A designer handbag just set a new record for its outrageous price

A designer handbag just sold for a record-setting $221,763 at a Christie's auction in Hong Kong. 

The crocodile Hermès Birkin bag is the most expensive handbag ever sold at auction, Bloomberg reports. The bag is fuscia with diamond and gold hardware.

The previous auction record for a handbag was $203,150 for another Birkin bag at an auction in New York in 2011, according to the Wall Street Journal.

The new record comes at a tough time for the luxury industry in China. 

Designer labels such as Chanel and Gucci have been dropping prices to boost sales in the region, the Journal notes.