Mary-Kate and Ashley Olsen

Celebrity Fashion & Style - Did Mary-Kate and Ashley Olsen design a handbag that has a whopping $55,000 price tag?

Yes! - the Olsen twins have lent their talents on a project that produced a bag that costs $55K!

The designer siblings teamed up with renowned artist Damien Hirst to create the limited-edition backpack for their upmarket fashion line The Row, which has been dubbed ''wearable art''.

There are only 12 bags available and each bag features black patent, Nile crocodile leather and is adorned with various designs (like pills or gold circles) courtesy of Damien.

Last year, the stylish twins designed a $39,000 alligator backpack, which was the first item to sell from their new handbag range.

The former child stars were thrilled with the sale of the controversial bag, with Ashley noting that luxury items perform well during uncertain economic times.

She said: ''It was the first thing that sold off the shelf. During our last economic crisis in the U.S., the only thing that went up was Hermes.''

As well as The Row, Mary-Kate and Ashley also have two other fashion ranges, Elizabeth + James and Olsenboye.

© Bang Showbiz