Hermès Raises the Birkin Bag Price: What You Need to Know
Birkin Bag Price Hike in the US Highest in 5 Years
What you need to know about the Hermès Birkin bag price increase in 2024.
Brief History of the Iconic Birkin
When the Birkin was first released by Hermès in 1984 it was about $2,000. The Birkin remains an icon in the fashion world, highly sought-after by celebrities, top luxury buyers and the bag-obsessed. The Birkin’s design is a collaboration between Jane Birkin and Hermès CEO Jean-Louis Dumas. The two met on a flight from Paris to London in 1984. Birkin confided in Dumas that she lacked a practical bag with appropriate functionality for her fast-paced lifestyle. Out of this conversation, the Birkin 40 in chic calfbox leather was born. The Birkin’s practical design featuring two rolled handles, a flap top, clou “feet,” and a lock closure continues to resonate today. The very first Birkin was the only bag to have a shoulder strap.
How much is a Birkin Bag
How much is a Birkin bag today has changed again in 2024. While Hermès has raised the price of a Birkin since first introducing it in 1984, the 40 year compound annual growth rate (CAGR) is only 4.7%. Based on the recent price increases during the past 5 years, the question on everyone's mind is what can we expect going forward. Will Hermès maintain its historical 4-5% range annual price increases? Will the classic Togo leather Birkin exceed $20,000 within the next 5 years? If Hermès increases prices closer to 10% every year, the retail price for the Birkin bag could reach $20,000 for the Birkin 30 in Togo leather. While the $10,000 leather bag was considered the very top of the luxury bag market a few years ago, it's possible the $20,000 luxury leather bag is not far off.
We take a closer look at the price increases for the most popular Birkins, the Birkin 25 and Birkin 30 in Togo leather.
Birkin 25 Price
The smallest Birkin bag, the Birkin 25 has increased to $11,400 for a Togo leather bag at Hermès boutiques in the United States. While the price of the Birkin 25 remained flat from 2019 to 2021, it increased in 2019 from $9,400 in 2016. The price for Birkin 25 in Togo leather in Europe is now 8,600 Euro, up from 5,900 Euro in 2016. While the price increase in Euro was less than the increase in USD, it is still cheaper to buy a Birkin 25 in Europe versus the United States. Assuming a 1.09 exchange rate, the Birkin 25 in Europe is equal to about $9,400. While some brands try to normalize prices globally Hermès does not follow this practice.
Birkin 30 Prices
Prices for the Birkin 30 in Togo leather increased 7.8% in 2024 to $12.500 at Hermès boutiques in the United States. This is the largest annual increase in 5 years for the Birkin 30. In Europe the price increase is only 5.6% for the Birkin 30, now priced at 9,400 Euro. The new higher price of the Birkin 30 is still cheaper in Europe by about $2,000. The nearly 8% price increase in the United States in 2024 and 9% increase in Europe in 2023 has us all wondering what we can expect in 2025.
Secondary Market Birkin Bag Price
Secondary market prices generally follow primary market price increases for Hermès bags, but there can be a lag of 6-12 months. Pristine Birkin bag prices in the first half of 2024 have remained largely unchanged at Sotheby's. The price for a pristine Togo leather Birkin 25 or Birkin 30 has remained around $28,000-$30,000 on Sotheby's marketplace. The secondary market premium for the Hermès Birkin 25 or Birkin 30 remains about 2.4x the boutique price at the new higher prices. We don't anticipate the premium to increase materially, but if Hermès continues to increase prices nearly 10% a year and the store price for a Birkin 30 or Birkin 25 reaches closer to $20,000, we would anticipate resale prices will also increase at similar levels. While demand for the Birkin continues to exceed supply at retail stores, will the price premium also remain in tact in the secondary market? While we don't see another luxury bag brand competing directly with Hermès, the price premium to retail could compress.
Buying and Selling Hermès Birkin at Sotheby's
Sotheby's can assist with buying or selling your next Hermès Birkin bag. We have a carefully curated selection of Birkin bags in pristine and excellent condition in the most popular leather and exotic materials. Shop the newest colors with 2024 date stamps and classic neutrals in all sizes. We accept Birkin bags for consignment at auction and marketplace.
- Browse Birkin bags available for immediate delivery
- Explore upcoming handbag auctions across the globe
- Speak to a Salon Associate in New York or Zurich to schedule an appointment
Trust our worldwide network of leading handbag specialists from a globally renowned auction house with a 280 year history.
