The most expensive handbags serve not only as accessories but as coveted collectibles valued for their rarity and prestige.

Luxury handbags have evolved from being merely functional accessories to becoming true works of art and status symbols.

The owner of Louis Vuitton and Dior lost its position on Tuesday as Europe’s largest luxury company in terms of market capitalization after being overtaken by Hermès.

A former production supervisor who often travelled to the site, said Louis Vuitton mostly used the Texas plant for less sophisticated handbag models, producing its most expensive products elsewhere.