Birkin bags have always been a clear benchmark in luxury fashion.
They are not just handbags but status symbols that reflect access, patience and wealth. For years, they were seen as one of the safest luxury buys, especially at auctions. Many believed Birkin prices only moved in one direction – up. But the latest data shows that this long-held belief is starting to crack.
Despite two recent blockbuster auctions, Birkin prices are slipping at the broader auction level. Earlier this month, a Birkin bag once owned by Jane Birkin sold at Sotheby's for $2.9 million, far above its high-end estimate of $440,000.
The Black Box Birkin 40 with palladium hardware was signed by the actress, who owned the bag between 2003 and 2007. This came after the July sale of her original Birkin bag, which fetched $10 million at Sotheby's.
Auction Prices Are Cooling
Away from these rare, celebrity-linked bags, prices are moving in the opposite direction.
According to a study by Bernstein, auction prices for secondhand Birkin and Kelly bags have been falling from their pandemic peaks. The firm tracks resale premiums, which compare auction prices with original retail prices. A resale premium of 1.5 means a bag sold for 50% more than its retail price.
Premiums Fall From Pandemic Highs
Bernstein's data shows that the average resale premium for Birkins and Kellys has dropped from 2.2 times in 2022 to 1.4 times in November. The Birkin Togo 30 now sells for an average of 1.0 times its original retail price, meaning it no longer commands a premium. This is a sharp fall from 1.7 in 2022 and 1.9 in 2018.
What Is Pressuring Prices
Luxury experts say several factors are at play. Inflation and a slower job market have reduced the number of buyers willing to spend heavily at auctions.
At the same time, more secondhand Birkins are entering the market. The growing number of resale platforms is also increasing supply and putting pressure on prices.
Luca Solca, a Bernstein luxury analyst, said, “There has been a sobering up from the post-Covid euphoria…We are atoning and normalising from that boom,” as quoted by CNN.
Still Strong, Just More Normal
Even with softer prices, most Birkin and Kelly bags still sell for more than their original retail prices. Demand continues to beat supply, and many buyers prefer paying a premium to avoid Hermes' long wait times and unclear buying rules. A report by Rebag said Hermes “dominated the bag category” in 2025, with eight bag styles selling above retail.
Birkin bags were selling at a premium of 122%, or 22% over retail, according to the report. While prices have flattened in recent years, resale values have nearly doubled since 2015. And despite the cooling at auctions, Hermes remains firmly on top of the luxury ladder.