Crazy: A $39,000 backpack. Crazier: It's sold out

This $39,000 backpack is sold out! (Photo: TheRow.com)This $39,000 backpack is sold out! (Photo: TheRow.com)When Mary-Kate and Ashley Olsen announced their newly designed $39,000 alligator-skin backpack in July, we were kind of sad. Even if backpacks were going to make a fashion comeback (and, to be honest, we were hoping they weren't) it seemed like one that cost as much as a year's college tuition might be a hard sell during a recession.

Apparently, we were wrong.

"It was the first thing that sold off the shelf," Ashley Olsen told Women's Wear Daily during a Paris cocktail party to celebrate the launch of their new handbag collection for their brand, The Row. In fact, they're struggling to keep up with demand, CNN reports.

But what about the price tag? The wealthy waifs point out that "extreme luxury" tends to sell well when economic times are tough. "During our last economic crisis in the U.S., the only thing that went up was Hermès," Ashley said. Indeed, financial experts have said that the high-end designer seems "almost immune to the financial crisis-at least in handbags."

Demand for Hermes $10,000-to-$50,000 Birken bags led to has tucked a cool $35 knock-off tote; maybe The Row will start offering a faux-alligator version at a fraction of the price.

Would you pay $39,000 for a fancy backpack?