Every season a new It Bag comes out that fashionistas the world over absolutely adore. The waiting list is often long for these bags, as only a certain amount are made in order to preserve how rare and valued these bags are.

Every once in awhile, one of these It Bags is so extravagant that some wonder if the It craze has gone too far. Because of this trend, Forbes has started releasing a list of the most extravagantly-priced handbags that can be found on the luxury market today.

Topping the latest list is a bag worth an astounding $261,000. The Chanel "Diamond Forever" bag won't even debut on these shores until sometime after the December unveiling. But it is already causing a stir.

Part of the allure of the bag is the rare diamonds that adorn the bag, made of white crocodile and features nearly four carrots of diamonds set in white gold hardware. It's a very pretty bag but you can buy a house in most areas for that amount. Or carry this bag. Which would you choose? Oh, and good luck getting one if you do have that kind of cash sitting around. There are only 13 that will be made available, with five of them being in the US.

With that kind of price tag, the Leiber Precious Rose bag at only $92,000 for over 1,000 diamonds and nearly 1,200 pink sapphires seems like a bargain.