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Chanel Book Minaudière Clutch Circa 2004
Chanel Book Minaudière Clutch Circa 2004

Chanel Book Minaudière Clutch Circa 2004

By Chanel

Located in Scottsdale, AZ

Iconic Chanel bible novelty clutch circa Chanel's fall/winter 2004 collection! This unique clutch

Category

Early 2000s Italian Novelty Bags

CHANEL grey wool & alpaca 1998 OPEN KNIT Jacket 36 XS
CHANEL grey wool & alpaca 1998 OPEN KNIT Jacket 36 XS

CHANEL grey wool & alpaca 1998 OPEN KNIT Jacket 36 XS

By Chanel

Located in Zürich, CH

100% authentic Chanel Fall/Winter 1998 blazer in gray and charcoal wool (50%) and alpaka (50

Category

1990s Coats

CHANEL BLACK QUILTED LEATHER BACK-ZIP BOOTS -37.5
CHANEL BLACK QUILTED LEATHER BACK-ZIP BOOTS -37.5

CHANEL BLACK QUILTED LEATHER BACK-ZIP BOOTS -37.5

By Chanel

Located in New York, NY

part of the 2005 Chanel Fall/Winter Collection, this item is a must-have. These boots

Category

20th Century French Shoes

CHANEL black wool 2018 RIB KNIT MAXI Coat Jacket 36 XS
CHANEL black wool 2018 RIB KNIT MAXI Coat Jacket 36 XS

CHANEL black wool 2018 RIB KNIT MAXI Coat Jacket 36 XS

By Chanel

Located in Zürich, CH

100% authentic Chanel Fall/Winter 2018 long knit coat in black wool (100%). Features buttoned cuffs

Category

21st Century and Contemporary Jackets

Chanel Black Shiny Crumpled Sheepskin and Shearling Sheepskin Flap Bag
Chanel Black Shiny Crumpled Sheepskin and Shearling Sheepskin Flap Bag

Chanel Black Shiny Crumpled Sheepskin and Shearling Sheepskin Flap Bag

By Chanel

Located in Geneva, CH

From the Chanel Fall Winter 2019 Collection, this pre-owned but new flap bag is crafted with unique

Category

21st Century and Contemporary Italian Shoulder Bags

Chanel Beige Grained Calfskin All About Flap Bag
Chanel Beige Grained Calfskin All About Flap Bag

Chanel Beige Grained Calfskin All About Flap Bag

By Chanel

Located in Scottsdale, AZ

Chanel Fall Winter 2017 Seasonal Bag Collection Act 1. This stunning shoulder bag is crafted of

Category

2010s Italian Crossbody Bags and Messenger Bags

Chanel Vintage F/W 1996 Black 24K Gripoix Embellished 96A LBJ Jacket
Chanel Vintage F/W 1996 Black 24K Gripoix Embellished 96A LBJ Jacket

Chanel Vintage F/W 1996 Black 24K Gripoix Embellished 96A LBJ Jacket

By Chanel, Karl Lagerfeld for Chanel

Located in Jersey City, NJ

A timeless and highly collectible piece from Chanel’s Fall/Winter 1996 collection, this tailored

Category

1990s French Jackets

Chanel Vintage F/W 1994 Ecru 24K Gold Black Textured Tweed 94A Jacket
Chanel Vintage F/W 1994 Ecru 24K Gold Black Textured Tweed 94A Jacket

Chanel Vintage F/W 1994 Ecru 24K Gold Black Textured Tweed 94A Jacket

By Chanel, Karl Lagerfeld for Chanel

Located in Jersey City, NJ

An iconic and highly coveted piece from Chanel’s Fall/Winter 1994 collection, designed by Karl

Category

1990s French Jackets

Chanel 09A Matryoshka Doll Charm Chain Belt
Chanel 09A Matryoshka Doll Charm Chain Belt

Chanel 09A Matryoshka Doll Charm Chain Belt

By Chanel

Located in San Francisco, CA

Chanel 09A Matryoshka Doll Charm Chain Belt Ultra-rare Chanel charm chain belt from the Fall/Winter

Category

Early 2000s Belts

Coco Neige Flap Bag Quilted Suede with Shearling Large
Coco Neige Flap Bag Quilted Suede with Shearling Large

