At the recent Christie's auction in Hong Kong, a fuchsia-coloured crocodile-skin Hermes bag became the most expensive handbag auctioned, selling for US$222,912, 15 percent more than the auction house’s estimate. The price tops the previous record of US$203,000 set in 2011.

"With its 18k white gold and diamond hardware, Hermès Shiny Fuchsia Porosus Crocodile Diamond Birkin 35 dazzled the crowds, achieving a HK$1.72 million record," Christie’s said in the statement.

The bag, part of the “Birkin” series named after British-born French actress and singer Jane Birkin, features a gold and diamond-encrusted clasp and padlock and is 35 centimetres in width and 25 centimetres in height.