Ask any handbag lover why an Hermes Crocodile Birkin with White Gold & Diamond Hardware is the most expensive bag ever sold at an auction and he or she will tell that it is because the bag is a rare find.

Birkin bags are handmade treasures by Hermès. The bags are somewhat symbols of great wealth because they are not easily obtained by the public. The bags were named after English-born actress and singer Jane Birkin and can typically fetch a price of as low as $9,000 to as high as $150,000, according to reports.

The price of the Birkin increases depending on the material it is made from.

On Dec. 6, an anonymous bidder decided to pay $203,150 for a red Hermes Crocodile Birkin with White Gold & Diamond Hardware sold by Heritage Auctions in Dallas. This transaction has broken the record for the sale of a handbag at auction.

Start the slideshow to see the prized possession.

The 203,150 Herms Diamond Birkin Purse
Heritage Auctions has announced that an anonymous bidder on Dec. 6, paid $203,150 for a red Hermes Crocodile Diamond Birkin handbag. The bag, which has solid 18-karat white gold and diamond hardware, was sold at Heritage Auctions in Dallas, Texas. Heritage Auctions' Web site
The 203,150 Herms Diamond Birkin Purse
Heritage Auctions has announced that an anonymous bidder on Dec. 6, paid $203,150 for a red Hermes Crocodile Diamond Birkin handbag. The bag, which has solid 18-karat white gold and diamond hardware, was sold at Heritage Auctions in Dallas, Texas. Heritage Auctions' Web site
The 203,150 Herms Diamond Birkin Purse
Heritage Auctions has announced that an anonymous bidder on Dec. 6, paid $203,150 for a red Hermes Crocodile Diamond Birkin handbag. The bag, which has solid 18-karat white gold and diamond hardware, was sold at Heritage Auctions in Dallas, Texas. Heritage Auctions' Web site
The 203,150 Herms Diamond Birkin Purse
Heritage Auctions has announced that an anonymous bidder on Dec. 6, paid $203,150 for a red Hermes Crocodile Diamond Birkin handbag. The bag, which has solid 18-karat white gold and diamond hardware, was sold at Heritage Auctions in Dallas, Texas. Heritage Auctions' Web site
The 203,150 Herms Diamond Birkin Purse
Heritage Auctions has announced that an anonymous bidder on Dec. 6, paid $203,150 for a red Hermes Crocodile Diamond Birkin handbag. The bag, which has solid 18-karat white gold and diamond hardware, was sold at Heritage Auctions in Dallas, Texas. Heritage Auctions' Web site
The 203,150 Herms Diamond Birkin Purse
Heritage Auctions has announced that an anonymous bidder on Dec. 6, paid $203,150 for a red Hermes Crocodile Diamond Birkin handbag. The bag, which has solid 18-karat white gold and diamond hardware, was sold at Heritage Auctions in Dallas, Texas. Heritage Auctions' Web site
The 203,150 Herms Diamond Birkin Purse
Heritage Auctions has announced that an anonymous bidder on Dec. 6, paid $203,150 for a red Hermes Crocodile Diamond Birkin handbag. The bag, which has solid 18-karat white gold and diamond hardware, was sold at Heritage Auctions in Dallas, Texas. Heritage Auctions' Web site
Gold Gold