Diamond-encrusted handbag sold for $300 000, a world record

A diamond-encrusted crocodile-skin Hermes handbag with white gold details has broken the record for the world's most expensive ever sold at auction, fetching nearly $300 000 at a Hong Kong sale.

The rare Himalaya Niloticus Crocodile Diamond Birkin 30 went to an unknown phone bidder late on Monday for HK$2.32m ($298 655), beating a pre-sale estimate of $2m, "the auction house Christie's said.

Designer handbags are increasingly seen as investment opportunities and are the latest craze for collectors, taking global auction houses by storm and scoring record prices.