags are created from albino crocs.
While the price is astronomical, Birkins have been shown to retain their value. This isn’t only demonstrated by the $79k price increase on the bag at auction between 2008 and now, but by a 2016 study that found the bags are a more reliable investment than gold.
Although in the case of any items made from an animal product, you do have to interrogate the non-fiscal costs too. PETA have been longtime critics of the brand’s use of exotic skins, going as far as buying shares in the company to allow the activists access to annual meetings. Jane Birkin, the bag’s iconic namesake, has also distanced herself. In 2015 she explained her position to Yahoo! News: “Having been alerted to the cruel practices reserved for crocodiles during their slaughter to make Hermès handbags carrying my name … I have asked Hermès to debaptise the Birkin Croco until better practices in line with international norms can be put in place.”
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Text Wendy Syfret
Image via @hermesbirkin