Luxury Goods Remain Strong

The financial Times reports on a record price for a Hermes Birkin Handbag of red crocodile skin, gold and diamonds.  The estimated price was $80,000 and it hammered down at Heritage Auctions for an impressive record price of $203,150.00.  This sale follows last weeks record sale in Paris of a shoe, selling for $26,400.

The FT reports on the HA sale

The buyer was a private collector, who chose to remain anonymous. The price included a buyer’s premium of 19.5 per cent.

The luxury auction included a selection of 550 of the world’s most lavish designer handbags, from brands including Céline, Fendi and Louis Vuitton – all clearly designed to appeal to the wallets of the world’s richest 1 per cent.

The a one-of-a-kind Hermès Birkin bag was crafted out of scarlet red crocodile skin and featured diamond-encrusted white and yellow 18-carat gold hardware fittings. Experts had initially estimated the piece would sell for about $80,000.

Matt Rubinger, director of luxury accessories at Heritage Auctions, which organised the Dallas sale, said: “This is an extraordinary example of one of the world’s most exceptional handbags.

“Furthermore, this was a completely exceptional price, which exceeded our highest expectations at every corner.”

The Diamond Birkin was one of four Hermès handbags on offer at the auction. The three others were sold for between $80,000 and $113,000.

Mr Rubinger said: “The market for high-end accessories is currently extremely strong

To read full FT article, click HERE.