Those Olsen twins have a bit of a rep for steep prices, but when Mary Kate and Ashley brought out their $39,000 alligator skin backpack we thought it would be the most expensive handbag ever. How wrong we were. Now the designing duo have splattered their classic backpack with prescription pills and notched the price up to an eye-watering $55,000 - that's about £34,000 at today's exchange rate. Yikes. But wait, these aren’t just any old pills, THIS is the work of artist Damien Hirst.

The backpack is one of 12 being sold on behalf of Just One Eye, with designs including Mr Hirst's signature coloured spots as well as large gold polka dots. £34K for a handbag may be breathtaking, but let's not forget the artist's work can fetch up to £3 million, so you could argue this is an affordable piece of modern art, or something. What's more, each backpack is signed by Damien and a portion of the money will go to UNICEF, although the amount is at the artist's discretion. Just One Eye co-founder Paola Russo said: "We are longtime admirers of both Damien and The Row's work. Our main focus here is to nurture work between artists working in different mediums. We couldn't have dreamed of a better way to debut this series of partnerships."

So who will buy these super pricey backpacks? Ashley Olsen told WWD that the snazzy backpack was "the first thing that sold off the shelf". Really? She, for one, thinks that people will invest in luxury during an economic crisis. "During our last economic crisis in the U.S., the only thing that went up was Hermès," she explained.

Of course, art and fashion collabs have always been huge. Think Rob Pruitt and Jimmy Choo, Louis Vuitton and Yayoi Kusama and Christian Dior and Anselm Reyle to name but a few. And this isn't the first time that Damien Hirst has branched out for a fashion collab - back in 2008, he created a 40-piece capsule collection with Levis called Warhol Factory X Levi's Damien Hirst. And guess who was sat in the FROW for the Levi's Damien Hirst show during New York Fashion Week? Yep, you guessed it, Mary Kate Olsen. Perhaps the teeny twin was already plotting her own collaboration with the artist?

In case you have a spare thirty-four thousand pounds lying around, the bags go for sale this month on Just One Eye. Get them on your Christmas list pronto.