"much-desired, much sought-after," by 1875, past-participle adjective from covet (v.).
Entries linking to coveted
covet v.
mid-13c., "to desire or wish for inordinately or without regard for the rights of others," from Old French coveitier "covet, desire, lust after" (12c., Modern French convoiter, influenced by con- words), probably ultimately from Latin cupiditas "passionate desire, eagerness, ambition," from cupidus "very desirous," from cupere "long for, desire" (see cupidity). From mid-14c. in a good sense, "desire or wish for eagerly, desire to obtain or possess." Related: Coveted; coveting.