A handbag? For just $380,000 it's yours!

World
Europe

A diamond-encrusted crocodile skin handbag made by Hermes featuring white gold detailing has broken the record for the world's most expensive ever sold at auction, fetching nearly 380,000 US dollars at a Hong Kong sale.

The rare Himalaya Niloticus Crocodile Diamond Birkin 30 went to an unknown phone bidder on Wednesday for 2.94 million Hong Kong dollars, a spokeswoman for auction house Christie's said.

The new record beats one set in Hong Kong last year, when an identical Hermes bag sold for 2.32 million Hong Kong dollars.

A Himalaya Niloticus Crocodile Diamond Birkin handbag with 18K gold and diamond hardware broke auction records in Hong Kong. /AFP Photo

Only one or two Diamond Himalayas are made each year, making it one of the rarest production runs for handbags, according to Christie's.

"It actually has been rumored that they will discontinue Himalayas altogether this year, which may be part of the reason that we've seen the increase in the value this season," said Matthew Rubinger, head of Christie's international handbags and accessories division.

A crocodile-skin Hermes Birkin handbag. /VCG Photo

Designer handbags are increasingly seen as investment opportunities and have become a craze for collectors, taking global auction houses by storm and chalking up record sale prices.

The handmade bag - described by the London-based auctioneers as "the most desirable handbag in existence" - is encrusted with diamonds, while the buckle and trademark mini Hermes padlock are made of 18 carat white gold. The bag was made in 2014 and is from Hermes' "Birkin" series, named after actress and singer Jane Birkin.

(Source: AFP)