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Fashionable Collateral – The Chanel Bag

New York Loan Company makes collateral based loans on rare and expensive luxury handbags, including Hermès Birkin Bags and Chanel Flap Bags. These two iconic bags reach record-breaking numbers at auction houses, and are desirable for even the most discerning of collectors.

New York Loan and its sister store Beverly Loan Company purchase and provide pawn loans against auction-worthy handbags, particularly one-of-a-kind and rare bags from only a few of the top luxury brand companies in the world. Chanel falls into that category not only because of the impeccable style, but because Coco Chanel’s handbag has become iconic with women worldwide.

The first Chanel bag was released in 1929, but it wasn’t until the 1950’s that the bag we know today was released. The classic handbag was first thought of by Coco Chanel because she was tired of misplacing her bags. “I got fed up with holding my purses in my hands and losing them, so I added a strap and carried them over my shoulder,” Chanel is quoted as saying by Justine Picardie – who wrote the book Coco Chanel. Those days it was considered “unseemly” for a woman to have a bag with straps, but Ms. Chanel was never one to follow the rules. The 1920’s Chanel Bag was redesigned and released on February 1955, which led to its name “2.55”.

These bags are actually quite simple, as Coco was sincerely looking to create a handbag that would be useful as well as fashionable. The tiny zippered compartment on the inside is rumored to be where Coco stored love letters, the quilted pattern is thought to be in honor of horseracing as it resembles a jockeys riding coat, and the dark red lining was inspired by the uniforms she wore growing up at a convent. 

When Karl Lagerfeld took over Chanel in the 80’s he brought back the 2.55 in a reissue, called “Reissue 2.55” as a commemorative bag for the 50th anniversary. The “Mademoiselle Lock”, named because Miss Chanel never married is on the 2.55 reissue and the “Classic Flap” bag has the interlocking CC logo.  The classic Chanel bag that we can all easily recognize also has chain & leather interwoven handles.

Chanel handbags can sell from just a few hundred dollars to hundreds of thousands – especially at auction.  Sotheby’s, Christies, Bonhams, and Heritage, all auction houses that New York Loan Company has relationships with, have had incredible success selling the Chanel handbag. Even at retail, the prices have doubled in the past 5 years and can increase bi-annually. This type of success makes it obvious that the legendary bag will stay in the fashion and luxury culture for a very long time to come, just as the Hermes Kelly and Birkin bags have.  

While New York Loan Company is happy to look at any Chanel bag that is brought into their offices, they do not accept all luxury handbags. Any handbag used as collateral for a loan must have a retail price of over $5,000 and should have all accompanying material, including authentication cards, receipts, and original tags and boxes if possible.  

Please contact New York Loan at 212-997-5626 to inquire about buying, selling, or loaning on a Chanel handbag.   And, of course, New York Loan also provides pawn loans against and buys and sells fine jewelry, watches, gold, diamonds, artwork and memorabilia.