DROPPING THE HAMMER

Women of stature, grand dames of style and over paid influencers worldwide all have one thing in common. A Birkin Bag, by Hermès. Oh, but not so fast...the coveted accessory is not something you point to and acquire that easily off boutique shelves. Far from it, in fact rarely would you even find an actual “for sale” Birkin anywhere in sight without a serious “spend” history with the venerable Paris fashion house. However, if you can appreciate the enormous appreciation in value or even the status carrying one may bring you, then buying one at auction (sometimes as much as 2.5 times its original retail) is the ultimate “joie de vivre!” Sotheby’s, arguably the largest auction house in the world, has built this reputation since 1744 selling Master-pieces of art from Warhol, Picasso, Monet, Koons (to name just a few) jewelry pieces such as Marie Antoinette’s pearl earrings and The Zoe Diamond, iconic fine timepieces like the Grand Master Chime from Patek or a bevy of Paul Newman Rolex Daytona’s, but perhaps some of the most serious and furious bidding takes place in the beginning of December during the “Luxury Sales” series.

Including a month-long preview, the mid December auctions are held in London, New York, Hong Kong, Zurich and Geneva. Along with wine, spirits, real estate and jewels, some of the more focused buyers (“...never get between a girl and her Birkin”) are looking for the sculpted leather and polished hardware of a Birkin Bag. The bag was originally designed by actress and singer, Jane Birkin and Hermès CEO Jean-Louis Dumas in 1984 when (as the story goes) the two met on a flight from Paris to London and she politely suggested that M. Dumas make a more practical purse for a woman but also something that would last for years. Known for its classic elements such as two rolled handles, a flap top, a clochette and four “clou” feet, the Birkin bag remains highly sought after by celebrities and collectors not only due to its exclusivity and impeccable craftsmanship, but by the supply levels so strictly controlled by the company.Sometime in the early 1990’s Sotheby’s harvested the enthusiasm for the product and sought buyers, many of whom had become private collectors of the accessory in their homes across the world. Still made by hand at a snail’s pace, the Birkin, and especially those lucky enough to own one, rose to headline status during the Luxury Sales put together by Sotheby’s.

Solid color leather bags (pre-loved) with either gold or palladium hardware are typically selling on the secondary or auction market for between $20,000-30,000 dollars, but it is the more rare or limited production pieces that are setting records.A very lite green matte alligator Birkin 20, described as “Vert D’eau” recently sold for over $115,000.00 and a Birkin 30 constructed of Niloticus crocodile skin dyed in a white and grey gradient intended to evoke the white-capped peaks of the Himalaya Mountains, just sold for nearly half- a million dollars and there doesn’t seem to be an end to the madness as current pre-auction catalogues show several options available at starting bids in the mid-two hundred thousand range.Sotheby’s ensures the authenticity of each offering after sending the consigned pieces through a vigorous process in its valuations department. Experts from several countries can many times trace the provenance of the bag to the day it was made, a comfort to all buyers of high-end luxury items.The auction process usually starts with a preview runway where buyers and collectors can browse a printed and online catalogue of the item’s weeks in advance.

 Buyers from Asia to New York flock to the Sotheby’s showrooms for cocktails and lite bites before taking their seats: paddles in hand and then item by item, a highly polished auctioneer takes the podium and begins with a detailed item description and opening bids of interest, usually taken from earlier online buyers.Each side of the showroom contains tiered banks of phone operators or private client representatives advising worldwide clients of the bids being enthusiastically men-tioned by the auctioneer who is typically a well-dressed man or woman and who physically brings the audience into focus with hand gestures and whimsical banter. From the high perched podium, you hear sounds of “supple leather, distinctive curves, exceptional hardware and couleur magique” transport through the room and over the phone lines as bids come through in increments of $10,000 at a time.As interest reaches its peak, the auctioneer often leans out and over the podium almost pulling every incremental bid forward until he/she reaches for a gavel, holds it high into the air citing, “fair warning!” and then, “sold!” capping off a gentle battle for luxury, usually met with light applause from those in attendance.

Christina Poggi has graciously written for WQ Magazine in the past and frequently attends Sotheby auctions in Geneva. Sadly, she does not yet own a Birkin.