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Sketched out on an air sickness bag, the first Birkin handbagthe prototype for fashion’s must-have accessorysold for a staggering 8.6 million euros ($10.1 million), including fees, on Thursday in Paris to become the second most valuable fashion item ever sold at auction.The winning bid of 7 million euros drew gasps and applause from the audience. The price crushed the previous auction record for a handbag$513,040 paid in 2021 for a Herms White Himalaya Niloticus Crocodile Diamond Retourne Kelly 28.Now, the original Birkin bag, named after the actor, singer and fashion icon that Herms created it forthe late Jane Birkinis in a new league of its own. Only one fashion item has sold at auction for more: a pair of ruby red slippers from “The Wizard of Oz”, which sold for $32.5 million in 2024, Sotheby’s said. Whistles in the auction room The Paris auction room buzzed with anticipation as the sale got underway, with the auctioneer reminding the crowd that the bag was “totally unique” and “the most famous bag of all time.”The bidding started at 1 million euros but quickly increased, with telephone bidders fighting it out at the end. With Sotheby’s fees included, the total price for the winning bidder from Japan was a cool 8.6 million euros, the auction house said.From the starting price, bids rocketed past 2 million euros, then 3 million, 4 million and 5 million, to astonished gasps. When the price jumped from 5.5 million to 6 million euros in one swoop, there were whistles and applause.The final bids were 6.2 million euros, then 6.5 million, then 6.8 million before the Japanese buyer’s last winning bid: 7 million euros.Sotheby’s didn’t identify the buyer. Nine collectors bidding by telephone, online, and in the room competed in the 10-minute auction battle, with the private collector from Japan beating a last remaining other bidder at the end. ‘One of a kind’ Paris fashion house Herms exclusively commissioned the bag for the London-born Birkin in 1984 branding it with her initials J.B. on the front flap, below the lock and delivered the finished one-of-a-kind bag to her the following year, Sotheby’s said. The subsequent commercialized version of Birkin’s bag went on to become one of the world’s most exclusive luxury items, extravagantly priced and with a yearslong waiting list.The bag was born of a fortuitous encounter on a London-bound flight in the 1980s with the then-head of Herms, Jean-Louis Dumas. Birkin recounted in subsequent interviews that the pair got talking after she spilled some of her things on the cabin floor.Birkin asked Dumas why Herms didn’t make a bigger handbag and sketched out on an airplane vomit bag the sort of hold-all that she would like. He then had an example made for her and, flattered, she agreed when Herms asked whether it could commercialize the bag in her name.“There is no doubt that the Original Birkin bag is a true one-of-a-kinda singular piece of fashion history that has grown into a pop culture phenomenon that signals luxury in the most refined way possible. It is incredible to think that a bag initially designed by Herms as a practical accessory for Jane Birkin has become the most desirable bag in history,” said Morgane Halimi, Sotheby’s head of handbags and fashion.The bag became so famous that Birkin once mused before her death in 2023 at age 76 that her obituaries would likely “say, ‘Like the bag’ or something.”“Well, it could be worse,” she added. Height of French chic Sotheby’s said that seven design elements on the handcrafted all-black leather prototype set it apart from Birkins that followed.It’s the only Birkin with a nonremovable shoulder strapfitting for the busy life and practicality of the singer, actor, social activist and mother who was also known for her romantic relationship with French singer Serge Gainsbourg and their duets that included the steamy 1969 song “Je t’aime moi non plus” (“I Love You, Me Neither”).Her bag also had a nail clipper attached, because Birkin “was never one for long painted nails,” Sotheby’s said.The bag that Herms handmade for her, developed off its existing Haut A Courroies model, also has gilded brass hardware, bottom studs and other features that differ from commercial Birkins.Birkin’s casual, breezy style in the 1960s and early 1970slong hair with bangs, jeans paired with white tops, knit minidresses and basket bagsstill epitomizes the height of French chic for many women around the world. ‘More than just a bag’ When Birkin chatted to Herms’ Dumas on the Paris-to-London flight about what her ideal handbag would be, she’d been in the habit of carrying her things around in a wicker basket, because she felt handbags in the 1980s were too small, Sotheby’s said. She was traveling with her young daughter, Charlotte, and complained that she couldn’t find a bag suitable for her needs as a mother, Herms says.Herms later gifted her four other Birkin bags. She kept the prototype for nearly a decade, before auctioning it for an AIDS charity in 1994. It was auctioned again in 2000 and had since been in private hands.The previous owner, who identified herself only as Catherine B., told journalists at the auction that the bag “has all the attributes of a star.”“The price is the price of the Herms story,” she said.Sotheby’s called it “more than just a bag.”“The Birkin has evolved from a practical accessory to become a timeless cultural icon,” it said. “Its presence spans the worlds of music, film, television and the arts,” it added. “It is a red-carpet staple, a fashion magazine mainstay, and a coveted piece in the wardrobes of celebrities, artists and stylists.” John Leicester and Jeffrey Schaeffer, Associated Press