Coco Neige Flap Bag Quilted Suede with Shearling Large

By Chanel

Located in Scottsdale, AZ

Chanel presents an elevated take on their iconic double flap for this handbag circa Chanel's fall

Category

2010s French Structured Shoulder Bags

Chanel coat Fall Winter 2013
Chanel coat Fall Winter 2013

Chanel coat Fall Winter 2013

By Karl Lagerfeld for Chanel, Chanel

Located in SAINT-OUEN-SUR-SEINE, FR

. Size 38FR. Fall-Winter 2013 Ready-to-Wear Collection. Condition: Very good condition Dimensions

Category

2010s French Coats

Chanel Black Fall/Winter 2003 Pencil Skirt
Chanel Black Fall/Winter 2003 Pencil Skirt

Chanel Black Fall/Winter 2003 Pencil Skirt

By Chanel

Located in New York, NY

Product details: Black knee-length pencil skirt by Chanel. From the Fall/Winter 2003 Collection

Category

21st Century and Contemporary French Skirts

Chanel Black Denim Jacket Fall-Winter, 2003
Chanel Black Denim Jacket Fall-Winter, 2003

Chanel Black Denim Jacket Fall-Winter, 2003

By Chanel

Located in SAINT-OUEN-SUR-SEINE, FR

Chanel - (Made in France) Jacket in black denim. Size 46FR. Fall-Winter 2003 Collection

Category

21st Century and Contemporary French Jackets

Chanel coat Winter Pre-Fall 2019
Chanel coat Winter Pre-Fall 2019

Chanel coat Winter Pre-Fall 2019

By Karl Lagerfeld for Chanel, Chanel

Located in SAINT-OUEN-SUR-SEINE, FR

CHANEL - (Made in France) Black deer leather coat with a black velvet collar and golden metal

Category

2010s European Coats

CHANEL 09 Fall/Winter ASTOUNDING  RUNWAY Jacket
CHANEL 09 Fall/Winter ASTOUNDING  RUNWAY Jacket

CHANEL 09 Fall/Winter ASTOUNDING RUNWAY Jacket

By Chanel

Located in Miami, FL

Guaranteed authentic CHANEL 09 FALL/WINTER exquisite jacket with divine shaping and detail. THE

Category

21st Century and Contemporary French Single-Breasted Jackets

Fall-Winter 2015/2016 Chanel N5 Minaudière
Fall-Winter 2015/2016 Chanel N5 Minaudière

Fall-Winter 2015/2016 Chanel N5 Minaudière

By Chanel

Located in Paris, FR

Minaudière N5 delivered in its original CHANEL dustbag and box. This shiny resin minaudière pays

Category

2010s Italian Clutches

Chanel Sport 2007 Fall/Winter Black Mini Dress
Chanel Sport 2007 Fall/Winter Black Mini Dress

Chanel Sport 2007 Fall/Winter Black Mini Dress

By Chanel

Located in Scottsdale, AZ

For all the Chanel lovers! Circa 2007 from their Fall/Winter Sport collection, this mini dress

Category

Early 2000s French Mini Dresses

Chanel 19K Fall  Winter  CC Coco Navy Wool  Sweater
Chanel 19K Fall  Winter  CC Coco Navy Wool  Sweater

Chanel 19K Fall Winter CC Coco Navy Wool Sweater

By Chanel

Located in Krakow, PL

Chanel 19K Fall Winter CC Coco Sweater Navy Wool. Size 48 FR. Runs smaller. Very good condition

Category

2010s Pullovers

Chanel Black Suit Set Fall/Winter Collection, 1995
Chanel Black Suit Set Fall/Winter Collection, 1995

Chanel Black Suit Set Fall/Winter Collection, 1995

By Karl Lagerfeld for Chanel, Chanel

Located in SAINT-OUEN-SUR-SEINE, FR

42FR. Fall/Winter 1995 Collection. Additional information: Dimensions: Jacket: Shoulder width: 42 cm

Category

1990s French Twin Sets

CHANEL  Runway Fall/Winter 2016 RTW Black Tweed Crossbody Bag
CHANEL  Runway Fall/Winter 2016 RTW Black Tweed Crossbody Bag

CHANEL Runway Fall/Winter 2016 RTW Black Tweed Crossbody Bag

By Chanel

Located in Geneva, CH

Stunning Chanel Crossbody bag from the Fall/Winter 2016 collection. Seen on the runway in pink

