A mysterious bidder spent $125,000 on a one-of-a-kind Hermès handbag at a private auction earlier this month, making it the world's most expensive handbag.
The crocodile and Togo leather bag sold for over double its modest estimate of $50,000 at the Holiday Luxury Signature Auction in Dallas, Texas. Experts say it would have originally retailed for about $60,000. But in one full bid, an anonymous buyer swept it up, reports the Daily Mail.
"All Hermès lovers have to hear is that this bag is one-of-one and they will know that it is an extraordinary piece," says Matt Rubinger, the director of luxury accessories with Heritage Auctions. "It could be the world's most collectible bag."
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According to the Heritage Auctions website, the Geranium Porosus bag was designed by Christian Astuguevieille, a French artist that participated in Hermès' Petit H Workshop - an endeavour that gathers designers to repurpose rare materials for the brand.
The "Geranium Porosus" handbag features five built-in feet attached to the iconic Kelly bag.
It was sold at a two-day auction on Dec 10-11 along with other designer bags from a selection of brands including Hermès, Chanel, and Louis Vuitton.
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Other highlights of the auction include the sale of another Hermès bag, which also featured crocodile skin with palladium hardware and sold for $65,625.
Rubinger says the event spurred purchases from handbag lovers who never thought of themselves as collectors.
"Now many of them are seeing that their love for handbags is justified — this is a viable, vibrant place to put investment level money right now," he says.
If you had enough disposable income, would you invest in a multi-thousand dollar bag? Share your thoughts in the comments below.