Goyard doesn't sell online, doesn't advertise, and doesn't disclose prices, and about 95% of the bags on resale markets are fake. So I bought one, authenticated it, and cut it open.

What I found: a plastic-coated canvas exterior (not leather, despite the confusion), paired with genuinely excellent semi-aniline calfskin lining. I priced out the materials and labor to build it. Here's what the math says, and what's actually driving the price — history, scarcity, or the materials themselves.

Stay leathertained.