BSF Enterprise PLC (LSE:BSFA, OTC:BSFAF) said the first product made from T-Rex Leather missed its reserve at a Paris auction, though the company said the exercise had sharpened corporate interest in its bio-leather platform.
The museum-grade luxury handbag, designed by avant-garde techwear designer Enfin Levé, drew a final bid of €150,000 at the Tentation°4 sale managed by Giquello SAS at the Hôtel Drouot auction house on Thursday evening.
That was below the reserve set by BSF and the auction house to reflect what the company described as the “historical significance and uniqueness” of the first-of-its-kind asset, meaning the item was passed in.
BSF said the handbag has now been withdrawn from the public auction format and is being prepared for sale to a select group of high-net-worth collectors and institutions.
The company said the auction result had not dented corporate interest in LGL’s underlying material technology, with discussions continuing with a global sportswear company over potential use in elite athletic footwear and with a “world-renowned” automotive brand over bespoke cabin materials.
BSF said those corporate discussions are focused on the structural integrity, scalability and intellectual property of the bio-leather platform, which it said were demonstrated by the physical handbag.
