FLOAT 100 · Handbags · No. 26

Hermes Picotin Lock 18

Shaped like the feed bag that holds a horse's ration of oats and named for that ration, the unlined Picotin 18 is how many people buy their first Hermes bag.

Year: current
Maker: Hermes
By price in handbags: 51 of 100

Market asking price, not a sale · Oct 5, 2026$3,375This is not a sale. It is an asking price, and no transaction is recorded at this figure.

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Maker: Hermes, Paris
Introduced: 2002, by two guides; one auction catalog dates a Gold Clemence Picotin Lock 18 to circa 2000
The name: An old French word for a measure, or a day's ration, of oats for a horse
Shape: An unlined leather bucket with a central seam, two top handles, an adjustable tab and a padlock
Sizes: Micro 14, 18 (PM), 22 (MM) and 26 (GM); a rarer 31 (TGM) also exists
Size: About 18 x 19 x 13 cm by one guide; the tracked example measured 5.25 x 7.5 x 7.25 in
This configuration: Picotin Lock 18 in Taurillon Clemence, color Gold, palladium hardware; the tracked example is dated 2020
US boutique price: $3,725 for Clemence in August 2025; about $3,975 in 2026 by a later guide
Quota bag?: No; it is widely described as a non-quota entry point to Hermes
Tracked bag's last listed price: $3,865 asked for a 2020 Gold Clemence Picotin Lock 18, shown sold out on October 1, 2026

A feed bag for people

The Picotin takes its shape from the bags that hold a horse's oats. Hermes says the design was inspired by those feeder bags and calls the bag a nod to the equestrian world. The name follows the same idea: guides describe picotin as an old French word for a portion of horse feed, a measure of oats.

Two guides date the Picotin to 2002. An auction catalog, however, describes a Gold Clemence Picotin Lock 18 with palladium hardware as 'circa 2000,' so the exact start date is not settled. Early Picotins were also made in Barenia, the vegetable-tanned saddle leather, and those versions have no padlock at all. Current versions, sold as the Picotin Lock, close with a padlock on the leather strap.

The bag's roots go back to the beginning of the house. Hermes was founded in Paris in 1837 as a harness and saddle maker, and a reference account quotes Jean-Louis Dumas, who led the house from 1978 to 2006: 'Our first customer is the horse. The second, the rider.' The Picotin brings that idea to a bag meant for everyday errands.

2002: a new currency and a new century's taste

The Picotin arrived in a year of beginnings. On January 1, 2002, euro coins and banknotes went into circulation across the eurozone. The Winter Olympics opened in Salt Lake City on February 8. On May 20, Timor-Leste regained its independence, and on June 30 Brazil beat Germany 2-0 in the World Cup final, with Ronaldo scoring both goals.

On July 1 the Rome Statute came into force, establishing the International Criminal Court, and on July 9 the African Union replaced the Organisation of African Unity. At Hermes, Jean-Louis Dumas was still in charge; he had created the Birkin in 1984 and would retire in 2006 for health reasons, handing the company to Patrick Thomas, the one chief executive in its history from outside the founding family.

How to identify a Picotin 18

The Picotin is an unlined leather bucket. Hermes describes it as having clean edges and a central seam, with an adjustable leather tab that sets the size of the opening and a padlock that closes it. A rigid base and four protective feet help it keep its shape, and two top handles make it a bag for the hand or the crook of the arm. The Hermes heat stamp sits discreetly at the base of the interior. Hermes does not offer a shoulder strap, though some owners add one.

The bag comes in four main sizes: the Micro 14, the 18 (PM), the 22 (MM) and the 26 (GM), with a rarer 31 (TGM) also reported. The numbers refer to the base width in centimeters. One guide gives the 18 as 18 x 19 x 13 cm (7 x 7.4 x 5.1 inches); another gives 5.25 x 7.25 x 7.25 inches. The tracked 2020 example was listed with a 5.25-inch base, 7.5-inch height, 7.25-inch width and 5.5-inch handle drop.

Taurillon Clemence, the leather of the tracked bag, is a textured bull-calf leather with a soft hand that relaxes over time; it is the classic Picotin leather. Maurice, a firmer bull-calf leather introduced in 2017, holds the shape more tightly. Gold is the Hermes name for a golden brown, and the tracked bag carries a polished palladium padlock. Its listing describes a 'brown suede interior,' while Hermes describes the bag as unlined.

Special editions include the Picotin Lock 18 Pocket, known as the Picotin Cargo, launched in 2020 in Goeland canvas with Swift calfskin and two exterior pockets, and the Picotin 14 Lucky Daisy of Spring/Summer 2022, printed with horseshoes arranged as flowers. Exotic Picotins exist in ostrich, alligator and lizard, the lizard usually in the Micro size.

The entry ticket

The Picotin is not a quota bag, and guides repeatedly call it a first step into Hermes for buyers who later pursue a Birkin or Kelly. In August 2025 a guide listed the Clemence Picotin 18 at $3,725 in the US and EUR 2,600 in Europe, the Picotin Cargo 18 at $4,600, the Clemence 22 at $4,025, and a matte alligator Micro 14 at $23,700. A January 2026 guide put the Clemence Picotin 18 at about $3,975 after that year's increases.

