Who is Spending $10.1 Million on an Old Handbag?
So, who is Sanojima, the Japanese resale giant behind the $10.1 million purchase of a vintage handbag? The identity of this mystery buyer was finally revealed recently—he made headlines last month by acquiring the iconic Hermes Birkin.
And yes, he’s still processing this monumental experience.
Shintuke Sakimoto, the CEO of Valesance Holdings, shared, “This was the most expensive purchase I’ve ever made for a single item. It was thrilling, but honestly, it made me feel a bit nauseous.” He became the proud owner of a 1984 prototype bag designed for the British “IT Girl,” Jane Birkin.
The sale, which took place last month at Sotheby’s Paris, saw intense bidding with final prices now set at sky-high levels. The hammer fell at 7 million euros, and after adding fees, Sakimoto’s total came to over $10 million for this stunning piece crafted from black leather.
Sakimoto, 43, was on the phone from his Tokyo office during the auction, drawing on his past experience as a professional soccer player to devise strategies for outmaneuvering other bidders. “We were nearing our limit, but in those final moments, we were brainstorming tactics to outsmart our competition,” he recounted. “I had to act fast and decisively.”
In true competitive spirit, he even dreamt of winning the night before. Yet, it’s worth noting that the purchase wasn’t just a personal indulgence—it was made to bolster his company, Strategic Investment, rather than a sentiment-driven acquisition.
Sakimoto acknowledged the significance of the purchase, saying, “It was certainly a record breaker, which would attract global attention.” He anticipates that the media coverage will generate “Billions of yen” in advertising value that might justify the purchase price. However, it’s important to note that the Birkin won’t just be placed in a closet; he has no intention of reselling it.
In fact, additional shipping and import duties are expected to push the total expense further, possibly adding another $2 million. Sakimoto plans to showcase this valuable piece to the public instead: “The goal of acquiring this artwork isn’t just for wealthy individuals, but to create a new model of ownership. We want it to be something we can all share in the future,” he stated.
Additionally, he expressed that learning about Jane Birkin’s charitable legacy would help him connect with her mission. “I felt a very strong bond with individuals like Jane Birkin, who acted as ambassadors aligning with our company’s values,” he remarked.
At a whopping $10 million, that’s quite the connection.
Interestingly, before this historic Birkin bag garnered attention, the previous record for the most expensive handbag sold at auction belonged to a Himalayan crocodile Birkin, which was sold for $450,000 back in 2022.
Jane Birkin, who passed away in 2023, is celebrated for her timeless style and was known for carrying a simple straw basket, prompting the design of a more elegant solution for her needs. The first Birkin was conceived after a memorable encounter that inspired the now-iconic design sketched out during a flight.
