Handbag sold for Rs.2 crores

$415,000 (Rs. 2,78,05000), yes it absolutely for that much, a handbag was sold at Christie's 30th Asia anniversary auction in Hong Kong. 

A private Asian collector has sold the matte white Himalayan Niloticus Crocodile Diamond Birkin 30 by Hermes with 18k white gold and diamond hardware. As of now, this is the most expensive handbag sold at auction in the world.

Originally, the bag was produced in 2008 and retailed in 2009. In the beginning, it was expected to get sold for a price of between $263,000 and $359,000. But for the price it was finally sold, really surprised the people around.

What do the people with such an expensive bag do? Can they use it as any other normal bag, wearing on the shoulder and moving out to the shop? No, not really.   

Speaking about the bag, Christie's senior Asia vice-president of handbags and accessories, Matthew Rubinger, said it's so unique, making it a collector's item.

“It is about rarity. So how many exist? How many are being produced? Whether it's discontinued. It's similar to watches. There are very collectible contemporary watches. There are very collectible vintage watches. There are some that could have been produced in the last two or three years. But just because of their rarity, their iconic status, their handful of other factors. They can be extremely collectable,” he said.

Hermes Birkin bags better than gold

Investment on Hermes Birkin bags is better than the investment on gold, the study says, as these bags have, “increased in value year on year, offering an average annual increase in value of 14.2 per cent”.

“However, unlike the S&P 500 and gold markets, the value of Hermes Birkin handbags has never fluctuated downwards and has steadily and consistently increased. The bags experienced a peak surge in value in 2001, increasing in value by 25 per cent, and with the lowest increase in 1986 when the value went up by 2.1 per cent.”

Jane Birkin, a popular Hollywood actress once was travelling on the same flight, where Hermes boss Jean-Louis Dumas was. She, during the conversation, said that, she was finding tough to get a good leather weekend bag. Hermes then thought of this popular bag and thus it was named as Hermes Birkin.