It doesn't say anywhere that it's untreated. I think you're confusing untreated VACHETTA leather wth this color, which is Camel and not vachetta leather. Camel is a normal color and the leather has gone through the full tanning process. You can still spray it with a good sealant like AppleGarde but it will probably darken the leather. Ask for advice at the Rehab and Rescue thread at the main Coach forum before using any treatment.
The fifth photo down is probably the closest to the actual color which has more of a yellow tone than the first three photos show.
BTW, it's not vintage since it was only made in 2000.
Thanks Hyacinth for your expertise. This changes things for me then! PS do you prefer the newer leather bags or vintage? Just curious on what a Coach expert like you prefers