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E-Commerce
Yahoos bet on creator-led content appears to be paying off. Yahoo Creators, the media companys publishing platform for creators, had its most lucrative month yet in June. Launched in March 2024, Yahoo Creators was built to capitalize on the growing appetite for personality-driven content. Now, a little more than a year in, the platform is gaining momentum: Last month marked its highest revenue and engagement levels since launch, a spokesperson told Digiday. Historically, Yahoo has aggregated stories from around the web and produced original journalism through its in-house newsroom. Now its also staking its claim in the creator economy. According to Digiday, the program currently includes 135 lifestyle-focused creators, whose work is featured prominently on Yahoos homepage. Theres a dedicated creator vertical, and creator content is woven throughout the Yahoo app and newsletters, appearing alongside articles from traditional publishers. Theres even a waiting list of influencers eager to join. Selected creators have access to monetization tools, affiliate commerce, and audience analytics in exchange for posting on the platform. While the program focuses mainly on written content, creators can embed audio and video. Yahoo offers a 50-50 split on ad revenuecomparable to platforms like Substack and YouTube. We hear consistently that people want to get their news from other people, Kat Downs Mulder, senior vice president and general manager of Yahoo News, previously told Fast Company. They have institutions they trust, but they also really want connections. . . . In addition to the publisher network that we have, and the journalists that we have in-house, creators would add an additional dimension to that content. And so it would really help us to flesh out that whole ecosystem of content as we really look to become the worlds best guide to the internet. Since launch, revenue, engagement, and feedback have all been positive. Yahoos new media model is wild (and maybe genius), Michelle Songy, founder of Press Hook, posted on LinkedIn last month. Legacy media is finally taking notes from creators, and honestly, Im here for it. As journalist Mike Hume put it in a Substack post last year, To me, this is a low-risk, high-reward bet, which is usually a smart bet to make.
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Brazilian President Luiz Inácio Lula da Silva said Thursday that he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50% over the South American country’s criminal trial against his predecessor, Jair Bolsonaro.Lula said he will trigger Brazil’s reciprocity law approved by Congress earlier this year if negotiations with the U.S. fail.“If there’s no negotiation, the reciprocity law will be put to work. If he charges 50 (% tariffs) from us, we will charge 50 from them,” Lula told TV Record in excerpts of an interview that will be fully aired later in the day. “Respect is good. I like to offer mine and I like to receive it.”Lula’s comments raise the risk of a tariffs war erupting between the two countries, similar to what has happened between the U.S. and China. Trump has vowed to respond forcefully if countries seek to punish the U.S. by adding tariffs of their own.The president of Brazil’s Senate, Sen. Davi Alcolumbre, and Chamber of Deputies Speaker Hugo Motta, a pair of moderates who have recently been at odds with Lula, agreed that the recipricity law gives Brazil “the means to protect our sovereignty.”“We will be ready to act with balance and firmness in defense of our economy, our productive sector, and the protection of Brazilian jobs,” they said in a joint statement. A new front in the trade war The tariffs letter that Trump sent to Brazil and posted on social media Wednesday railing against the “witch hunt” trial against Bolsonaro opened up a new front in his trade wars, with the U.S. leader directly using import taxes to interfere with another nation’s domestic politics.Trump has already tried to use tariffs to ostensibly combat fentanyl trafficking and as a negotiating tool to change how other nations tax digital services and regulate their economies.In Brazil’s case, Trump is trying to dictate the outcome of the criminal trial of Bolsonaro, an ally who like Trump has been charged with attempting to overturn a presidential election. Bolsonaro maintains that he is being politically persecuted by Brazil’s Supreme Court over his charges on the alleged plot to remain in power after his 2022 election loss to Lula.