The most expensive Hermès bags at auction this year have been small ones. A Vanille matte alligator Birkin 20 Sellier with palladium hardware sold for US$124,400 in April, the top result in a first-half review published by Sotheby's, ahead of a Beton matte alligator Birkin 25 at US$96,040.

That ranking matters for collectors and resellers in Asia because the year's main bag auctions are now under way. Sotheby's opened a 192-lot online Handbags and Accessories sale based in Zurich on Nov. 5, with bidding through Nov. 19 and a Geneva viewing at the Mandarin Oriental from Nov. 6 to Nov. 11. The house has scheduled a Hong Kong sale under the same name from Nov. 20 to Dec. 4.

Birkin 20 and Kelly 25 lead Hermès resale prices

The Sotheby's review, written by the head of its Hong Kong sale, listed 11 bags that sold for between about US$69,500 and US$124,400 in the first six months. Small formats dominated: the Birkin 20, the Birkin 25, the Mini Kelly 20 and the Kelly 25 all appeared near the top.

A Mauve Pale matte alligator Mini Kelly 20 II fetched US$80,000, and a black shiny alligator Mini Kelly II with gold hardware made US$69,500. A white and Gris Perle Clémence Birkin 25 with rose gold hardware sold for US$83,200 in June.

That last bag is a leather piece, not an exotic skin, and it carried the Horseshoe Stamp that Hermès uses for special orders. Sotheby's said such special-order leather bags competed with crocodilian bags in the half,.

A Vert Emeraude and Gris Tourterelle Horseshoe Kelly 25 Sellier sold for US$79,400, the same price as one of the novelty Kelly Doll Picto bags.

Limited editions gain while Himalayas fade

Novelty and limited-edition pieces took a large share of the top results. Two Kelly Doll Picto bags made US$87,332 and US$79,400, a Swift Kelly Doll fetched US$69,850, and two Kellywood bags with wooden elements sold for US$76,215 and US$73,452. Sotheby's also pointed to rising interest in the Cargo Birkin and the Rock Birkin.

Himalaya Birkins and Kellys were less prominent in the first half than in past years, according to the review. Sotheby's described demand as spread across more models rather than concentrated on one grail. Neutral colors remained the most consistently prized.

For sellers, that means value now depends heavily on size, hardware and stamp rather than on the Birkin name alone. A standard-size leather bag in a common color does not appear anywhere in the top tier of the review. Every bag on the list was either small, exotic, special-order or limited.

What Hong Kong's bag sales showed last year

Christie's Handbags and Accessories sale in the city on Nov. 24, 2025, totaled HK$60.65 million (US$7.83 million), according to Artdaily's report of the house's results. It was one part of an autumn luxury series that reached HK$1 billion (US$129 million) including online sales, alongside jewelry, watches and wine.

That handbag figure was a small slice of the series total, a reminder that bags remain a modest line for the big houses next to jewelry and watches, even as single lots climb past US$100,000.

The collectibles market has been less forgiving in other corners this year. Toy maker Pop Mart has reported a cooling in Labubu demand, a test of how far resale prices for newer collectibles can hold once the novelty fades. At the top end, Hermès results so far have looked firmer.

The Sotheby's review gave no sales total or sell-through rate, so the review shows the peak of the market rather than its breadth. The Zurich-based online sale closes on Nov. 19, and its results will be the first read on whether small Birkins and special orders are holding the premiums they earned in the spring, before the Hong Kong sale opens the next day.