<p>A designer handbag just sold for a record-setting $221,763 at a Christie's auction in Hong Kong.&#xa0;</p><p>The crocodile&#xa0;Hermès Birkin bag is the most expensive handbag ever sold at auction, <a href="http://www.bloomberg.com/news/articles/2015-06-01/hermes-birkin-handbag-sells-for-record-223-000-in-hong-kong">Bloomberg reports</a>. The bag is fuscia with diamond and gold hardware.</p><div><div><blockquote class="twitter-tweet" lang="en"><p>Oooo, "<a href="https://twitter.com/WSJ">@WSJ</a>: Hermès Birkin handbag w/diamonds fetched record $221,846 at Christie's auction <a href="http://t.co/XAXcyudPtq">http://t.co/XAXcyudPtq</a> <a href="http://t.co/JjipipVkJQ">pic.twitter.com/JjipipVkJQ</a>"</p>- Sandra Pakosh  (@sandrapakosh) <a href="https://twitter.com/mims/statuses/605344867271774208">June 1, 2015</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div></div><p><span style="line-height: 1.5em;">The previous auction record for a handbag was&#xa0;$203,150 for another Birkin bag at an auction in New York in 2011, according to the </span><a href="http://www.wsj.com/articles/hermes-birkin-bagged-for-record-price-at-christies-hong-kong-auction-1433149955">Wall Street Journal</a><span style="line-height: 1.5em;">.</span></p><p>The new record comes at a tough time for the luxury industry in China.&#xa0;</p><p>Designer labels such as Chanel and Gucci have been dropping prices to boost sales in the region, the Journal notes.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/mcdonalds-secret-menu-real-test-land-sea-air-burger-2015-5">We tried all the burgers on the McDonald's 'secret menu'</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ozd3BocToG1In80punEt3-Xi9shExYMt" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'ozd3BocToG1In80punEt3-Xi9shExYMt',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

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A designer handbag just set a new record for its outrageous price

A designer handbag just sold for a record-setting $221,763 at a Christie's auction in Hong Kong.&#xa0;The crocodile&#xa0;Hermès Birkin bag is the most expensive handbag ever sold at auction, Bloomberg reports. The bag is fuscia with diamond and gold hardware.Oooo, "@WSJ: Hermès Birkin handbag w/diamonds fetched record $221,846 at Christie's auction http://t.co/XAXcyudPtq pic.twitter.com/JjipipVkJQ"- Sandra Pakosh (@sandrapakosh) June 1, 2015The previous auction record for a handbag was&#xa0;$203,150 for another Birkin bag at an auction in New York in 2011, according to the Wall Street Journal.The new record comes at a tough time for the luxury industry in China.&#xa0;Designer labels such as Chanel and Gucci have been dropping prices to boost sales in the region, the Journal notes. NOW WATCH: We tried all the burgers on the McDonald's 'secret menu' if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'ozd3BocToG1In80punEt3-Xi9shExYMt',{ autoplay: 'false' }); }); Please enable Javascript to watch this video (function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }());

A designer handbag just sold for a record-setting $221,763 at a Christie's auction in Hong Kong. &#xa0;The crocodile&#xa0;Hermès Birkin bag is the most expensive handbag ever sold at auction, Bloomberg reports.

A designer handbag just set a new record for its outrageous price

Hayley Peterson

NOW WATCH: We tried all the burgers on the McDonald's 'secret menu'

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