Found via the great system of "dinking around on the Internet" comes this article
$3500 shirt. The gist of the article is that, prior to the invention of mechanical looms, cloth was frighteningly expensive. Spinsters (AKA, "women who spun cloth via hand looms") might work 500 hours (that's 62.5 8-hour days or 2 months) just to make the cloth for one shirt! As a result, clothing was expensive, people didn't have a lot of it (2 or 3 outfits) and it was worn until it disintegrated.
The Goode Olde Dayes were not so good after all.