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This Birkin Bag Just Sold for $380,000 at Auction

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This Hermès bag just became the most expensive bag ever sold at auction.

Following 15 minutes of intense bidding, the 2014 Hermès’ Himalaya Birkin bag sold for $380,000 at an auction at Christie’s Hong Kong outpost — beating out the previous record of $300,000 also held by Hermès.

The luxury handbag features matte white crocodile skin and diamond-encrusted, 18-karat gold buckles and strap loops, according to the Associated Press.

It gets its name from its distinctive color, which fades from gray to white like the Himalayan mountain range. The unique color scheme also contributes to the high demand of the bag, with the company reportedly only making one or two Himalaya bags per year because of how long it takes to dye the crocodile skin.

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Birkin bags, created and named for iconic chanteuse and fashion muse Jane Birkin, have been a longtime luxury legend, boasting astoundingly long waitlists and a cult following despite its hefty price tag. In fact, the bag has been touted as a better long-term investment than stocks or gold.

A Himalaya Birkin purse made in 2008 was also the previous record holder for world’s most expensive bag.

This article originally appeared on Time.com