09/05/2014 09:40 EDT | Updated 09/05/2014 09:59 EDT

World's Most Exclusive Handbag Comes With A Hefty Price Tag

STAN HONDA via Getty Images
TO GO WITH AFP STORY by Brigitte DUSSEAU, USA-auction-fashion-luxury A rare Hermes 25 cm (9.8 inches) matte white Himalayan Nilo crocodile Brikin bag with palladium hardware (L), an Hermes limited edition Noisette Gulliver leather Quelle Idole Kelly doll bag (C) and an Hermes Extraordinary Collection 25 cm (9.8 inches) shiny black Nilo crocodile Birkin bag with 18 karat white gold hardware and diamonds (R), are displayed at Heritage Auctions April 7, 2014 in New York. These and other handbags will be sold by Heritage on April 28 at their Luxury Accessories Signature Auction. AFP PHOTO/Stan HONDA (Photo credit should read STAN HONDA/AFP/Getty Images)

Most of us don't make $200,000 in even a year but for a very lucky few, that much money can buy them the world's most exclusive handbag.

An Hermes Birkin bag, valued at around $200,000 U.S. is going up for auction later this month and experts say it could very well smash the previous world record for a handbag paid in 2011 (that particular handbag—a red Hermes Birkin—sold for just over $200K).

This high-end accessory— a 30cm Diamond, Matte Himalayan Nilo Crocodile Birkin bag—is made from crocodile skin with 18-carat white gold clasps and encrusted with a whopping 245 diamonds.

Kathleen Guzman, managing director at Heritage Auctions, which is selling the bag, told the Daily Mail that the Birkin is, "possibly the rarest and most desirable handbag in the world.

"This is the only time that a bag of this calibre has appeared on the luxury re-sale market. This is a dream piece for the collection of true Hermes aficionados."

Even regular-priced Birkin bags are pricey and hard to come by. Famous for their years-long waitlists and extravagant costs, the iconic bags are usually seen hanging off the arms of celebrities such as Jessica Simpson, Kim Kardashian and Victoria Beckham, who is famous for her 100-strong Birkin collection that's valued at almost $2 million.

Seems like an awful lot of money to be spending on a bag but who are we to judge?

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