To celebrate National Handbag day, we take a look at the recent Sotheby’s Paris auction house battle for the iconic bag that broke all of the records
The $10-million handbag and the businessman who bought it
In 1984, Jane Birkin, the legendary English singer, actress and model, was flying back to London. She placed her Hermès Kelly handbag into the locker above her head and everything in it fell on the floor.
As luck would have it, Hermès chairman Jean-Louis Dumas was right there on the flight and listened intently as Birkin pleaded for a bag with a bigger, less structured design, like the woven Portuguese basket she often carried.
“I said, ‘Why don’t you make a bag that’s sort of four times the Kelly, that you could leave open?’” she told Vogue in a 2020 interview. She then sketched her idea for the bag on a handy airplane vomit bag.
Dumas liked the idea and ordered the bag made, with the first one created given to Birkin. Made from simple black leather and engraved with the initials J.B., it would go everywhere with Birkin until she sold it in 1994 to benefit AIDS research.
The Birkin bag has gone from strength to strength since its creation. Now available in a range of fabrics and colors, the prices range from $10,000 to $500,000 new — and that’s if you can get one, as Hermès is known to restrict sales to loyal customers.
Original Birkin bag up for sale
That original Birkin bag has just been sold, for a record-breaking amount, in what was a thrilling auction.
The nine-way bidding battle at Sotheby’s Paris auction house commenced with an opening offer of one million euros (around $1.1 million), which already made the handbag the most expensive ever put up for auction.
The bag would end up going for seven million euros, with fees bringing the total price for the 40-year-old bag to $10.1 million.
Who bought the original Birkin bag
The mystery phone bidder turned out to be Japanese businessman Shinsuke Sakimoto, the CEO of luxury resale company Valuence Holdings, who recently spoke to CNN. As a resale business, the purchase of used items is the bread and butter of Sakimoto’s operation, even if this was the most expensive purchase he has ever made for a single item.
But as to exactly why Sakimoto made the huge winning bid for the Birkin, the answer is simple: it’s an investment, one he believes will pay back in several ways.
Firstly, Sakimoto estimates the publicity from winning the auction and buying the iconic first Birkin will be worth millions in advertising value over the next decade.
“It was certain that the winning bid would break the record, which meant it would be reported all over the world. Everyone agreed and understood that this was a good investment,” he said.
And while Valuence does buy and resell handbags, often for thousands of dollars, that’s not what the company plans to do with the original Birkin. Rather, they expect to put it on public display. Every time the Birkin has been exhibited, whether at the Museum of Modern Art in New York or London’s Victoria and Albert Museum, it has drawn thousands of visitors.
And of course, all those visits will raise brand awareness for Valuence.
Owning and holding the original Birkin is, in fact, a demonstration of the philosophy behind Valuence.
“The purpose of winning this artwork is not to make it the personal property of the wealthy, but to create a new ownership model — for companies like ours and society to share, together,” Sakimoto said, adding: “We want to preserve it in the future and share it with everyone.”
Related stories
Get your game on! Whether you’re into NFL touchdowns, NBA buzzer-beaters, world-class soccer goals, or MLB home runs, our app has it all.
Dive into live coverage, expert insights, breaking news, exclusive videos, and more – plus, stay updated on the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.
Complete your personal details to comment