The Hermès second-hand market

Understanding prices and discrepancies

Hermès occupies a unique position in the luxury market. Unlike most bags from major fashion houses, certain iconic models, notably the Birkin and Kelly, do not lose value over time. On the contrary, their prices steadily increase, both in boutiques and on the secondary market.

This article aims to explain how Hermès prices are formed on the second-hand market, and why sometimes significant differences are perfectly consistent today.

A structural price increase, not a one-off.

European data shows that Hermès price increases are not recent.
As early as 2022-2023, the Kelly and Birkin models were already showing significant increases, often between +8% and +15%, depending on the size, leather and finish.

The most portable sizes, Birkin 25, 30, 35 and Kelly 25, 28, were already targeted, as were the mini and hybrid formats (Mini Kelly, Kelly To Go).
This pricing strategy continued and was reinforced with the increases of 2025–2026. These successive increases directly explain the current valuation of the secondary market.

Comparative table – Hermès Europe prices 2022 vs 2023 (Kelly & Birkin)

Price trends over time: a key indicator

The analysis of the price of the Birkin 30 in the United States between 2019 and 2024 is particularly revealing.
During this period, the retail price increased from approximately €10,900 to €12,500, without ever registering a decrease, even in an uncertain economic context.

This continued progress demonstrates that Hermès considers the Birkin to be a lasting value, protected from the classic cycles of luxury.

Chart – Birkin 30 price evolution (2019–2024)

When the retail price increases steadily, the second-hand market adjusts mechanically.

Why two Hermès bags can show significant differences

On the secondary market, the price of a Hermès bag never depends on a single criterion.
The main factors are:

• the model and the size

• the general condition

• leather and finishing (Saddler, Retourne, special editions)

• genuine scarcity and immediate availability

A highly sought-after Birkin or Kelly, in excellent condition and available without waiting, will naturally be positioned well above the boutique price.

Summary table – Factors that increase the value of a Hermès bag

The direct impact on the second-hand market

Each price increase in stores strengthens the attractiveness of the secondary market.
For many customers, second-hand goods are becoming:

• faster access to iconic models

• an alternative to waiting in the shop

• a rational choice in the face of constantly evolving retail prices
  

The second-hand Hermès market is therefore not a speculative market, but a spillover market, structured by scarcity and demand.

Conclusion

The high prices observed today on the second-hand Hermès market are the result of a long-term strategy , supported by regular and documented price increases in stores.

Understanding these mechanisms allows for clearer and, above all, more confident buying and selling. At Houlux, each piece is positioned according to these market realities, with a transparent and expert approach.