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Thatcher handbag sold for US$ 40,000

Report

She may have styled herself as the Iron Lady, but in fact it was this shiny black leather accessory that became her most iconic trademark. A member of her cabinet once said that she used the handbag not as a shield but as a weapon.

Thanks to Margaret Thatcher, the word 'handbagging' has entered the English language to describe the former prime minister's abrasive style in dismissing those she disagreed with or who incurred her displeasure.

This particular bag, made by the firm Asprey of Bond Street in London, was used by Margaret Thatcher for over 30 years. It was large enough to hold state papers when required.

Partly because of this, the handbag was expected to fetch up to US$ 160,000. In the event it went for only a quarter of that sum. Forty grand is still quite a lot of money for a purse, but could it be that the Iron Lady's handbag is finally losing some of its power?

Gabriel Gatehouse, BBC News