Can a handbag really be worth more than a luxury apartment—or even a small fortune from crime proceeds?
In Vietnam, two Hermès Birkin bags just proved the answer is yes.
Confiscated from jailed businesswoman Truong My Lan, the luxury items sold at a government auction for more than $535,000.
With one white Birkin alone fetching a staggering $440,144.
The entire bidding process? Over in about 30 minutes.
Lan, once a powerful tycoon, is now serving a life sentence after being convicted of massive financial fraud linked to Saigon Commercial Bank.
Involving tens of billions of dollars in alleged losses.
Her assets—including these handbags—are being liquidated as part of a $27bn repayment order.
But why would handbags attract such fierce bidding?
Experts say it’s not just fashion—it’s investment logic wrapped in leather.
Birkin Bag Market Surges
Luxury specialist Nicholas Parnell explained: “Hermès restricts access… it is one of the most sought-after bags.” In other words, scarcity drives obsession.
He added that these pieces are “like works of art,” with values that can feel almost limitless thanks to rare editions and collector demand.
Even Sotheby’s has seen this trend explode, with one original Birkin selling for €8.6m last year.
So here’s the question: when a handbag outperforms real estate at auction, are we looking at fashion… or financial asset class in disguise?
