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Herms’ highly coveted Birkin handbag becomes even more coveted after it leaves the store — doubling in value in as little as five years, according to a luxury expert.

James Firestein, founder of luxury resale and authentication platform OpenLuxury, told Fortune that the steepest price increase he has ever witnessed when a Black Togo 30 Birkin doubled in value in five years.

For reference, the price of the Black Togo 30 widely varies on resale platforms due to the bag’s condition, type of hardware metals and the year it was purchased from Herms, going for anywhere from $30,500 for a “like new” bag on Sotheby’s to $10,925 on The RealReal or roughly $8,000 on eBay.

More commonly, however, it takes a decade for the price of a Birkin to surge two-fold.

“I know several instances where people have doubled their money based on buying it 10 years ago, and reselling it today in pristine condition,” Firestein said, per Fortune.

“The resale value of particularly the Birkin and Kelly bags over the past 10 years has outpaced gold, he added.

In 2020 alone, while when the luxury market ground to a halt during COVID, Birkin bags saw impressive returns of 38%, according to a report from Credit Suisse and Deloitte.

As a result, Firestein estimates that 25% of Birkin buyers keep the bag in storage as investments while the remaining 75% actually use the bags, Fortune reported.

Most shoppers look to the second-hand marketplace to buy Birkin bags, mostly because buying a luxurious piece of eye candy directly from Herms can be a time-consuming process that doesn’t guarantee customers get the exact style they want.

Herms allows stores and boutiques around the world to purchase a select number of Birkins per season, though the color and size of the bags are rarely known ahead of time, according to Sotheby’s.

And for aspiring Birkin owners who don’t already have an existing relationships with retailers, it can be even harder to ensure that a staffer will try and reserve the bag you want, Sotheby’s said.

As a result, Birkins, more often than not, sell for well beyond their $12,000 sticker price.

The pricing mostly comes down to scarcity principle, per Sotheby’s, which sold a Himalaya Birkin 30 encrusted with diamonds for $450,000, though the more common leather styles in fresh condition generally go for between $25,000 and $30,000, according to the auction house.

Herms has been accused of making it too difficult for the everyday shopper to acquire a Birkin of their own.

Two California plaintiffs alleged in a class-action lawsuit earlier this month that the French fashion house uses unfair business practices,” including requiring customers to buy other ancillary products such as shoes, scarves, belts, jewelry and home goods  before getting the opportunity to buy the coveted, chronically unavailable handbag.

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To be allowed to purchase a Birkin, the suit claims, customers must have accrued a sufficient purchase history with the luxury brand.

Once achieved, customers who are deemed worthy are then offered a Birkin — which is allegedly not on public display but rather in a private room, the suit claims.

The unique desirability, incredible demand and low supply of Birkin handbags gives defendants incredible market power, attorneys wrote in their filing.

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Eurovision 2024: Israel’s Eden Golan makes it through to grand final with Hurricane after protests

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Eurovision 2024: Israel's Eden Golan makes it through to grand final with Hurricane after protests

Israel has made it into the Eurovision grand final, despite calls for the country’s entry to be banned from the contest.

Israel’s success in reaching the final stage of the show – which will take place on Saturday – comes against a backdrop of large protests across Malmo, Sweden, which is this year’s host city.

The Pro-Palestinian demonstration ahead of the Eurovision Song Contest. Pic: AP
Image:
The Pro-Palestinian demonstration before the Eurovision Song Contest. Pic: AP

Israel‘s song Hurricane – sung by 20-year-old Eden Golan – had to be reworked after an initial version titled October Rain was ruled too political by the European Broadcasting Union (EBU) which believed some lyrics referred to the 7 October Hamas attacks on Israel.

Some believe that some lyrics in the current song – including “Dancin’ in the storm… I’m still broken from this hurricane,” still refer to attacks seven months ago which killed more than 1,000 people and resulted in hundreds of hostages being taken.

During an earlier rehearsal on Tuesday, Golan was met with boos and cries of “Free Palestine,” and an audience member appeared to have a Palestinian flag removed from them in the auditorium.

Israel's Eden Golan with Hurricane for Israel. Pic: Sarah Louise Bennett/EBU
Image:
Israel’s Eden Golan with Hurricane for Israel. Pic: Sarah Louise Bennett/EBU

The EBU has said only flags that represent countries taking part, and the rainbow flag, can be brought to the event.

