Hermes Birkin diamond encrusted 'crocodile skin' handbag auctioned off at $380,000 in Hong Kong

A matte white Hermes 'crocodile skin' Birkin bag on Wednesday sold for a record $380,000 in Christie’s Hong Kong outpost. The luxury handbag which was produced in 2014, has 18 karat gold buckles and strap loops encrusted with 205 diamonds.

The auction house didn't identify the buyer but it sold off for 2.94 million Hong Kong dollars ($380,000) after 15 minutes of intense bidding from phone and online buyers, which is a record for any handbag sold at auction.

The price surpasses the record set a year ago when Christie's auctioned a similar Birkin bag for $300,000.