Hermès Kelly 25 sold for CNY 125,000 — Shanghai handbag buy-back case, August 2026

When Ms Zhou brought a Kelly 25 into the boutique in Shanghai, the box, dust bag, keys and lock, leather strap and receipt came in over two trips. The bag had barely left the house since she bought it and had been kept in its original box. She had never sold a pre-owned bag before, and what she wanted to know was not how high the number would be but whether a bag this close to new, with everything still with it, might be marked down simply because she did not know the market.

Ms Zhou’s bag settled at CNY 125,000, held up by three things: the 25 is the size this line concentrates on; Togo moves on fastest; and the lock, keys, strap, rain cover, dust bag, original box and receipt were all there, which counts as a full set for this reference. Colour was the one thing pulling the other way — yellow is not among the three neutrals, so the pool of buyers is a step narrower. The condition was Grade NS: almost no wear to be seen on the leather or the hardware, and the bag still holding its shape.

That figure was not something we set on our own. Once the bag passed inspection it went onto the bidding platform, trade buyers across the country bid in the same window, the offer sheet was shown to the client line by line, and which one to take was Ms Zhou’s to choose. Comparable sales for the Kelly can be found on the handbag buy-back page, but the two price systems do not convert into one another — each piece has to be worked out against the market at the time. (Market figures reflect publicly available data.)