A handbag crafted from T-Rex leather, created by a Newcastle bioscience business, has failed to sell at auction despite garnering global interest. Scientists behind the one-off creation say the bag still supports the theory that ‘extinction is the new black’ and has accelerated talks with multibillion-dollar companies.
World-First Fashion Creation
Lab-Grown Leather Limited, part of Newcastle Helix and London Stock Exchange-listed BSF Enterprise PLC, engineered leather using reconstructed dinosaur collagen after collaborating with genomic engineering firm The Organoid Company. This resulted in the world-first fashion creation. Teaming up with Berlin-based techwear designers Enfin Leve, the ultimate luxury accessory was created – a handbag crafted from T-Rex Leather.
The company stated that their technology proves we could be just steps away from bringing leather purses, bags, belts, and all manner of other T-Rex goods to the market without harming a single animal. After being showcased for the first time at the Art Zoo in Amsterdam in April, Lab-Grown Leather announced they were putting the bag up for auction in Paris, making it a true collector’s item and the ultimate definition of a unique fashion item.
Global Campaign and Auction Outcome
The team enlisted global marketing agency VML Paris to carry out a sophisticated campaign, placing the bag front and centre before luxury, technology, and design audiences worldwide. News of the auction sparked global attention. Fashionistas wanting to get their hands on the bag prepared for a need for Diplodocus-deep pockets ahead of the auction, held last night at the historic Hotel Drouot headquarters in Paris. After a rigorous appraisal process, Drouot set an official estimate of €500,000 for the world-first luxury asset.
The Tyneside business warned that there was no guarantee that the auction would result in a sale – and that’s exactly what happened. BSF Enterprise announced to shareholders that bidding fell short of the reserve price. However, the bag is now set to be sold to wealthy collectors in a private sale.
Statement from the Company
The statement said: “The bidding concluded at €150,000, which was short of the Company and the Auction House’s reserve price, set to reflect the absolute historical significance and uniqueness of this first-of-its-kind asset. Consequently, the item was passed in.
“Following immediate post-auction demand, the Company confirms that the handbag has now been withdrawn from the public auction format and is being prepared for sale to a select group of high-net-worth collectors and institutions.
“Crucially, the corporate and brand interest in LGL’s underlying technology and material pipeline has not been diminished by the auction outcome. The global media campaign and public exhibitions achieved over the last two months have fundamentally proven the market appeal of ‘Extinction is the new black’ and supercharged active, high-level corporate pipeline discussions with multibillion-dollar Tier-1 companies.”
Future Targets and Developments
The company said it is targeting the sportswear and performance footwear markets, as well as the next-generation automotive design sector. LGL stated it “continues to advance its deep conceptual R&D discussions with a leading global sportswear giant exploring the future integration of bio-synthetic structural leather into elite, high-performance athletic footwear lines.”
The firm added: “The feedback from these corporate partners reinforces that their strategic interest is entirely focused on the structural integrity, scalability, and unique IP of the bio-leather platform - all of which were successfully demonstrated by the physical existence of the handbag.”
