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2023 Chanel Bag Price Increase
No surprise to the market or collectors, Chanel increased bag prices again in March 2023. The Chanel Classic flap bag prices increased 16%, with most bags now retailing for more than $10,000. The Chanel Coco Handle, Chanel 19 and Chanel Pearl Crush prices increased 14%. The Chanel Classic Medium Flap bag now retails for $10,200 up 16% from $8,800 earlier this year. Expect more prices increases later this year. Chanel CFO Blondiaux was recently quoted "We usually revise our prices twice a year. That's what we've always done and will continue to do".
The Chanel luxury price boom has been steadily gaining momentum since 2008 with prices accelerating faster in the last 5 years. Rising production costs and supply disruptions due to Covid lockdowns have driven up manufacturing costs. But rising costs isn't telling the complete story. Growing global demand for Chanel bags has also been an important contributing factor. Despite the top luxury brands steadily increasing prices, demand hasn't fallen off as evidenced by the strong resale market.
History of Chanel Bag Prices
The Chanel 2.55 was first sold in 1955 for $220. Fast forward to 2023, and the same bag now sells for $10,200. The Chanel Classic Flap was released in 1983 and sold for about $1,000 in the 1980s. The price for the same Medium Chanel Classic Flap bag is now $10,200 after the price increase in March 2023. From 2016, Chanel bag prices have increased at least once per year. Chanel bags have more than doubled in price from $4,900 to $10,200 for a Medium Chanel Classic Flap Bag since 2016. Chanel has been regularly raising prices on all of its classic styles including the Chanel Reissue, Wallet on Chain and Boy bag. Chanel Wallet on Chain and Boy bag prices have increased at a slightly slower rate. A Medium Chanel Boy bag has increased from $4,700 in 2018 to $6,600 in 2023. The Chanel Wallet on Chain has increase from $2,100 in 2018 to $3,350 in 2023. With the average Chanel flap bag topping $10,000, it may be time your review you Chanel bag collection.
Chanel Bag Price: Resale Market
Given the demand for Chanel bags and lack of supply in most boutiques, Chanel bag prices on the resale market have risen along side the retail prices. A vintage Medium Chanel classic flap bag from the 1990s sells for over $6,000 at Sotheby's. This bag retailed for about $1,200 in the 1990s. Given the recent rate of price hikes, a Chanel bag purchased a few years ago in a boutique in pristine condition is most likely worth more now than when it was purchased. Resale prices for Chanel are also at record levels and pristine bags are in high demand. Collectors are looking for rare bags from previous seasons and sold out new styles like the 2022 CC "In Love" Chanel Heart Bag.
Selling a Chanel Bag
Now is a great time to consider selling a Chanel bag or Chanel jewelry item. Demand has never been stronger despite the ongoing price hikes from Chanel. Chanel retail locations are still supply constrained and the classic bags are regularly sold out. Sotheby's sells Chanel bags and accessories for immediate purchase on it's marketplace. Our specialists are happy to provide an estimate for your pristine or excellent condition bag or accessory. We are accepting vintage and modern Chanel for consignment.
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About the Author
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Erica Kagan
Erica Kagan is a freelance writer for Sotheby’s.
