Exceeding its list price of £100,000-£150,000, a second-hand diamond encrusted Hermès Birkin sold for an unbelievable £162,500 in London. This effectively makes it the most expensive handbag ever sold at an auction in Europe, reports The Guardian.

The decade-old bag is in “grade-two condition” and is made of Nile crocodile skin. That’s not all, however – one of the most desirable features of the bag is that it includes an 18-carat, white gold, diamond-encrusted lock.

The Metro reports that a blue version of the bag had sold for £100,000 at the same auction, around twelve years ago in 2006. However, this nude Himalaya Hermès Birkin beat its sister by a large margin. The Birkin, named so after actress and singer Jane Birkin, is one of the most coveted bags in the world with celebrities like Kim Kardashian and Victoria Beckham favouring the iconic accessory. Needless to say, the waiting lists for this bag are ridiculously long.

The story goes that Jane Birkin met the chief executive of Hermès on a flight and following this meeting, he asked if he could fashion a bag and name it after her. The Guardian reports that the songstress was reportedly “flattered to death” and replied: “Yes, yes, yes.”

However, though it set a record in Europe, the bag couldn’t beat the one set at an auction in Hong Kong last year where another Birkin had fetched £253,000. That is the “undisputed most valuable bag in the world”, Christie’s said, according to The Guardian.

(Featured image credits: Christie’s)