Category

2010s Italian Crossbody Bags and Messenger Bags

Karl Lagerfeld  for Chanel Haute Couture, Fall /Winter 1990
Karl Lagerfeld  for Chanel Haute Couture, Fall /Winter 1990

Karl Lagerfeld for Chanel Haute Couture, Fall /Winter 1990

By Karl Lagerfeld for Chanel, Chanel

Located in New York, NY

de Castellane crawling down the shoulders. Extraordinary Haute Couture workmanship for Fall/Winter

Category

1990s French Evening Gowns

Fall/Winter 15 Chanel No 5 Gold Plexiglass Minaudiere Clutch
Fall/Winter 15 Chanel No 5 Gold Plexiglass Minaudiere Clutch

Fall/Winter 15 Chanel No 5 Gold Plexiglass Minaudiere Clutch

By Chanel

Located in Jakarta, Daerah Khusus Ibukota Jakarta

Rare minaudiere piece from fw 2015. In very good condition overall, very minor storage signs. Series #21. Comes with holo, card and dust bag. Very faint crack on one side as seen on ...

Category

2010s Evening Bags and Minaudières

Chanel 1994 Fall/Winter Vintage Pink Vinyl Flap Bag Maxi
Chanel 1994 Fall/Winter Vintage Pink Vinyl Flap Bag Maxi

Chanel 1994 Fall/Winter Vintage Pink Vinyl Flap Bag Maxi

By Chanel

Located in San Francisco, CA

Year: 1994 Material: Vinyl Color: Pink and Yellow Measurements: Length: 34cm Height: 20cm Depth: 10cm Strap Drop: 34cm Inclusions: Dustbag. Condition Notes: Very Good: No sig...

Category

1990s Shoulder Bags

Chanel 2018 Fall/Winter Runway Black Plexiglass Hexnut Minaudiere Bag
Chanel 2018 Fall/Winter Runway Black Plexiglass Hexnut Minaudiere Bag

Chanel 2018 Fall/Winter Runway Black Plexiglass Hexnut Minaudiere Bag

By Chanel

Located in San Francisco, CA

Year: 2018 Material: Plexiglass Color: Black Measurements: Length: 12cm Height: 14cm Depth: 8cm Strap Drop: 60cm Inclusions: Dustbag. Condition Notes: Very Good: No significant...

Category

21st Century and Contemporary Evening Bags and Minaudières

Chanel Tweed Coat with Silk Lining Fall-Winter Collection, 2001
Chanel Tweed Coat with Silk Lining Fall-Winter Collection, 2001

Chanel Tweed Coat with Silk Lining Fall-Winter Collection, 2001

By Chanel, Karl Lagerfeld for Chanel

Located in SAINT-OUEN-SUR-SEINE, FR

Chanel - (Made in France) Long tweed coat with silk lining. Size 36FR. Fall-Winter 2001 collection

Category

Early 2000s French Coats

Chanel 1992 Fall/Winter Runway Vintage Black Leather Green Tweed Logo Button Jac
Chanel 1992 Fall/Winter Runway Vintage Black Leather Green Tweed Logo Button Jac

Chanel 1992 Fall/Winter Runway Vintage Black Leather Green Tweed Logo Button Jac

By Chanel

Located in San Francisco, CA

Year: 1992 Material: Leather, Tweed Color: Black and Green Measurements: Size Tag: 34 Shoulder to Shoulder: 40cm Armpit to Armpit: 44cm Sleeve Length: 55cm Total Length: 38cm ...

Category

1990s Coats and Outerwear

Chanel Silver Mirror Fall/Winter 2012 Reissue 225 Bag
Chanel Silver Mirror Fall/Winter 2012 Reissue 225 Bag

Chanel Silver Mirror Fall/Winter 2012 Reissue 225 Bag

Located in New York, NY

Product details: Silver mirror Reissue 225 quilted bag by Chanel. From the Fall/Winter 2012

Category

21st Century and Contemporary American Shoulder Bags

Chanel Pre Autumn / Winter 2018 Bag Collection
Chanel Pre Autumn / Winter 2018 Bag Collection

Chanel Pre Autumn / Winter 2018 Bag Collection

By Chanel

Located in Torre Del Greco, IT

Beautiful Chanel bag from the fall / winter 2017/2018 collection. This bag is made of smooth

