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Hermès Birkin
2011 Hermès Birkin 35 So Black
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Hermès Birkin
2011 Hermès Birkin 35 So Black

The 2011 Hermes Birkin 35 So Black is one of Hermès’ most coveted collections and one of Jean Paul Gaultier’s, final masterpiece before leaving Hermès as Creative Director. The bags were only produced between 2010-2011 and were quickly pulled due to their delicate hardware, further increasing the scarcity and demand for the So Black collection.

Thesis
The Hermès’ Birkin bag is widely acknowledged as the most coveted luxury handbag, and has been referred to as “fashion’s ultimate status symbol”. Scarcity drives the market, and Hermès retains tight control of its Birkin distributions - waiting lists are years long, connections are required, and brand loyalty needs to be demonstrated prior to buying a Birkin. The bag’s scarcity and increasing demand makes us excited about potential price appreciation.
Recent Sales
The most recent sale of a comparable Hermes Birkin So Black in a Grade 2 (the same grade as ours) was $38,691 in November 2020. However, this bag was slightly smaller at a size 30, whereas our offering is a 35. The 2 year all-time high for this bag in a size 35 is $85,335 in June 2019 and $30,733 in June 2020.
The Bag
The Hermes Birkin So Black handbag is a particularly scarce variant of the Bag - it was produced only in limited quantities from 2010-11, and was pulled from the market because the delicate hardware was prone to chipping and not utilitarian enough. This makes it even more coveted to collectors, as it is rare to find a So Black Bag in excellent to pristine condition like the one Otis is offering.
Macro Trends
The Knight Frank Luxury Investment Index reported a 13.4% annual return for Handbags in 2019. The long term trends are consistent as well - a Baghunter study found that Birkin bags demonstrated an average annual return of 14.2% between 1980-2015, vs. 8.65% for the S&P 500 and 1.9% for gold.
Risk
While the long-term returns demonstrate consistency, luxury handbag prices tend to be volatile in the short term.
Brand
Hermès
Model
35cm Birkin So Black
Color
Black
Condition
Christie's Grade 2
Year
2011
Material
Calfbox Leather
Hardware
Black PVC
Accessories Included
Box, Dustbag, Care Card, Lock & Key, Clochette
Drop Market Report
Our team prepares extensive research and financial analysis for each drop on Otis.
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This investment is speculative and involves substantial risks to consider before investing, outlined in the Offering Circular and including, but not limited to, illiquidity, lack of diversification and complete loss of capital. Also, the adverse economic effects of the COVID-19 pandemic are unknown and could materially impact this investment.
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