Inside Christie’s Spring 2026 handbag fervour: A conversation with Winsy Tsang

Christie’s Hong Kong handbags sale has just delivered another record season. What did the atmosphere feel like in the room?

It was full of energy. The bidding was enthusiastic, and one of the most noticeable changes was how much online participation has increased. You could really feel the passion collectors have for handbags, especially limited editions and pieces designed by major names such as Jean Paul Gaultier. The bidding on those lots was particularly strong.

One of the most exciting moments for me was the Shiny Rose Tyrien Porosus Crocodile JPG Shoulder Birkin 42. It was estimated at HK$150,000 to HK$220,000, but eventually hammered at HK$1.905 million, which is ten times the low estimate, setting a world auction record for a Shoulder Birkin. That kind of result is thrilling because, even when you know a rare bag will do well, you can still be surprised by how far the market takes it.

Some of the most talked-about lots this season were not necessarily the largest or most obvious “headline” bags. Why do these rarer pieces resonate so strongly?

For handbags, there are certain models people see relatively often: Kelly 25, Kelly 28, Birkin 25, Birkin 30. But limited editions are different. With a piece like the Jean Paul Gaultier Shoulder Birkin, you may not see another one next year, or even in the next few years. That scarcity is part of the excitement.

This is also what I love about my job. It feels like discovering something hidden, like finding a ruby under mud. Every time a rare handbag appears, it is fascinating. Collectors are often looking for their dream bag, and that search is part of why auction houses matter so much. They trust the brand, but they also trust the expertise and the story that specialists can bring to a piece.

Christie’s is entering 2026 with incredible growth: totaling over $1B in global luxury sales and witnessing a rapid expansion among next-generation collectors. For our readers looking to navigate this dynamic market, could you highlight and dive deeper into a few macro key trends that define luxury collecting in 2026?

I'm seeing a real appetite for smaller bags as they tend to suit Asian proportions particularly well. But when it comes to building a long-term collection, I always tell people not to chase trends alone. Collecting handbags should be enjoyable. For some people, that means buying pieces to use; for others, it is purely about collecting. Either way, you have to love what you buy. If you like green, for example, you might begin with different shades of green and slowly build a collection around that. That makes the journey personal.

If someone is just starting out, I'd recommend beginning with classic leathers, since the entry price is more accessible, and gradually working toward exotic skins as their collection matures. That way, the whole journey becomes enjoyable rather than intimidating. I'd also point new collectors toward pieces with a story. This season we had a special-order Kelly with a personalised letter design, commissioned by its original owner and never used. Knowing the story behind a piece is part of what makes a collection meaningful over time.

Read more: Christie’s to auction off 4 Rolex watches made for the former Sultan of Oman

Hermès continues to dominate the secondary market, with models like the Birkin and Kelly. What is the secret to the enduring, sustainable value of Hermes?

It comes down to genuine scarcity combined with uncompromising craftsmanship and a brand narrative that collectors trust deeply. Some models are made in very limited quantities, and in some cases production has stopped entirely, which makes them even more desirable over time. When supply is intentionally limited and demand keeps growing, especially among a new generation who see these pieces as legitimate assets, that combination becomes very difficult for any other house to replicate in the short term.

Take the Faubourg Birkin, for example. The design references the flagship store on Rue du Faubourg Saint-Honoré in Paris, and every detail, from the windows to the shopping bag motif, captures the identity of the house. It is not just a handbag; it is a celebration of the brand’s world. That is why collectors respond so strongly to it.

I think another reason is that people not only see handbags as status or investment. They can also bring happiness. The Kelly Doll, for example, is fun, charming and instantly appealing. Young collectors like it because it is cute, but more mature collectors appreciate it too because it brings joy.

I know some clients like to collect different colours and display them at home with lighting, almost like a wall of art in the living room. That is another reason handbags are special, they can be objects of beauty that make people genuinely happy every time they look at them.

Christie’s Hong Kong has long served collectors across Asia, including increasingly sophisticated buyers from Southeast Asia. What role do you see the house playing for markets such as Vietnam?

In an emerging market, collectors often need guidance, especially when they are beginning to build confidence in the category. Christie’s can act as an advisory bridge. We help clients understand the story behind a piece, its condition, its rarity and its market position.

A lot of collectors enjoy this educational part of the process. They want to know what makes a bag special, why it matters, and how to make decisions that suit both their taste and their collecting goals. For that reason, auction is not only a place to buy; it is also a place to learn.

Younger collectors are very comfortable bidding online, and they often respond quickly to rarity, design and novelty. They are also more open to collecting pieces that feel personal and expressive. That is why curation matters so much. We need to present handbags that speak to different kinds of collectors, from classic, investment-grade Birkins and Kellys to more playful, limited and unusual pieces. The market is broadening, and Christie’s needs to reflect that breadth.

Finally, what do these results say about the future of luxury collecting in Asia?

The future looks very promising. Christie’s has been in Asia for 40 years, and we are celebrating that milestone with a year-long programme across the region. Over the past four decades, the house has helped shape how Asian collectors engage with luxury, and I think the next decade will be even more international, more digital and more diverse.

The real opportunity lies in helping collectors, whether in Hong Kong, Southeast Asia or Vietnam, build collections that are informed, personal and meaningful. That is where the category becomes truly exciting.

From record-breaking Birkins to playful collectible designs, Christie’s Hong Kong Spring 2026 sale showed that handbags have become far more than fashion objects. In the right hands, they are cultural signifiers, investment assets and deeply personal forms of expression, often all at once. And in a market where rarity can push a lot to ten times its estimate, that combination remains hard to beat.

Prior to joining Christie’s, Winsy Tsang led merchandising for Louis Vuitton’s leather goods and accessories business in North Asia.  Under her leadership, Christie’s achieved a landmark annual sale total of US$18 million in 2022 - the highest globally for the category - and set the world record for the most valuable handbag ever sold at auction in 2021 with an Hermès Diamond Himalaya Kelly 28 (US$515,416). Holding a degree in Economics and Finance from RMIT Australia, Tsang combines analytical precision with a specialist’s passion for artisanal craft.

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