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This Hermès Bag Just Broke The Record For Most Expensive Handbag of All Time

* This luxury handbag just became the most expensive bag in the world
* Beats record set last in 2016 by 25%
* Composed of rare crocodile leather and encrusted with 208 diamonds

A new record in handbag history has been made. On Wednesday, a matte white Crocodile Birkin bag by Hermès became the most expensive bag auctioned of all time.

At a Christie’s auction in Hong Kong, an anonymous bidder purchased the bag for a whopping $380,000, the AP reports. Last June, another crocodile Hermès Birkin bag of a similar style, was auctioned for $300,000. This year’s winning bid exceeds last year’s record by 25%.

According to the South China Morning Post, the auction process was heated and intense—lasting over 15 minutes with bids being placed at staggering paces from both online, telephone, and in-room bidders.

For reference, a normal Birkin bag model retails for about $12,000. What’s so special about this particular bag? Produced in 2014, this style is constructed with an incredibly rare Himalaya Niloticus Crocodile Retourné leather and is accented with 18-karat gold, diamond-encrusted hardware.

The Birkin bag named after Jane Birkin, earned its esteemed reputation in the luxury fashion world due to its unparalleled timelessness that transcends the appeal of your seasonal “it-bag.” In fact, according to one study conducted by Baghunter, spending your money on an Hermes Birkin bag is apparently a smarter move than investing in the S&P 500 or gold, giving the concept of a “investment bag,” a whole new meaning.

The winning bids outnumbered pre-sale estimates by a long shot too. Before the auction, experts predicted that the bag would sell for about $192,500 and $256,700 USD.