The 2008 Hermes Birkin bag, with an 18-carat white gold diamond encrusted lock, exceeded its listed price of £100,000 – £150,000. The 10-year-old bag, made of Nile crocodile skin is 30 cm wide and was said to be in “grade-two condition” with no obvious flaws, went under the hammer at Christie’s on Tuesday.

It is the “undisputed most valuable bag in the world,” Christie’s said.

The Himalaya Birkin bag, which features an 18-carat, white gold, diamond-encrusted lock, exceeded its list price of £100,000-£150,000. The record for a bag sold at auction – also a Hermes Birkin – is £253,700 ($380,000), set in Hong Kong in 2017.

Himalaya refers to the bag’s colour, which is said to resemble the snowy Asian mountain range, while Birkin is in honour of the singer and actor Jane Birkin.