HONG KONG, China — Christie's set the record auction price for a handbag, selling a Birkin adorned with 18-karat gold and 10 carats of diamonds for HK$2.94 million ($380,000).

The matte white crocodile-skin purse, made by Hermès International SCA in 2014, was sold to an unidentified bidder in a sale in Hong Kong, Christie’s said in a statement Wednesday. The price exceeded the top estimate of $258,000.

Auctioneers have been making a slew of new records as prices for rare items increase. Sotheby’s set the record auction price for a pair of earrings earlier this month, selling a duo of blue and pink diamond jewels for $57 million in Geneva. Phillips also recently set the record for a Rolex.

By Thomas Mulier; editors: Eric Pfanner, Paul Jarvis.