The 18 is the size people buy. One major auction house says it has sold nearly $2 million of Picotin bags since 2021, with the 18 accounting for about 75 percent of those sales. Its guide says store-fresh examples typically trade at $4,500 to $5,500 and older ones at $3,000 to $3,500, depending on color, date stamp and condition.

Listings on October 1, 2026, fit that pattern. The tracked bag, a 2020 Gold Clemence Picotin Lock 18 with palladium hardware in excellent condition, sold with its lock but without keys, was last listed at $3,865 and shown sold out. Unworn Clemence Picotin 18s were offered at $6,010 (Ciel), $6,060 (Bleu Pale) and $7,100 (Gris Misty, with full set), while a vintage Rubis example was offered at $4,580 and a Framboise one at $4,080. Exotics sit in another range: an unworn matte alligator Picotin 18 in black was offered at $37,970.

Simplicity as the point

Hermes sums up the Picotin's appeal in a line: 'Its simplicity inspires.' Without a lining, quota or logo on the outside, the bag shows off its leather and stitching, and it has stayed in the range for more than two decades.

Hermes does not publish production figures for the Picotin. Its current listing of the Picotin Lock 18, 22 and 26 in seasonal colors shows it remains in production.

The numbers

Dimensions: About 18 x 19 x 13 cm (7 x 7.4 x 5.1 in) by one guide; tracked example 5.25 in base, 7.5 in high, 7.25 in wide
Handle drop: 5.5 in (tracked example)
Material: Taurillon Clemence, a textured bull-calf leather
Color: Gold, a golden brown
Hardware: Palladium padlock
Construction: Unlined, central seam, adjustable closing tab, four protective feet
Production quantity: Not published by Hermes

Timeline

1837
Thierry Hermes founds the house in Paris as a harness and saddle maker.
1978
Jean-Louis Dumas takes over Hermes.
2000
An auction catalog dates a Gold Clemence Picotin Lock 18 to about this year.
2002
Hermes introduces the Picotin, by the account of two guides.
2006
Jean-Louis Dumas retires and appoints Patrick Thomas, the only chief executive from outside the founding family.
2017
Hermes introduces Maurice, a firmer bull-calf leather later used on the Picotin.
2020
The Picotin Lock 18 Pocket, or Picotin Cargo, launches; the tracked Gold Clemence Picotin 18 is made.
2022
The Picotin 14 Lucky Daisy appears in the Spring/Summer collection.
Aug 2025
A guide lists the Clemence Picotin 18 at $3,725 in the US.
Jan 2026
A guide puts the Clemence Picotin 18 at about $3,975 after the year's increases.
Oct 1, 2026
The tracked 2020 Gold Clemence Picotin Lock 18 is shown sold out at a last listed $3,865.

The world in 2002

Jan 1, 2002
Euro coins and banknotes go into circulation in the eurozone.
Feb 8, 2002
The Winter Olympics open in Salt Lake City.
May 20, 2002
Timor-Leste regains its independence.
Jun 30, 2002
Brazil beats Germany 2-0 in the World Cup final, with Ronaldo scoring both goals.
Jul 1, 2002
The Rome Statute comes into force, establishing the International Criminal Court.
Jul 9, 2002
The African Union replaces the Organisation of African Unity.

Price record

$1,000$10,000$100,000

Date	Price	Kind
Oct 1, 2026	$3,865	Asking price, not a sale2020 Gold Taurillon Clemence Picotin Lock 18, palladium hardware, excellent condition, lock included but no keys; last listed price, shown sold out.
Oct 1, 2026	$6,010	Asking price, not a saleUnworn Clemence Picotin 18 in Ciel.
Oct 1, 2026	$6,060	Asking price, not a saleUnworn Clemence Picotin 18 in Bleu Pale.
Oct 1, 2026	$7,100	Asking price, not a saleUnworn Clemence Picotin 18 in Gris Misty, full set.
Oct 1, 2026	$4,580	Asking price, not a saleVintage Clemence Picotin 18 in Rubis.
Oct 1, 2026	$4,080	Asking price, not a saleClemence Picotin 18 in Framboise.
Oct 1, 2026	$37,970	Asking price, not a saleUnworn matte alligator Picotin 18 in black, full set.

This is an asking price, not a sale. It is what a seller wanted on the date shown. Asking prices often sit above what buyers pay, but an ask is not a ceiling: a sale can land on either side of it. It is not a value.

By reference price, Hermes Picotin Lock 18 is number 51 of 100 in the handbags entries of the FLOAT 100. 19 of those 100 rest on a realized sale; the rest carry an asking price or a guide value, and each page says which. Rank within the FLOAT 100 itself (26 here) is editorial: how much an object defines its field, not price alone.

Did you know

A picotin is an old French measure of oats for a horse.
The bag's shape copies a horse's feed bag.
Early Barenia Picotins had no padlock at all.
The Hermes heat stamp on a Picotin hides at the bottom of the inside, not on the outside.
One auction house says the 18 accounts for about three-quarters of its Picotin sales.
Hermes has not officially offered a shoulder strap for the Picotin, though owners add their own.

How this page is made

The figure: One reference price, shown with its own kind. FLOAT does not average it with anything or adjust it for time.
Realized or not: A realized price is a completed sale. An asking price, an estimate and a price-guide value are not sales, and are labeled as such wherever they appear.
The story: Researched from published records and checked fact by fact. Updated Oct 1, 2026.
Archive: Oct 5, 2026