Category

2010s French Shoulder Bags

Chanel tweed jacket by Karl Lagerfeld Fall 1998
Chanel tweed jacket by Karl Lagerfeld Fall 1998

Chanel tweed jacket by Karl Lagerfeld Fall 1998

By Chanel, Karl Lagerfeld for Chanel

Located in SAINT-OUEN-SUR-SEINE, FR

CHANEL - 1998 Fall-Winter ready-to-wear Collection under the artistic direction of Karl Lagerfeld

Category

1990s French Jackets

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Chanel Fall Winter For Sale on 1stDibs

Surely you’ll find the exact vintage or contemporary chanel fall winter you’re seeking on 1stDibs — we’ve got a vast assortment for sale. If you’re looking for an option in black and you’re unable to find the right fit, there are plenty of variations in gray, brown and more. If you’re looking for a chanel fall winter from a specific time period, our collection is diverse and broad-ranging, and you’ll find at least one that dates back to the 20th Century while another version may have been produced as recently as the 21st Century. Finding a chanel fall winter for sale for women should be easy, but there are 85 pieces available to browse for men as well.

How Much is a Chanel Fall Winter?

Prices for a chanel fall winter can differ depending upon size, designer and other attributes — on 1stDibs, these accessories begin at $175 and can go as high as $360,000, while, on average they fetch $3,304.

Chanel for sale on 1stDibs

In the years following the opening of her modest millinery shop, Gabrielle "Coco" Chanel became a pivotal designer of both fashionable casual wear and Paris haute couture as well as an icon and arbiter of 20th-century style with her bob haircut and pearls. Today vintage Chanel handbags, jackets and evening dresses are among the most sought-after clothing and accessories for fashion lovers all over the world.

The first Chanel shop was established in 1910 in Paris on rue Cambon by the young milliner Gabrielle Chanel (1883–1971), who had picked up the nickname “Coco” while working as a club singer. The boutique drew the attention of the Parisian fashion elite who popularized her wide-brimmed Chanel Modes hats. Soon she added a sportswear store in the Normandy resort town of Deauville, where Coco set the tone for her defining sense of style — traditionally masculine garments reimagined for feminine shapes, made from simple jersey fabric.

Effortless and elegant, Chanel's designs promoted comfort and grace in women’s wear that had been dominated in the previous century by complicated layers of fabric and cumbersome corsets. She followed this success with a couture house, opened in 1915 in Biarritz.

But Chanel was not born into a life of glamour. Following the death of her mother, her father left her in an orphanage where she lived until the age of 18. It was there that she learned to sew as well as appreciate the classic pairing of black and white as worn by the nuns.

In 1926, Chanel introduced her first little black dress, reclaiming a color that had once been reserved for mourning and working-class women. That same decade, she debuted her perfume, Chanel No. 5, as well as the Chanel suit with a fitted skirt, inspired by the boxy lines of men’s clothing and employing a sporty tweed. 

Chanel closed her fashion operations during World War II, then returned to the industry in 1954 to design for the functional needs of modern women.

Structure and wearability endured in all of Chanel’s clothing and accessories, like the quilted leather 2.55 handbag — a 1955 update of a 1920s-era design — with its gold-chain shoulder strap that freed up a woman’s hands. The 1957 two-tone slingback pumps had a practical heel height while offering a bold statement in the black tip of the shoes. Her collarless jacket reacted against the constricting styles of Christian Dior's New Look, replacing them with a design that was timeless, an instant classic. 

After Coco Chanel died in 1971, the brand underwent several changes in leadership, including fashion designer Karl Lagerfeld, who took over as artistic director in 1983. His collections for Chanel displayed his knack for synthesizing old and new, high and low. Lagerfeld revived Chanel ballet flats and thoroughly embraced the classic logo's interlocking CCs, which took the form of a clasp featured on so many of the rare Chanel bags that are much sought after today.

Vintage Karl Lagerfeld designs for Chanel dresses, coats and other clothing of the 1980s, '90s and 2000s riffed on its iconography, accenting a lexicon of Chanel-isms with tastes of the moment. And as the 1990s have become associated with styles adopted by today’s supermodels and influencers, vintage Chanel bags of the 1990s are among the most prized of the brand’s offerings.

