Since its inception more than a century ago, British Vogue has been fascinated by the infinite incarnations of the handbag. From the myriad surrealist creations of Karl Lagerfeld at Chanel to Prada's democratic nylon backpack, from the exclusive Herm's Birkin bag to individual vintage gems, the handbag is fashion's most inventive accessory.

No shock, then, that the handbag market today is worth more than a hundred billion dollars. From each season's must-have to five-figure rarities, the handbag symbolizes the inexplicable power of fashion desire. Vogue Essentials: Handbags...