The year is 1984. It’s a quiet flight from Paris to London, and French actress Jane Birkin is surreptitiously seated next to Jean-Louis Dumas, the then CEO of Hermes. After witnessing the spilling of her things from her signature straw bag, Dumas jokes that she needed a bag with pockets. The actress vowed to give up her favoured straw bag the day Hermes came out with an everyday bag big enough for everything a mother could carry around. And thus, on the back of a paper bag, Dumas sketched the first drafts of what would become the world’s most coveted handbag to this day:

The Birkin

Released a year later, the bag was roomy and spacious as promised, with clean, minimalistic lines, complete with Hermes’ signature saddle stitch and a lock to easily secure it. Though it was originally released to an underwhelming public reaction, by the 90s, the bags’ popularity began to rise, pushing out the Chanel bags dominating the market at the time. In 2001, an episode of Sex and the City sent the bag’s popularity skyrocketing when Samantha uttered the immortal words: “It’s not a bag — it’s a Birkin!”

And the rest was history. The Birkin took its place as the ultimate luxury handbag, and pop culture only cemented it further. Victoria Beckham made headlines for her collection of over 100 Birkin. The world laughed at Rory Gilmore when she didn’t know what one was. More than just an accessory, the bag was now a status symbol worn over your shoulder. Hermes never advertises for it, its name is enough to sustain its popularity. But why? What separates it from any other high-end bags, like the Prada Cleo or the Chanel Flap? Even Hermes’ other bags, like the Kell, aren’t held in as high regard. You know, why don’t you just go into a Hermes store and buy one, see what all the fuss is about?

Oh, that’s the thing- You can’t.

Even if you have the money to look at the Birkin’s price tag without fainting, you can’t just walk in and buy one. Build a relationship as a consumer with the brand, and then maybe, just maybe, Hermes will offer you the opportunity to buy a Birkin. And that, dear reader, is where the appeal of the bag comes from. How shiny your credit card is no longer matters. It can take months, even years, of being a loyal customer to Hermes before you’re offered a Birkin. For most people, a purchase history with the brand is essential, in the form of furniture or clothing. Dubbed as ‘Birkin Bait’, the practice is a slow series of purchases, each one taking you just a little closer to the winning prize. Not to say that this practice isn’t controversial. A pair of Californian Hermes customers launched a lawsuit against Hermes for “illegally [forcing] customers to spend thousands of dollars on ancillary products to gain access to the bag”.

Those of you with an eye for opportunity might want to look twice at the Birkin. While it might sound ludicrous, this handbag that begins at $11,000 is actually an investment. A safer one than stocks or gold in fact. Thanks to their scarcity, the second-hand markets for these bags absolutely adore them and are willing to pay well above retail for them. The bag’s values skyrocket the second they leave the store, and only appreciate over time. If you’re looking for a safe investment, this is it. You might just have to… wait a while.

Now, Hermes itself claims this limited supply is due to the immense amount of time and dedication it takes to craft just one bag. Each bag is made from start to finish by a single craftsman. They’d rather take their time and ensure the quality of their work over volume. In an interview with 60 Minutes, Hermès’s artistic director, Pierre-Alexis Dumas, was asked why they couldn’t simply ramp up production. He replied: “We are about craft, not machinery. You will wait for what we create, or you don’t want it.”

A commendable ethos, no doubt. But most believe it’s nothing more than an artificial scarcity from the company, made to generate demand. After all, it’s basic psychology. We desire what we can’t have. Want to have the whole world clamouring for your bag? Tell them they’re not allowed to buy it, no matter how much money they have.

Whatever the reason, it worked.

Because it’s not just a bag, it’s a Birkin.