As a new luxury fashion auction opens in London, the world of high-end collectibles is abuzz—this time not over rare art or ancient artifacts, but handbags. With pieces by Hermès, Rolex, and Cartier up for grabs at Sotheby’s pop-up salon (running through August 22), the debate is heating up: can fashion command the same prestige as fine art?

The frenzy reached new heights when Sotheby’s Paris sold a heavily used Hermès Birkin bag once owned by Jane Birkin herself for an astonishing £7 million ($9.2 million). It’s a record-breaking price that has left many questioning the motives behind such extravagant spending.

Historically, fashion was seen as secondary at major auction houses—something to entice buyers toward higher-ticket paintings or sculptures. But as collectors grow increasingly obsessed with exclusive, status-defining pieces, luxury accessories are becoming blue-chip assets in their own right.

Cora Harrington, a fashion historian and author, believes this trend is more about symbolism than practicality: “It becomes more about status signalling than wearability.”

Indeed, the value of fashion tied to celebrity history is nothing new. Princess Diana’s gowns and Marilyn Monroe’s famous “Happy Birthday Mr. President” dress have long commanded jaw-dropping prices. Monroe’s dress sold for $1.3 million in 1999, and again in 2016 for $4.8 million—later worn by Kim Kardashian to the Met Gala, potentially increasing its future value despite any damage.

Still, critics ask the obvious: Shouldn’t clothes be worn? Jane Birkin herself was never precious about the handbag that now carries her name. Its scratches and scuffs, rather than diminishing its value, helped elevate it to a piece of fashion history.

As the lines between high fashion, pop culture, and fine art continue to blur, the question remains: are these sales driven by passion, prestige—or investment?