I'd say both are important as are quality of workmanship, durability and price -- especially if I'm paying between $1-3K for a handbag.
My primary loves are Chanel,
Prada and
Gucci, but I have a vintage AWL D&B that I occasionally wear to ballgames because it stands up to anything. A while back, my mum bought me a black patchwork
Coach satchel at an outlet for a song, and I was pleased that it's of better quality than the usual Coach handbags I've seen.
For a new winter handbag, I finally found a dark purple handbag I liked: a Hayden-Harnett Burke in aubergine. It's a big, beautiful, utilitarian handbag which is great for traveling, because it has a place for everything.
For a summer bag, I'd been searching for a fun hobo in yellow, but not lemon or mustard or bright canary. I had my heart set on BV, but I didn't like their colours; instead I bought a Hobo International. Yes, it's not a BV, but the colour is perfect, I love the look of the handbag, and for the price, the quality is quite good. Even better, should I wish to part with it, my youngest sister has already said she wants it!