ELLE magazine features in the March issue (which is not on line yet) an article by a poor writer named Jenny Feldman, about whether or not spending $12,000 on a dress is a reasonable thing to do, if the price of that dress represents one fourth of your yearly income.
Jenny pretends that young female New Yorkers would 'save" money for a dress by not taking cabs or buying capuccinos for the beautiful Sari Gueron column dress. She speaks to designers who of course have good justifications for the high cost of couture -- intensive craftsmanship from beginning to end, specially designed textiles.
But Jenny may be thinking of the dress as an investment when she decides to take the subway instead of a cab as her first act of renunciation-- in her search for an investment banker husband who makes millions, she is going to need some nice dresses. She can use it as a tax write-off.
But let's face it, Jenny, you are going to put that dress on a credit card, since credit has gotten more easy to get, and objects have become more and more attractive. And when you find the banker of your dreams, you're hoping he's going to help you pay it off.
The conclusion of the article -- because it is in a fashion magazine is that once you get over the sticker shock, the 12,000 USD dress is like SOOO worth it.
I'm not disagreeing. I don't want to shop at Marshall's all the time... under late capital, there is no pleasure like conspicuous consumption!
Nevertheless, for the working women of New York who never find their banker husbands, whose daddies aren't worth millions, whose novels never become best-sellers, that same 12,000 USD dress is going to be out of fashion next season, and the following as well, and the interest they pay on their credit card will enrich MBNA or Chase bank and impoverish them. What they will have is a meringue of a dress, a beautiful thing, not an abstraction at all, but a sign of their own seduction by a logic that no longer has anything to do with the Protestant Ethic, but everything to do with a demand for immediate satisfaction and tangible pleasures that appear more and more out of reach. Not really an investment, is it?