THE auction of a golden handbag has been overturned as the auctioneers say the final bid did not meet their expectations – despite exceeding its original valuation.

The sale of the 15 carat American gold evening bag for £3,900 has been reversed.

The bag was found in the damp garage of Denbigh sisters Margaret and Linda Pritchard, aged 59 and 61, where it had been sitting for seven years.

Margaret inherited it from a man she used to care for, but she was unaware of its value.

She nearly threw the bag away as she thought it was “junk”, but her sister decided to take it to their optician to distinguish the hallmark.

It was discovered the bag was made of gold.

The sisters, then deciding to sell the bag, had it placed for auction by Hansons Auctioneers in Derbyshire on Wednesday, October 13.

The bag had been set a reserve price of £2,100 and an expected price of £3,500-£3,800 by the auctioneer.

It sold for £3,900, which had been welcomed by Hansons who said they were “delighted” for the sisters. But the decision has been overturned as the bag is believed to be valued at an even higher price.

A spokesman for the auctioneer said: “The bag remains unsold because we didn’t get the bids we felt this wonderful piece deserved."

The Art Deco piece was designed by Emmanuel Joseph in 1913 and is made entirely from gold, but for a rubber inside lining.

The owners of the bag declined to comment.