James Chen
Senior Analyst, Bagonomics Research
Covers index construction, secondary-market liquidity, and the Hermès and Chanel verticals.
Biography
James Chen leads Bagonomics' index research desk. He authors the firm's flagship quarterly index reports and oversees methodology versioning for the Bag Market Index family. Before joining Bagonomics in 2025, he spent seven years on the alternative-assets coverage team at a major financial data provider, where his work on the cross-platform pricing of physical collectibles set the methodology baseline now used across the firm. He writes regularly on the statistical mechanics of constrained-supply consumer markets and is the principal author of the Bagonomics methodology series.
Areas of coverage
- Volume-weighted index construction
- Hermès waitlist economics
- Secondary-market liquidity
- Premium-to-retail dynamics
- Discontinuation impact analysis
Prior roles
- Senior Researcher, Alternative Assets — Bloomberg Intelligence2018–2024
- Quantitative Analyst — Credit Suisse Private Wealth2015–2018
Education
- M.Sc. Financial Statistics — London School of Economics
- B.A. Economics — University of Cambridge
Cited in
- Financial Times Luxury Vertical
- Knight Frank Luxury Investment Index commentary
- Vogue Business handbag market briefings
Recent research
- Variant deep-dive· 2026-05
Chanel Classic Flap medium Caviar Black Gold Hardware: $8,964 median on 195 90-day sample
This deep-dive examines the secondary-market behavior of the Chanel Classic Flap medium Caviar Black Gold Hardware, which trades at a 90-day median of $8,964 (IQR $8,197–$9,730; sample 195). At a US retail of $12,200, premium-to-retail stands at -26.5%. Three-year compound annual growth on the median price is -5.1%. Year-over-year the median fell back -8.4%. Public auction comparables from the trailing 24 months: 7 lots.
- Variant deep-dive· 2026-05
Hermès Kelly 28 Togo Étoupe Palladium Hardware on the secondary: $22,972 median price
This deep-dive examines the secondary-market behavior of the Hermès Kelly 28 Togo Étoupe Palladium Hardware, which trades at a 90-day median of $22,972 (IQR $21,880–$24,063; sample 87). At a US retail of $12,900, premium-to-retail stands at +78.1%. Three-year compound annual growth on the median price is -2.5%. Year-over-year the median added a fraction 1.1%. Public auction comparables from the trailing 24 months: 7 lots.
- Variant deep-dive· 2026-05
Hermès Kelly 25 Epsom Noir (Black) Gold Hardware deep-dive: $24,451 median, 106 sales sample
This deep-dive examines the secondary-market behavior of the Hermès Kelly 25 Epsom Noir (Black) Gold Hardware, which trades at a 90-day median of $24,451 (IQR $23,057–$25,845; sample 106). At a US retail of $13,500, premium-to-retail stands at +81.1%. Three-year compound annual growth on the median price is -1.2%. Year-over-year the median nudged higher 0.7%. Public auction comparables from the trailing 24 months: 7 lots.
- Variant deep-dive· 2026-05
Hermès Birkin 25 Epsom Noir (Black) Gold Hardware on the secondary: $30,969 median price
This deep-dive examines the secondary-market behavior of the Hermès Birkin 25 Epsom Noir (Black) Gold Hardware, which trades at a 90-day median of $30,969 (IQR $29,498–$32,440; sample 162). At a US retail of $14,500, premium-to-retail stands at +113.6%. Three-year compound annual growth on the median price is -2.6%. Year-over-year the median ticked up 3.3%. Public auction comparables from the trailing 24 months: 7 lots.
- Variant deep-dive· 2026-05
Inside the Hermès Birkin 30 Togo Noir (Black) Palladium Hardware secondary market: $26,424 median
This deep-dive examines the secondary-market behavior of the Hermès Birkin 30 Togo Noir (Black) Palladium Hardware, which trades at a 90-day median of $26,424 (IQR $25,169–$27,679; sample 185). At a US retail of $13,500, premium-to-retail stands at +95.7%. Three-year compound annual growth on the median price is +1.7%. Year-over-year the median moved up incrementally 1.6%. Public auction comparables from the trailing 24 months: 7 lots.
- Quarterly index report· 2026-Q1
Q1 2026 Discontinued Index: fell 1.2% on the quarter
The Discontinued Index ended the first quarter of 2026 at 206.52, slipped slightly -1.2% over the quarter (opening 208.93, intra-quarter high 210.88 on 2026-03-15, low 204.59 on 2026-01-28). Realized daily-return volatility annualized to 6.3%. Year-over-year Quarter-end composition includes 0 components across 0 brands.
- Quarterly index report· 2026-Q1
Investment Grade Index closes Q1 2026 fell 0.1%, led by Hermès Birkin 25
The Investment Grade Index ended the first quarter of 2026 at 152.34, held steady -0.1% over the quarter (opening 152.55, intra-quarter high 154.16 on 2026-01-12, low 148.27 on 2026-02-07). Realized daily-return volatility annualized to 7.8%. Year-over-year Quarter-end composition includes 36 components across 4 brands. Largest weighted contribution came from Hermès Birkin 25 (+6.5% on the quarter). Largest drag was Hermès Kelly 28 (-2.9%).
- Quarterly index report· 2026-Q1
Q1 2026 Chanel Index: fell 0.7% on the quarter, led by Chanel Classic Flap jumbo
The Chanel Index ended the first quarter of 2026 at 154.99, softened modestly -0.7% over the quarter (opening 156.14, intra-quarter high 158.31 on 2026-02-18, low 152.27 on 2026-01-09). Realized daily-return volatility annualized to 7.9%. Year-over-year Quarter-end composition includes 15 components across 1 brands. Largest weighted contribution came from Chanel Classic Flap jumbo (+5.3% on the quarter). Largest drag was Chanel Boy Bag medium (-5.7%).
- Quarterly index report· 2026-Q1
Hermès Index rose 0.4% in Q1 2026, led by Hermès Birkin 30
The Hermès Index ended the first quarter of 2026 at 153.53, was essentially flat 0.4% over the quarter (opening 152.89, intra-quarter high 157.19 on 2026-03-09, low 151.65 on 2026-01-03). Realized daily-return volatility annualized to 7.7%. Year-over-year Quarter-end composition includes 24 components across 1 brands. Largest weighted contribution came from Hermès Birkin 30 (+5.5% on the quarter). Largest drag was Hermès Kelly 28 (-2.9%).
- Quarterly index report· 2026-Q1
Q1 2026 Bag Market Index: rose 0.6% on the quarter, led by Hermès Birkin 30
The Bag Market Index ended the first quarter of 2026 at 148.19, added a fraction 0.6% over the quarter (opening 147.35, intra-quarter high 149.30 on 2026-02-18, low 145.14 on 2026-01-28). Realized daily-return volatility annualized to 4.9%. Year-over-year Quarter-end composition includes 44 components across 6 brands. Largest weighted contribution came from Hermès Birkin 30 (+5.5% on the quarter). Largest drag was Chanel Boy Bag medium (-5.7%).