爱马仕：二手定价追踪器 - 2026年5月

Luca Solca+41 582 723 126luca.solca@bernsteinsg.com Yi-Peng Khoo, CFA+44 20 7676 6822yi-peng.khoo@bernsteinsg.comEric Chen, CFA+852 2123 2628eric.chen@bernsteinsg.comMaria Meita+44 20 7170 0540maria.meita@bernsteinsg.com Hermès: The Secondhand Pricing Tracker - May 2026 We update our secondhand Hermès Birkin and Kelly price tracker to incorporate prices from recent auctions. The underlying dataset isavailable on request. This update includes data from two auctions: (1) a Sotheby’s online handbag and accessories auction, held in Zurich with 137 lots, thatclosed on 21 May 2026, and (2) a Christie’s handbag and accessories auction, held in Hong Kong with 168 lots, that closed on 25 May2026. The auctions saw 38 bags fall into our basket: 7 Birkin 25s in Togo Leather, 4 Birkin 30 Togos, 5 Kelly 25 Epsoms, 3 Kelly 28Epsoms, 10 Kelly Pochette Swifts and 9 Mini Kelly II Epsoms. This brings the total number of handbags tracked in 2Q26 to 78 vs. 90 at We now see resale price premiums for our core Birkin/Kelly tracker rise from 1.2x in 1Q26 to 1.5x in 2Q26.Our expandedtracker, which includes data on what are likely to be some of the most popular models - the Kelly Pochette and Mini Kelly II - sees Resale price trends may have started to stabilize.2Q26’s estimated multiple now comes in a touch below 2Q25’s levels in bothour core and expanded trackers, and sequentially above that of 1Q26’s. Multiples in Hong Kong remain the weakest; those in Europeand the USA have started to reflate slightly. Auction volumes seem healthy, with 2Q26 QTD auction volumes in our expanded tracker+26% above the level observed in the first two months of 2Q25, and above those observed in the entirety of 2Q24, 1Q25, and 4Q25. We believe this supports our benign diagnosis of Hermès’ recent performance (see Hermès: Valuations already discounta 'Ferrari reset').In the near-term, Hermès seems to have been temporarily eclipsed by creative renewals at Chanel and Dior,compounding difficult comps and a tough macroeconomic setting in China, creating a soft patch in momentum. However, stabilizingresale multiple trends, if confirmed, would suggest that the core Hermès “growth formula” remains intact (see The Hermès MagicFormula). New energy is likely set to arrive in 2027, with a new menswear creative director and haute couture. In the meantime, we a focus on the Mini Kelly II), Feb'26, Mar'26 (with a comparison to another luxury icon, the Rolex Daytona), early-Apr’26, and morerecently in end-Apr’26. We update our secondhand Hermès Birkin and Kelly price tracker to incorporate prices from recent auctions. The underlying dataset isavailable on request. This update includes data from two auctions: (1) a Sotheby’s online handbag and accessories auction, held in Zurich with 137 lots, thatclosed on 21 May 2026, and (2) a Christie’s handbag and accessories auction, held in Hong Kong with 168 lots, that closed on 25 May 2026.The auctions saw 38 bags fall into our basket: 7 Birkin 25s in Togo Leather, 4 Birkin 30 Togos, 5 Kelly 25 Epsoms, 3 Kelly 28 Epsoms, 10Kelly Pochette Swifts and 9 Mini Kelly II Epsoms. This brings the total number of handbags tracked in 2Q26 to 78 vs. 90 at the end of 2Q25. We now see resale price premiums for our core Birkin/Kelly tracker rise from 1.2x in 1Q26 to 1.5x in 2Q26.Our expanded tracker,which includes data on what are likely to be some of the most popular models - the Kelly Pochette and Mini Kelly II - sees resale price Resale price trends may have started to stabilize.2Q26’s estimated multiple now comes in a touch below 2Q25’s levels in both ourcore and expanded trackers, and sequentially above that of 1Q26’s. Multiples in Hong Kong remain the weakest; those in Europe and theUSA have started to reflate slightly. Auction volumes seem healthy, with 2Q26 QTD auction volumes in our expanded tracker +26% abovethe level observed in the first two months of 2Q25, and above those observed in the entirety of 2Q24, 1Q25, and 4Q25. Most auctions take We believe this supports our benign diagnosis of Hermès’ recent performance(see Hermès: Valuations already discount a 'Ferrarireset').In the near-term, Hermès seems to have been temporarily eclipsed by creative renewals at Chanel and Dior, compounding difficultcomps and a tough macroeconomic setting in China, creating a soft patch in momentum. However, stabilizing resale multiple trends, ifconfirmed, would suggest that the core Hermès “growth formula” remains intact (see The Hermès Magic Formula). New energy is likely set to For more notes in this series, see: Hermès: The Secondhand Pricing Tracker, and updates in Sep'25, Oct'25, Nov'25, Dec'25 (with a focus on the Mini Kelly II), Feb'26, Mar'26 (with a comparison to another luxury icon, the Rolex Daytona), early-Apr’26, and more recently in end-Apr’26. BERNSTEIN TICKER TABLE DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Ins