Why do you feel that there's a story behind the bag? You'll probably find that all bags like this are hand made, at all price ranges from Primark up to this bag and I wouldn't be surprised if they're all made in similar working conditions by people being similarly small amounts of money.
Maybe the quality control on the high end bags is better, maybe the leather used for the straps is a bit nicer, but I suspect that a lot of the price will be made up of the 'it's more expensive so it must be better' factor and fewer people have them because fewer people can/want to spend that much money on a bag.
A good test is it you saw a cheap one (£5 from Primark), a decent one (£30 from Oasis, Accessorize, M&S) and this expensive one with no labels, could you pick out the expensive one and think it is worth ten times the price of the mid range one?
They did similar things with clothes, accessorises and household goods like towels on Shop Well for Less and without the labels and prices, no-one could pick out the expensive items with any reliability.