Does the title of this post shock you? Does it even mildly surprise you? And if it does, is it because you thought the Chanel Graffiti Backpack, a standout piece from the brand’s Spring 2014 runway collection, would cost more? Since the price of this piece was unearthed over the weekend, I’ve seen a couple of breathless posts from fashion sites about this bag’s extreme price tag, but it just doesn’t seem that extreme to me.

Yes, $3,400 is a lot of money for almost any handbag. Yes, the price stands in particular contrast to the grungy, DIY aesthetic of this particular bag. But Chanel is a brand that has made $30,000+ pearl-covered seashell minaudieres in the recent past, and it has a customer base that isn’t particularly price-conscious, especially when it comes to getting its collective hands on a very visible runway piece. Those Chanel Lego Clutches cost (start at, really) $10,000 and are constantly sold out everywhere.

Like the ridiculous Chanel Hula Hoop bag, this piece will likely disappear quickly off of store shelves and into the closets of Chanel completists, who will brandish it as though it’s the trophy result of a particularly fashionable hunt. For those customers, $3,400 is a drop in the bucket compared to what similar prize handbags cost, even if it’s a lot of money to most of the world.

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