Editor’s Note
This article explores the surging market for high-value collectibles, from record-breaking handbags to other luxury assets, highlighting their growing investment potential and the challenges they pose for estate planning.
When a Hermès Birkin bag fetched a record $10 million at Sotheby’s over the summer, it didn’t just make headlines—it served as a reminder that seven-figure prices are no longer confined to fine art. Other collectible assets have shown an equally dynamic, often faster-growing market in recent years, even as they remain largely overlooked in estate planning and collection management.
Granted, the record-setting Birkin was exceptional as a one-of-a-kind piece—made for Jane Birkin in 1985, identifiable by her initials “J.B.” on the flap and the nail clipper tucked inside the zipper—but prices for Hermès’ iconic bag have been rising sharply across both auction and retail markets. Over the past decade, Birkin prices have increased by roughly 35 percent, with most of that growth coming post-pandemic. In May 2025, U.S. prices rose another 4.4 to 6.4 percent due to new tariffs, while European hikes averaged 4.3 percent.
As of 2025, a Birkin 25 sells for $12,700 in the U.S. (€8,950 in Europe) and $13,900 for a Birkin 30 (€9,800 in Europe)—figures that rival what one might pay for a contemporary painting on the primary or secondary market. When the Birkin debuted in 1984, it cost about $2,000, meaning prices have climbed at an average annual rate of 4 to 6 percent. Now, especially after tariffs, that pace is accelerating—outpacing even gold. At auction, Birkins typically achieve 2.4 times their retail price, a multiple that continues to edge upward. The driver behind this surge is genuine scarcity, built on both craftsmanship and exclusivity: buyers can’t simply walk into a Hermès store and purchase one. Prospective owners face lengthy waiting lists, with production still capped at roughly 70,000 bags per year, according to analysts.
The Economist recently reported that although per-capita alcohol consumption is falling across most Western markets—driven largely by Gen Z’s “soft-clubbing” habits—the fine wine and spirits sector has remained stable, holding steady at around €99 billion in sales at current exchange rates. People may be drinking less, but when they buy, they’re trading up, focusing on higher-end bottles that function less as beverages and more as alternative assets. The Spirits Market Journal’s index of collectible whiskies rose 5 percent from April 2025, marking the strongest gain in three years.
The auction “Gordon & MacPhail 130th Anniversary Collection,” held on October 10 at Hopetoun House near Edinburgh, set 30 new whisky records, led by the Glenlivet SPIRA 1965 60-Year-Old, which sold for $693,682—a house record for the distillery. The biennial event featured 39 unrepeatable lots of rare bottles, casks and bespoke experiences. Roughly 200 guests attended in person, with additional bidders joining by phone and online. The auction totaled $3.9 million, including buyers’ premiums, with a hammer total of $3.1 million donated to the Youth Action Fund to support training and education programs in Scotland.
A magnum of Avenue Foch 2017 Champagne also made headlines in July 2022 when it sold for $2.5 million, setting a record for an “all-wine bottle” sale once its special packaging and digital rights were included. Created in collaboration between artist Mig, the bottle featured Mig’s Mutant Ape artwork and an NFT granting its buyers—Italian brothers Giovanni and Pietro—exclusive rights.
In June, the auction house sold the once-in-a-generation collection from renowned collector William I. “Bill” Koch, achieving $28.8 million and setting a record as the largest single-owner wine collection ever sold in North America. The top price was reached by a 1999 Domaine de la Romanée-Conti, Romanée-Conti, which fetched $275,000, followed closely by three magnums of the same vintage that realized $237,500—more than twice their high estimate.
Most recently, in September, the two-day single-owner sale “The Ultimate Whisky & Wines” at The Henderson, achieved HK$72.89 million ($9.35 million) and a 200 percent hammer above the low estimate. The top lot—10 bottles of Henri Jayer, Vosne-Romanée Cros Parantoux 1999—sold for HK$3.25 million ($416,865), triple the low estimate. Millennials accounted for 55 percent of new buyers and over 40 percent bid online.
Another sale, “The Ultimate Whisky & Wines,” realized HK$17.66 million ($2.26 million) across 426 bottles. The top lot—a set of three magnums of Romanée-Conti 1997 from Domaine de la Romanée-Conti—sold for HK$625,000 (about $80,000).
Establishing and maintaining value starts with record-keeping and proper stewardship, Thompson emphasized.
For example, the material of a handbag—whether black box leather or an exotic skin such as crocodile or lizard—can significantly influence both market value and the regulatory requirements surrounding ownership and transfer.