Hermes Brand Value Reaches New Highs

A Christie's Hong Kong auction from 2015 of a Hermes Birkin bag

The luxury economy in Hong Kong is thriving more than ever. Forget Louis Vuitton and Gucci -- Hermes is where it's at.

Christie's Hong Kong just held its sale of Hermes handbags and it netted a whopping HK$45.59 million. Apparently clients from 20 countries were fiercely bidding for Kelly and Birkin bags.

This Birkin bag went for four times its estimate

Hermes bags are highly coveted because they are handmade and take months to make, let alone months or years on the waiting list for your order to be processed.

The French company is best known for using quality materials and skilled craftsmen (and women) to make its objects, but it's the Kelly and Birkin bags that everyone wants. They are the ultimate status symbol.

Even better when the bag is made from crocodile skin.

The world record for a Hermes So Black series handbag was set last night with a rare, limited edition matte black Niloticus crocodile Birkin bag from 2010. The final price was four times the low estimate at HK$1.625 million (US$208,000).

The So Black series was created by Jean Paul Gaultier when he was Hermes creative director from 2003-2010.

Have a spare H$2 million to buy this Birkin bag?

But one bag that was sold for even more was another Birkin bag made from Himalaya Niloticus crocodile matte white (though it is brown on the edges) complete with a buckle that is 18k white gold and diamond encrusted. It dates back to 2011 and its price? HK$2 million (US$252,892).

Many people don't see the point in such extreme luxury, but to see buyers willing to bid fiercely for these items show there are people with lots of money to burn, and the gap between the rich and poor is widening even more.

But don't worry if you didn't get your Hermes bag this time -- Christie's is holding two more sales next month in London and New York.

Although Hermes won't get a cent from this sale, its brand value has been elevated to even greater heights.