In the echelons of handbag royalty, the Hermès Birkin stands unmatched. This ultimate representation of luxury continues to be the cherished object for those who enjoy the finer things in life. It is rumored that Victoria Beckham has a collection of approximately 100, coming with a hefty £1.5m ($2m) price tag.

Among the ranks of stars possessing Birkins, Kim Kardashian has been criticized for using one as a gym bag. Similarly, Kate Moss was seen using hers as a diaper bag. In a more outrageous episode, a $100,000 (£76,388) crocodile-skin Birkin was supposedly set ablaze and then halved with a chainsaw by Francesca Eastwood, Clint Eastwood’s daughter, as part of a supposed art project by her photographer boyfriend, Tyler Shields. This act allegedly led to death threats. Once the dust had settled, it was revealed that the bag was a counterfeit, an offense considered even worse.

Established in 1984, this legendary bag owes its name to the Paris-residing British actress Jane Birkin, who recently passed away at 76. Its birth was a serendipitous event, stemming from a conversation between Birkin and former Hermès CEO Jean-Louis Dumas during an Air France flight from Paris to London in the early ’80s. An upgraded passenger, Birkin found herself seated next to Dumas. When her bag’s contents fell out, Dumas suggested she needed a bag with pockets, initiating a conversation about her dream handbag. As per her recollection in a 2012 interview with The Telegraph, Birkin sketched out her ideal “handbag that is bigger than the Kelly but smaller than Serge [Gainsbourg]’s suitcase” on a barf bag. Thus, a handbag legend was born.

With its spacious interior and sleek-yet-sporty aesthetic, featuring handles designed for hand or wrist carry, and four studs at its base, the Birkin heralded a modern era for the traditionally classic fashion brand. Until this point, Hermès had been symbolized by the Kelly bag – a more ladylike, rigid, and boxy counterpart. The only other Hermès bag to bear a celebrity title, their Sac à Dépêches, was renamed in 1956 after Grace Kelly used it to hide her pregnancy, having first encountered it on the set of Hitchcock’s To Catch a Thief.

The Birkin has played a significant role in shaping Hermès into the fashionable house it is today. According to Jérôme Lalande, an antique dealer specializing in 20th-century leather goods, “It introduced Hermès to new markets and customers, but it also altered the typical Hermès client.” He has seen “hundreds and hundreds” of Kellys and Birkins pass through his hands during his career, both as a long-time collaborator of Hermès and as the bag and luggage expert at second-hand luxury goods specialists Collector Square, an e-boutique with a showroom on Rue Bonaparte in Paris.

Lalande observes that the Birkin wasn’t an instant success. Its popularity only soared in the late ’90s, at the onset of the It-bag era. Almost four decades post-launch, the demand has led to a shift from a waiting list to a wish list system. Lalande, who estimates there are roughly 200,000 Birkins in circulation, notes, “They don’t take orders anymore; you just have to hope.”

Brightly colored Birkins are the rarest, with pink or purple ones often selling in leather for between 12,000 and 16,000 euros (£9,000-£12,500). The bag’s rarity and price have made it a prime target for counterfeiters. An international crime ring producing Hermès fakes was busted by French police in 2012, with several Hermès staff members allegedly involved.

Interestingly, Birkin herself was the first to give the bag a casual makeover, covering it with badges, stickers, and worry beads, and criticizing its weight. “There’s no fun in a bag if it’s not kicked around… The cat may even be in it!” Birkin told Vogue.com. “I keep saying to Hermès to make it out of plastic or cardboard, then it wouldn’t be so heavy. But if people want to go for the real thing, fine. If they go for copies, that’s fine too. I really don’t think it matters…”

Birkin used her association with the extravagant item to her advantage, not only owning several in her lifetime, but also persuading Hermès to donate to her charities. “I was able to [use some of that money] to go to Japan for a benefit concert after the earthquake,” Birkin told WWD in 2011. “We use some of the money to feed the poor people who can’t afford to eat in France, and I sold one of my Birkin bags for $163,000 to help the Japanese Red Cross. So that rather trivial piece of heavy luggage has done a lot of good in the world.”