The Birkin bag (or simply Birkin) is a tote bag introduced in 1984 by French luxury goods maker Hermès.[2] Birkin bags are handmade from leather and are named after the English-French actress and singer Jane Birkin.[3]
The bag quickly became a symbol of wealth and exclusivity due to its high price and assumed long waiting lists.[4] Birkins are a popular item with handbag collectors, and were once seen as the rarest handbag in the world.[5][6] The bag's value is a matter of its intentionally high price, which has led to its being described as a Veblen good.[7][8]
In 2020, retail prices start at US$11,400 for a Birkin 25 bag.[citation needed][9] Costs can vary widely according to the type of leather, if exotic skins are used, and if precious metals and jewels are part of the bag. A bag made of exotic skin and diamond was sold at auction by Christie's in Hong Kong for a record price of US$380,000 (HK$2.94 million) in May 2017.[7][10] Birkins are distributed to Hermès boutiques on unpredictable schedules and in limited quantities, which creates artificial scarcity and exclusivity. They have flooded the upscale resale market and are frequently resold in second-hand boutiques and through social media.[5]
- ^ kagen33 (14 May 2014). "P4380374". flickr. Retrieved 7 November 2023.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ Craik, Laura (22 March 2024). "The mysterious world of buying a Birkin bag – and would you make the cut?". The Telegraph. ISSN 0307-1235. Retrieved 17 September 2024.
- ^ Reporter, Paula Mejia (29 July 2015). "Jane Birkin Requests to be Disassociated With Hermès' Famed 'Birkin' Bag". Newsweek. Retrieved 17 September 2024.
- ^ "Martha's Moneyed Bag Carries Too Much Baggage". The Washington Post. 22 January 2004. Archived from the original on 12 November 2012. Retrieved 19 October 2010.
- ^ a b Zerbo, Julie (9 April 2019). "Can the Birkin Bag Survive the Resale Market?". The New York Times. Retrieved 1 September 2019.
- ^ Rupert Neate (1 January 1970). "What am I bid? Prices go through the roof at Christie's handbag auction | Fashion". The Guardian. Retrieved 2 June 2017.
- ^ a b Unger, Brooke (2 July 2016). "Demand curve". The Economist—1843 Magazine. Retrieved 4 January 2020.
- ^ Hutch, Leonie (1 March 2018). "Birkin Mad: is this the apex of capitalist lunacy?". The Oxford Student. Retrieved 4 January 2020.
- ^ "The Crazy Economics of the World's Most Coveted Handbag". The Wall Street Journal.
- ^ Chan, Kelvin (3 May 2017). "Birkin bag sells for record $380,000 at Hong Kong auction". AP News. Retrieved 5 January 2020.