If you have your heart set on a new saddle or pair of chaps, don’t put off the purchase.

Leather prices are on the way up, according to an article in today’s Wall Street Journal. Driven by an increase in demand for leather goods in Asian countries, as well as the demand for luxury items worldwide, cattle hide prices are at their highest – $82 apiece – in 10 years.

In 2010, hide prices increased 24 percent over the previous year and the U.S. Commerce Department reported the value of cattle hide exports at $1.373 billion in 2010, up 68 percent from the previous year.

Lower supplies from Australia, in the aftermath of drought and flooding, are also expected to impact world market prices.