ADVERTISEMENT

This handbag just sold for nearly £293,000, becoming the most expensive in the world

In the world of handbags, there's nothing as coveted as a Birkin.

A 2014 Hermès Birkin handbag has just become the most expensive in the world, selling for 2,940,000 HKD (£292,994 or $377,317) at a Hong Kong auction.

ADVERTISEMENT

Called "exceptional" by Christie's auction house, the matte white handbag made of "Himalaya Niloticus" crocodile skin has 18 karat white gold and VVS clarity diamond hardware on the fastener.

It was estimated to sell for between 1,500,000 (£149,431) and 2,000,000 HKD (£199,241), but was sold for above its asking price at 2,940,000 HKD (£292,994) to an anonymous buyer.

The handbag comes with a clochette, lock and keys, two dustbags, a leather pouch, a ribbon, and two boxes.

ADVERTISEMENT

This isn't the first time a Birkin has drawn attention at an auction house.

In June 2015, a similar fuscia crocodile model of the bag sold for $221,763 (£172,203) at Christie's Hong Kong. Before that, the auction record for a handbag was $203,150 (£157,750), for another Birkin bag at an auction in New York in 2011, according to The Wall Street Journal.

The now classic Birkin shape was first introduced in 1984 after a chance meeting between British singer and actress Jane Birkin and the then president of Hermès, Jean-Louis Dumas, according to South China Morning Post.

Birkin had complained she "could not find a bag that was both elegant and practical." However, now 70, she recently told the BBC "she rarely uses the bag" and "often overfills the bag, making it 'very heavy.'"

In 2015, she even asked Hermes to remove her name from the bags, because she was troubled by the "cruel practices" used to kill the crocodiles for the bags, according to CNN Money.

ADVERTISEMENT

Still, there is currently a six-year waiting list to acquire a new one, and it takes at least 48 hours to create a Birkin by hand, according to South China Morning Post.

Last year, a study from Baghunter showed that over the past 35 years, Birkin bags have increased in value by over 500%. Never decreasing over the years, while gold and the S&P 500 have, the study said that the Birkin was a "historically safer investment than a stock market."

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

10 most dangerous African countries in 2024

10 most dangerous African countries in 2024

Russia’s nuclear influence expands further north of Africa

Russia’s nuclear influence expands further north of Africa

ADVERTISEMENT