It’s not just grocery prices that are high — it’s also the shopping baskets, or at least some of them.
A Chanel handbag cosplaying as a grocery basket sold for $152,400 at auction on Thursday, breaking brand records.
The piece — the rare, runway silver and black lambskin leather shopping basket bag from 2014 — sold for more than 10 times its low estimate of $15,000 at the online auction from Christie’s.
That’s a lot of money, but far from the most expensive handbag ever sold.
In July, Hermès’ original Birkin bag — worn by Jane Birkin, herself — sold for $10.1 million, becoming the most valuable handbag ever sold at auction. The iconic purse went to a private collector in Japan, who phoned in and won a 10-minute bidding war.
While items selling for millions, or even six figures, may be rare, the luxury resale market is booming.
The secondhand fashion and luxury market is expected to reach $317 billion by 2027, according to a McKinsey report published last month, and it’s growing three times as fast as the firsthand market. Secondhand luxury retailers like The RealReal and Fashionphile have recorded double-digit revenue growth this year.
Most luxury resale shoppers are turning to the market to find more affordable options, particularly as handbags from some of the biggest names have experienced significant price hikes over the past few years.
Chanel is one of the worst offenders. The price of its iconic flap bag nearly doubled between 2019 and 2024. This year, the brand increased prices again, hiking those of about 21% of its products by 5% in February, according to research from Citi. Add Trump’s tariffs to the mix, and luxury handbags are more expensive than ever.
That said, it’s not all deals on the secondhand market. Some savvy shoppers are treating luxury resale as an investment opportunity. Bags from Chanel sold for as much as 30% over their retail value on The RealReal last year.
Classic handbags from brands like Louis Vuitton and Hermès tend to hold their value for years. Some of the most coveted handbags even sell for more on the secondhand market.
Read the original article on Business Insider
The post This ‘shopping basket’ Chanel bag just sold for a record-breaking amount appeared first on Business Insider.
