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In the Bag

By Jean Bond Rafferty

Published: November 1, 2009
The appeal of Hermès withstands fluctuations in fashion and finance.

Aficionados of vintage Hermès, and they are a growing group, have cleared their social calendars for November to be ready for three auctions of the fashion house’s period creations in Paris, London and New York. Artcurial of Paris has been selling vintage Hermès for more than 12 years, but since 2007, when its expert Cyril Pigot instituted twice-yearly auctions devoted to the luxe accessories, sales have boomed and prices have soared.

"The recession has not at all affected the Hermès market," Pigot states, adding that "In 2008 — a recession year — sales were up 213 percent from 2007. In the French culture, people are fanatic about the store: Everyone wants something from Hermès, even just a scarf or tie."

The stars: handbags, led by the Kelly, named for Monaco’s Princess Grace after she was pictured with that model in 1956, while she was pregnant with Princess Caroline; and the Birkin, so christened in honor of the Paris-based English singer Jane Birkin. The most coveted are those made of crocodile, followed by ostrich and other exotic leathers. Bright red and orange, sleek dove, taupe, amethyst and olive or luscious chocolate, butterscotch, caramel and raspberry, these consummate collectibles are as irresistible as cupcakes.

Hard to imagine that the company was founded, in 1837 by Thierry Hermès, as a harness shop. But when the motorcar replaced the horse and carriage, third-generation family head Émile-Maurice Hermès diversified brilliantly, instructing his craftsmen to create travel accessories and adding leather goods such as the handbags, gloves, silk scarves and jewelry to the product line. He introduced the zipper to France on a leather jacket that led to a clothing collection. Watches, fragrance, shoes and agendas followed. In 1978 his grandson Jean-Louis Dumas-Hermès became chairman and spearheaded another dazzling expansion into porcelain, flatware, table linens, beach towels and furniture. The house acquired Saint Louis crystal, silversmith Puiforcat and Lyonnais silk weavers and began a campaign of opening boutiques worldwide that has culminated in today’s total of 334. And while doing all this, Hermès retained the unique workmanship and mystique that has earned it a cult following in France and elsewhere.

"Women are crazy about the bags," says Pigot. "They consider a Birkin bag an objet d’art" — and pay accordingly. Top bag prices fetched at Artcurial include €30,279 ($42,000), achieved at the house this past May by a red crocodile Birkin, and €25,322 ($34,000), realized by another croc Birkin, in raspberry matte. That model also holds the world record, €74,352 ($101,000), achieved at Artcurial by a black calfskin version that Birkin herself auctioned off in 2007 to benefit the International Federation of Human Rights. Another Birkin, in pale green alligator this time, will go up at the house’s sale on November 10, consigned by the supermodel Naomi Campbell, who is giving the proceeds to the White Ribbon Alliance for Safe Motherhood.

The Campbell consignment is just one of a whopping 600 Hermès lots going on the block in Paris this month. Of these, 300 are bags, among them an orange and red crocodile Kelly (est. €9,000-10,000; $13-15,000) and a brown crocodile Bolide (est. €10-12,000; $15-$18,000). The Artcurial salesroom will doubtless be packed, and a staff of 15 will take telephone bids expected to come from Europe, Asia, the U.S. and the United Arab Emirates. Vintage Hermès appeals to a wide range of customers, says Pigot: "from teenagers who want a first scarf or bag to the high-profile bourgeoise or very chic Parisienne who wants a bag that already has a patina."

In the U.K., the main auction venue will be Christie’s London, which pairs couture accessories, with a focus on handbags, with fine jewelry in two annual sales. Among the 56 Hermès items in the house’s November 19 sale are three mini Birkins, in rose-pink crocodile, chocolate matte lizard and brown matte crocodile; an amethyst crocodile Birkin and a tricolor Bolide with integral jewelry box. Estimates are between £600 and £22,000 ($980-36,000).

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