What am I bid? Prices go through the roof at Christie’s handbag auction

A Hermès or a Birkin is now a high-performing investment as well as a fashion statement after years of record prices

It was standing room only in Christie’s Hong Kong auction house this week as buyers from around the world clamoured to bid for a white crocodile skin Hermès Birkin handbag encrusted with 10.23 carats of diamonds. After a tense few minutes of bidding, the bag sold to a telephone bidder for a record-breaking HK$2.9m (£293,000).

Rare and expensive handbags – especially super-de-luxe French labels like Hermès and Chanel – are the new must-have collectable for the super-rich, with some women, including Victoria Beckham, owning hundreds of the most sought-after bags.

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