Over the years, the company has continued to innovate, such as expanding into ready-to-wear fashion in 1978 and, in 2002, establishing a subsidiary company — Paraffection — dedicated to preserving the heritage skills of fashion artisan workshops. The House of Chanel still operates its flagship on rue Cambon in Paris, where it all began.

Browse vintage Chanel bags, evening dresses, shoes, jewelry and other clothing and accessories on 1stDibs.

Questions About Chanel
  • 1stDibs ExpertApril 5, 2022
    The value of Chanel bags has been steadily increasing for years. This is because each year, they make a “limited run,” which means that there are only so many available to purchase from the Chanel store or expertly vetted platforms from some of the world’s top sellers on 1stDibs.
  • 1stDibs ExpertMarch 4, 2024
    Yes, Chanel has made bedding. Long after it established itself as a pioneering fashion label, the French luxury brand eventually expanded into home accessories and decor. Throw blankets, pillows and other goods for the home have been a part of its offerings over the years.

    The legendary designer and entrepreneur Gabrielle "Coco" Chanel was very fond of well-appointed interiors. "Fashion is not something that exists in dresses only," she said.

    A private apartment for the designer that occupied a floor at 31 rue Cambon in Paris, the building that housed her first boutique, was home to decorative screens, bookshelves filled with books (Chanel was an avid reader), Louis XIV furniture, beige carpets and a sofa of her own design.

    A home built by architect Robert Streitz called La Pausa, located in a sizable detached villa in Roquebrune-Cap-Martin, France, was designed by Chanel and based on the convent-orphanage she lived in as a child. Chanel also created the interiors, reportedly with support from celebrated French designer Stéphane Boudin of Maison Jansen.

    Find vintage Chanel blankets and other home accessories on 1stDibs.

