A Hermes Birkin bag sold for $380,000 (N144.4 million) at an auction on Wednesday, setting a record for the most expensive handbag ever.

The bag, a matte white “Himalaya” crocodile skin Hermes Birkin bag, was sold in Hong Kong by auction house Christie’s.

It has 18 karat gold buckles and strap loops encrusted with 205 diamonds, and was produced in 2014.

ALSO: VIDEO: Awilo Logomba, Tiwa Savage & More Performances From #KSAat70

Christie’s says is a record for any handbag sold at auction. The record previously belonged to a similar 2008 Birkin bag, which sold last year for $300,000 (N114 million).

The price flew past the presale estimate of HK 1.5 million-2 million ($193,000-$258,000) during 10 to 15 minutes of intense bidding in the auction room and from phone and online buyers, Christie’s spokeswoman Gigi Ho said.

Himalaya Birkins get their name from the bag’s colour, which fades from smoky grey to pearly white, evoking comparisons with the mountain range. The company says they’re exceptionally rare, with only one or two believed to be made each year because of a time-consuming process to dye the crocodile skin.