October 10 is National Handbag Day – a holiday, of sorts, celebrating an accessory that can be simultaneously utilitarian and extravagant. Today is for purses, pocketbooks, totes, satchels, and all receptacles for transporting your possessions.
In an era when many traditional luxury brands are falling out of style, the market for handbags seems to be as strong as ever. Hermès’s stock value, for example, has skyrocketed in recent years, in part due to the enduring popularity of its Birkin and Kelly bags, which have found new popularity among younger generations.
Even handbag purveyors experiencing more lackluster sales and waning public interest, still maintain that the market is strong. Last month, designer Michael Kors cited the popularity of social media and celebrity influence as powerful forces in the handbag industry, while testifying after the Federal Trade Commission sued to block a planned $8.5 billion acquisition of his company.
The fashion industry “has become much more elastic,” Kors testified, when asked who he views as his brand’s competition. “[There is] everything from Lululemon, Zara, Louis Vuitton to resale.”
He also cited the emergence of new brands as a sign that the market will continue to be competitive if the merger goes through. Kors added that he only learned about Aupen, a trendy handbag brand embraced by celebrities including Kylie Jenner and Olivia Rodrigo, when he saw a photograph of Taylor Swift carrying the company’s bags.
“When I looked at the brand, the website crashed immediately,” he said. “
It shows you the power of women like this.”
Continue reading to learn more about some of the most expensive handbags ever sold.
Louis Vuitton’s Millionaire Speedy
Price: $1 million
Music star Pharrell Williams was recently installed as the creative director of the menswear division at Louis Vuitton. One of the first products he developed was a high-end take on the company’s Speedy bag, which might normally cost about $1,500 or so. But instead of regular leather or the typical Louis Vuitton cotton-canvas, his version sports crocodile leather, a big gold chain strap, and diamond-encrusted accessories.
Hermès’s Ginza Tanaka Birkin
Price: $1.6 million
A regular Hermès Birkin, an asset class par gold in some quarters, will typically set you back five figures because of its expensive materials and small numbers. But the company once collaborated with jewelry company Ginza Tanaka to create an even fancier version made of platinum and 2,182 diamonds.
Hermès’s Sac Bijou Birkin
Price: $2 million
Another eye-wateringly expensive Hermès creation was one crafted by its head of jewelry, Pierre Hardy. The tiny Sac Bijou Birkin is made of a rose gold netting inlaid with 2,712 diamonds. It was made to be worn as a bracelet, though it is functional, in that it open and closes, and presumably holds very small things. Sotheby’s says that only three were ever made.
Mouawad’s 1001 Nights Diamond Purse
Price: $3.6 million
The Guinness World Record for most expensive bag offered to the public is the Mouawad “1001 Nights” diamond purse, which the jewelry company behind it says contains 18-karat gold and incorporates 4,517 diamonds: 105 yellows, 56 pinks, and 4,356 colorless with a combined weight of 381.92 carats — a sixth of a pound.
Debbie Wingham’s Golden Egg
Price: $6.7 million
In 2019, designer Debbie Wingham designed a custom purse for an anonymous client that was jaw-droppingly expensive. The Daily Mail reported that its emu egg — yes, an actual emu egg — casing was covered in diamond dust and featured nearly 8,000 diamonds (three of which were 3-carat pink diamonds) set in platinum and 24 carat gold among other features, including $40,000 Cartier earrings used as fasteners and a lining made from a silk Hermès scarf.
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