Would You Pay $55,000 For The Olsens' New Handbags?

Mary Kate Olsen and Ashley Olsen have successfully transitioned from actresses to fashion designers, but their new line of handbags could test even their most diehard fans. Would you pay $55,000 for a new handbag?

The Olsens' new handbags are designed alongside Damien Hirst, the famous, and ofttimes controversial, British artist. The $55,000 price tag for the Olsen twins' handbags is hefty, but chances are many will not be able to get there hands on them, even if they could afford that price.

The handbags will have an extremely limited run. Only 12 of the Hirst/Olsen handbags will be manufactured and sold exclusively on Just One Eye. The 12 handbags will be sold on 12/12/12 (next Wednesday) and chances are they will sell out by the end of the day.

The Olsen/Hirst designed handbags are crafted of black patent leather from Nile crocodiles and adorned with pills of many different colors, sizes and shapes designed by Hirst. It's less of a handbag and more of a backpack and also features, according to Just One Eye, an “internal detachable handle, adjustable canvas straps, internal zip-fastening, slit pockets, and small gold-plated brass feet at base. Each backpack is fully lined in the highest quality leather and comes with metal mirror plate and case, as well as designer-stamped gold-plated brass hardware.” Each handbag will be signed by Hirst.

The “Prescription Pills” handbags will have attached pills that will come in two different colors. Fans of the handbag could get the Hirst-designed handbag with multicolored pills or black and gray.

According to Entertainment Weekly, the Olsens designed a $39,000 handbag last year for The Row, their fashion label. While they were initially mocked, the Olsens had the last laugh as the bags sold out instantly.