Art historian Alessandro Vessozi, director of the Museo Ideale in Leonardo's birthplace, helped to reassemble the drawing.
"Leonardo designed several fashion accessories, but this bag is pretty unique," he said.
"It blends beauty and functionality in a very harmonious way.
"The Pretiosa is the expression of modern technique and aesthetics and, at the same time, embodies a provocative idea conceived together with the Leonardo Da Vinci Ideal Museum."
The sketch was first discovered by Leonardo scholar Carlo Pedretti in 1978 among tens of thousands of the inventor's drawings, but it failed to attract much attention at the time.
The refined handmade bag, designed by Carla Braccialini based on the Leonardo original, is made of calfskin. It was unveiled at the Pitti W fashion show in Florence by the Italian actress Maria Grazia Cucinotta, who appeared in the James Bond film The World Is Not Enough.
Lorenzo Braccialini, marketing director of Braccialini, Gherardini holding company, said the bag is very chic.
"It is also very functional and capable. It embodies the best Florentine tradition of leather work."
Only 99 of the bags have been made and will go on sale at the beginning of March. The price is yet to be set, but given its exclusivity, it's likely to retail for thousands of dollars.
See how Gherardini crafted the Pretiosa bag:
- DAILY MAIL