  • 1stDibs ExpertApril 5, 2022
    There are 310 Chanel boutiques located across the globe; 94 in Asia, 70 in Europe, 10 in the Middle East, 127 in North America, 2 in South America and 6 in Oceania. In addition to the Chanel boutiques, there are many authorized retailers of the Chanel line. Find a collection of expertly vetted Chanel fashions, accessories, and handbags from some of the world’s top reputable boutiques on 1stDibs.
  • 1stDibs ExpertFebruary 22, 2021
    The cost of a Chanel purse depends on its material, rarity, style and condition. On 1stDibs.com, you can purchase a Chanel purse starting from $280.
  • 1stDibs ExpertFebruary 22, 2021
    Chanel Mademoiselle perfume smells like orange, jasmine, rose, patchouli and vetiver. It is quite a bold and fresh scent.
  • 1stDibs ExpertFebruary 22, 2021
    Chanel is so expensive because it is a top-class designer brand which creates their products from quality raw materials and high production methods while employing some of the top talent in the fashion world. The brand's innovative designs along with its creative marketing strategy make Chanel a highly coveted brand.
  • 1stDibs ExpertJanuary 4, 2022
    Chanel was founded in 1910 by Gabrielle “Coco” Chanel, a French fashion designer who opened a hat boutique in Paris that year. Chanel went on to transform women’s fashion with revolutionary and elegant designs that tore down gender boundaries and freed women from the confining fashions of the day. Find vintage and contemporary Chanel bags, clothing and accessories from some of the world’s top boutiques on 1stDibs.
  • 1stDibs ExpertJanuary 4, 2022
    Chanel bags are made in France and Italy. The contemporary version of Chanel’s 11.12 bag, for instance, starts its life in a small factory in Verneuil-en-Halatte, located 90 minutes north of Paris, where the pieces of lambskin are cut by artisans with six years of training. The pieces are sent to Paris, where embroiderers spend a week embellishing the components, incorporating slight variations that make each bag a one-of-a-kind piece. Then, the leather pieces are shipped back to Verneuil, where craftspeople assemble them by hand into the iconic rectangular shape, complete with intricate piping and beading. Shop a collection of vintage and contemporary Chanel bags from some of the world’s top boutiques on 1stDibs.
  • 1stDibs ExpertApril 5, 2022
    Chanel is owned by Alain Wertheimer and Gérard Wertheimer. They are the grandsons of Pierre Wertheimer, the business partner of Coco Chanel, who founded the luxury fashion house in 1909. Shop a wide range of Chanel apparel and accessories on 1stDibs.
  • 1stDibs ExpertJanuary 10, 2025
    Coco Chanel was considered one of the leading fashion designers in the 1920s and ’30s in Paris. The first Chanel shop was established in 1910 on rue Cambon by the young milliner Gabrielle Chanel, who had picked up the nickname “Coco” while working as a club singer. The boutique drew the attention of the Parisian fashion elite, who popularized her wide-brimmed Chanel Modes hats. Soon, she added a sportswear store in the Normandy resort town of Deauville, where Coco set the tone for her defining sense of style — traditionally masculine garments reimagined for feminine shapes, made from simple jersey fabric. Effortless and elegant, Chanel's designs promoted comfort and grace in women’s wear that had been dominated in the previous century by complicated layers of fabric and cumbersome corsets. She followed this success with a couture house, opened in 1915 in Biarritz. In 1926, Chanel introduced her first little black dress, reclaiming a color that had once been reserved for mourning and working-class women. That same decade, she debuted her perfume, Chanel No. 5, as well as the Chanel suit with a fitted skirt, inspired by the boxy lines of men’s clothing and employing a sporty tweed. During the 1920s, she also unveiled the predecessor for the 2.55 Flap bag, which remains one of Chanel's most popular offerings. Shop a large selection of Chanel apparel, bags and accessories on 1stDibs.
  • 1stDibs ExpertFebruary 22, 2021
    All of Chanel's fine jewelry is made with 18K Gold (both yellow and white) and platinum and all of the diamonds used have very high clarity and color with a perfect set, resulting in some of the highest quality jewelry.
  • 1stDibs ExpertFebruary 22, 2021
    Although some Chanel jewelry contains real freshwater pearls, much of their costume jewelry is made from coated glass, though they are still high quality.
  • 1stDibs ExpertFebruary 22, 2021
    A Chanel tote's price can vary on the second depending on size, model, condition, and age. New Chanel small clutches start at around $1,900 while totes and other purses fetch $4,000-$5,000.
  • 1stDibs ExpertFebruary 22, 2021
    The latest prices for the Chanel wallet on chain is $3,100. There are many variations of this classic design, with some selling for closer to $2,100.
  • 1stDibs ExpertFebruary 22, 2021
    Yes, Chanel is one of the most desirable luxury brands in the world. This top-class designer brand creates their products from quality raw materials and high production methods while employing some of the best-known talent in the fashion world. Find many Chanel accessories and apparel on 1stDibs.
  • 1stDibs ExpertFebruary 22, 2021
    Depending on the bag's material, a vintage Chanel can be quite expensive. For instance, a vintage crocodile top handle bag costs around $130,000. The classic quilted leather bag is around $10,000.
  • 1stDibs ExpertFebruary 13, 2024
    Gabrielle "Coco" Chanel is the founder of Chanel. She established her first shop in 1910 in Paris on rue Cambon, and her boutique drew the attention of the Parisian fashion elite, who popularized her wide-brimmed Chanel Modes hats. Coco opened a sportswear store in the Normandy resort town of Deauville, where she set the tone for her defining sense of style—traditionally masculine garments reimagined for feminine shapes, made from simple jersey fabric. Chanel would go on to become famous for introducing the first-ever handbag to feature a shoulder strap and the little black dress. On 1stDibs, shop a variety of Chanel apparel, bags and accessories.
  • 1stDibs ExpertJanuary 4, 2022
    Chanel is a luxury French fashion house founded by Gabrielle “Coco” Chanel in 1910. Focused on women’s ready-to-wear clothing and haute couture, Chanel is most famous for the 1921 perfume Chanel No. 5, the 1925 Chanel Suit and the iconic 1926 little black dress, which remains a staple in women’s closets around the world to this day. Shop a collection of vintage and designer Chanel pieces from some of the world’s top boutiques on 1stDibs.
  • 1stDibs ExpertFebruary 22, 2021
    Chanel No. 5 smells like a subtle mix of florals, including rose, ylang-ylang, jasmine, lily of the valley and iris, sandalwood, and a hint of vanilla. Chanel No. 5 is one of the most popular scents in the world.
  • 1stDibs ExpertFebruary 22, 2021
    Although costume jewelry is usually more affordable because many Chanel costume pieces have a timeless style as well as good craftsmanship, they hold their value and so can be sold at an expensive price.