They have said other “flags, symbols, clothing, items and banners being used for the likely purpose of instrumentalising the TV shows” will be removed.

Golan performed her song Hurricane dressed in white and flanked by five backing dancers. The performance centred around a large wheel-like prop in the centre of the stage.

She has said she hopes to unite people through music.

Israel's Eden Golan with Hurricane for Israel. Pic: Sarah Louise Bennett/EBU
Image:
Israel’s Eden Golan with Hurricane for Israel. Pic: Sarah Louise Bennett/EBU

Condemnation of ‘harassment’ and ‘abuse’

In the run-up to the competition – which is the world’s largest live music contest – there have been demonstrations and calls for Israel to be banned over their ongoing ground offensive in Gaza.

However, the EBU – which says it is an apolitical organisation – has ruled that Israel can take part, saying it has not broken any broadcasting rules.

The EBU has also condemned the “harassment” and “abuse” of any acts taking part in the show.

This week, the EBU was forced to apologise after former Swedish contestant Eric Saade, who is reportedly of Palestinian origin, wore a keffiyeh around his wrist while he sang in an earlier rehearsal.

On Tuesday, ten acts were chosen for the final in the first semi-final: Ireland’s Bambie Thug, Ukrainian duo Alyona Alyona and Jerry Heil, Finland’s Windows95Man, Serbia’s Teya Dora, Cyprus’s Silia Kapsis, Lithuania’s Silvester Belt, Croatia’s Baby Lasagna, Slovenia’s Raiven, Portugal’s Iolanda and Luxembourg’s Tali.

The other nine acts who made it through from Thursday’s semi-final were Greece’s Marina Satti, Switzerland’s Nemo, Austria’s Kaleen, Armenia’s Ladaniva, Latvia’s Dons, Georgia’s Nutsa Buzaladze, Estonia’s 5Miinust and Puuluup, Norway’s Gate and The Netherlands’s Joost Klein.

The “Big Five” (the UK, Germany, Spain, France and Italy, who are the largest contributors to the competition) all gain an automatic place in the competition along with host nation Sweden.

In March, nine contestants – including the UK’s Olly Alexander, Ireland’s Bambie Thug and Switzerland’s Nemo – called for a ceasefire in Gaza and the “safe return” of Israeli hostages in a joint statement.

UK's Olly Alexander with Dizzy. Pic: Corinne Cumming/EBU
Image:
UK’s Olly Alexander with Dizzy. Pic: Corinne Cumming/EBU

Ireland's Bambie Thug performing at the semi-final. Pic: Reuters
Image:
Ireland’s Bambie Thug performing at the semi-final. Pic: Reuters

However, they said they would not be boycotting the event in a bid to “uphold this space” and “inspire greater compassion and empathy”.

As it stands, no act has withdrawn from this year’s contest over the war.

More than 34,000 people have been killed, and over 77,000 have been injured in Gaza since the conflict began, according to Gaza’s Hamas-led health ministry.

Israel’s entry Golan, who has been performing since she was nine years old, left Israel when she was six to live in Russia with her family, but returned when she was 18.

Her song, which was co-written by one of the writers and producers of Israel’s 2018 winning number Toy – tells the story of a young woman experiencing a personal crisis.

It’s among the favourites with bookmakers to win the competition.

Last year Israel, who have been performing in the contest since 1973, came third with the song Unicorn performed by Noa Kirel. They have won Eurovision four times.

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The Grand Final is on Saturday night. Sky News will be in Malmo with updates, a live blog, and all the biggest news from the contest as it happens.

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Politics

CZ hits back at WSJ, Hong Kong crypto ETF’s take ‘$50B equivalent’: Asia Express

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CZ hits back at WSJ, Hong Kong crypto ETF’s take ‘B equivalent’: Asia Express

Binance hits back at claims it fired investigator who found manipulation, Hong Kong crypto ETFs take the “equivalent” of $50B. Asia Express.

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Politics

Coinbase sees infinite interoperability potential with Ethereum and USDC

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Coinbase sees infinite interoperability potential with Ethereum and USDC

Coinbase head of tokenization Anthony Bassili described plans for its Base network at TokenizeThis 2024 in Miami.

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