“There’s nothing Lula or Brazil can do about Bolsonaro’s trial,” said Carlos Melo, a political science professor at Insper University in Sao Paulo. “Any change in that would be Brazil’s capitulation. Bolsonaro’s situation here won’t change. How do you negotiate over that?”Lula ordered his diplomats on Thursday to return Trump’s letter if it physically arrives at the presidential palace in Brasilia. The document attacks the country’s judiciary and mentions recent rulings on social media companies among the reasons why goods from the South American nation will have higher tariffs from Aug. 1. Trade negotiations now ‘up in the air’ Trump has initiated his tariffs under the 1977 International Emergency Economic Powers Act, saying in April that the persistent deficit between what the U.S. exports and what it imports is a national crisis.But the U.S. runs a trade surplus with Brazil, undermining some of the rationale.A staffer of Brazil’s foreign ministry told The Associated Press that trade negotiations that were ongoing since Trump imposed a first set of tariffs in April are now “up in the air.”Some members of the Lula administration say Trump’s move is actually aimed at Brazil’s connection with other Southern economies, as displayed on Sunday at the summit of BRICS nations hosted in Rio de Janeiro. Brazil’s president once again mentioned the hope for an alternative currency to the dollar for transactions, a topic that frequently draws Trump’s ire.“Trump was never worried about democracy anywhere, much less with Bolsonaro’s destiny,” said Gleisi Hoffmann, Brazil’s institutional relations minister. Brazil’s new unity Trump’s interference in Brazilian affairs has brought a sense of unity that was largely absent in the politically divided nation. Some of Bolsonaro’s allies claimed Lula had drawn the U.S. president’s anger with other decisions, including criticism of Israel’s war in Gaza. But other supporters of the former president chose to ask for prudence in negotiations.Daily O Estado de S. Paulo, a frequent critic of Lula and his administration, said in an editorial on Thursday that Trump’s move against the Brazilian government is “a mafia thing.” It also said Lula’s reaction was correct, a rare feature for the newspaper.Analysts also see Trump’s attempt to interfere in the country’s domestic affairs as a potential backfire for Bolsonaro during his trial and a push for Lula, whose reelection bid was facing unpopularity headwinds this year.Canadians recently elected Mark Carney as prime minister, with his Liberal Party reenergized by Trump’s tariffs and threats to make Canada the 51st U.S. state.“The reaction of a lot of people is that this is a political gift to Lula,” said Andre Pagliarini, a professor of history and international studies at Louisiana State University who is also affiliated with the Quincy Institute for Responsible Statecraft.Thomas Traumann, an independent political consultant and former Brazilian minister, called Trump’s move “a game changer” for next year’s election.“Trump put Lula back in the game,” Traumann said. “This gives Lula a narrative, puts Bolsonaro as the guilty part for any economic problems.” Exceeding the authority The U.S. Court of International Trade ruled in May that Trump had exceeded his authority by declaring an emergency to impose tariffs without congressional approval. The Trump administration is appealing that decision, but opponents plan to use his Brazil letter to bolster their case.“This is a brazenly illegal effort by Donald Trump to sacrifice the economy to settle his own personal scores, and it is far outside his legal authority,” said Democratic Oregon Sen. Ron Wyden.The Republican administration has argued that their tariffs are now relatively harmless for the U.S. economy, since inflation has trended down in recent months. But many companies stockpiled imports to get ahead of the import taxes, and it’s unclear what happens when their inventories dwindle and consumers consider the risk of higher prices. Most outside economic analyses expect growth to decline.In Brazil, Trump’s interest in Bolsonaro’s trial is expected to weigh over the trial. Media outlets have reported that lawmakers and judges are worried the former president will try to leave Brazil for the U.S. if he is convicted.Lawmaker Eduardo Bolsonaro, a son of the former president, moved to the U.S. in March. On Wednesday night, he asked his supporters on X to post “their thank you to President Donald Trump.”InThursday’s interview, Lula said the elder Bolsonaro “should take the responsibility for agreeing with Trump’s taxation to Brazil.”“His son went there to make up Trump’s mind, then he (Trump) writes a letter to speak about a case that is in the hands of the Supreme Court. A case that is not a political trial. What is under investigation is the evidence of the case,” Lula said. Mauricio Savarese and Josh Boak, Associated Press
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