The Picotin Lock 18 Ms Wu had never been carried out of the house, and the keys, lock, box, dust bag and receipt were all still with it, nothing missing. What she came in to establish was what an unworn bag would fetch, whether this colourway counts as unpopular on the secondary market, and whether not being black would cost her.
HandbagsHangzhou
Hermès Picotin Lock 18 sold for CNY 21,500 — Hangzhou handbag buy-back case, August 2026
At a glance
Final price
CNY 21,500
- City
- Hangzhou
- Condition
- Grade N
- Accessories
- Complete set
- Payment
- 3 minutes after signing
The figure on this page is what this particular transaction settled at. It reflects the house, the model, the condition, how complete the accessories were and the market at the time, and is not a quoted price for a comparable piece.
The client
The model and the market
The Picotin Lock belongs to Hermès’s bucket bags: a lock closing at the mouth, an unlined body, and the 18 the small size. Colour is what separates the tiers on this one — neutrals like black and gold-brown have a broad set of buyers, while Blue Jean is a seasonal colour with a narrower audience.
A bag gets to its number in stages. The house and the model set the range, condition and how complete the accessories are get costed line by line, and the market at the time gives the final landing point. Within one reference, size, leather, colour and hardware pairing still open up a gap.
How this price was set
Ms Wu’s bag was quoted at CNY 21,500, with one item on each side. Blue Jean is a seasonal colour, so fewer buyers take it on than a neutral. Against that, the condition was Grade N — unused, no marks on the leather, hardware still at factory lustre, and not one accessory missing — which made the difference back.
What a bag is worth is not something we decide on our own. Once the checks were done the bag went onto the platform, trade buyers around the country bid in the same window, and the client picked her price from the open list. The Picotin Lock is a regular in handbag buy-back, and the house never posts a price for it. (Market figures reflect publicly available data.)
What we did
Competitive buy-back
The bag goes onto the bidding platform and trade buyers post live offers within ten minutes. The number comes from the market, not from one shop
Handbag authentication
An appraiser team of more than a hundred. Every item is signed off by three of them, and each check is recorded line by line and photographed
Credentials
Named in 2025 to the first cohort of pre-owned goods circulation pilot enterprises by MOFCOM, the NDRC, the Ministry of Natural Resources and SAMR; in 2019 Vintage-Privée entered a three-way strategic partnership with CCIC (China Certification & Inspection Group) and Alibaba.
Settlement
Payment goes out on the spot once you accept an offer. Nothing is charged if you walk away
How it ran
1
Talk to an advisor
Ms Wu explained the bag had never been used, and we counted the keys and the lock
2
Free valuation
A reference range came back first
3
Book a viewing
Arranged at the Hangzhou boutique
4
Appraiser check
Leather, hardware and body checked point by point, photographed and listed
5
Trade bidding
Offers rolled in a line at a time; the buyers moved quickly
6
Settlement
Ms Wu chose her price and it was settled on the spot
Questions about this case
What does an unused Hermès Picotin 18 fetch?
Unused usually lands in the upper middle of the band, but colour and how much is in circulation still move it, and a complete set of accessories helps. This Grade N Blue Jean one in Hangzhou, August 2026, sold for CNY 21,500.
How far apart are seasonal and neutral colours on price?
There is no fixed proportion; the gap is usually in the low tens of percent. Neutrals have a wider pool of buyers and seasonal colours a limited one. Good condition narrows the gap but does not close it.
Where in Hangzhou can I sell an unused bag?
All five Hangzhou boutiques take bags in unused condition, with the grade decided by an appraiser in person. Call 400-831-5667 to fix a time; addresses are on the Hangzhou boutiques page.
What should I bring to an in-store check?
The bag itself and whatever accessories you still have. Keys, the lock and the receipt are all worth bringing along.
Start with what yours is worth
Free online valuation. Nothing to pay if you decide not to sell.