Olsen twins design $55,000 backpack with Damien Hirst

Twin moguls Mary-Kate and ASHLEY OLSEN have teamed up with celebrated artist DAMIEN HIRST to design a limited edition $55,000 backpack.

The actresses-turned-fashionistas have made just 12 of the black patent, Nile crocodile leather bags for their fashion line The Row. Each is adorned with different designs.

The pricey accessory, described as "wearable art", isn't the first expensive item the Olsen twins have produced for their label - earlier this year (12), the pair released an exclusive purse, which retailed at $39,000 and immediately sold out.

Hirst is no stranger to celebrity collaborations - he joined forces with Red Hot Chili Peppers star Flea last year (11) to release a colourful line of bass guitars for charity.