What's Red Carpet Fashion Worth?

Sept. 19 -- At the recent MTV Video Music Awards singer Gwen Stefani carried a wine-colored satin clutch by Dior. Now, less than three weeks later, the $720 bag is totally sold out.

Earlier this year at the Academy Awards ceremony, Oscar-winning actress Halle Berry wore an orange "pumpkin diamond" ring by Harry Winston reportedly worth $3 million.

The ring was so striking that People magazine used it in the lead to its Oscar round-up story, referring to Berry as Cinderella, whose "fairy godfather" — Harry Winston — provided her with her own pumpkin.

With the 54th annual Emmy awards coming up this Sunday, many viewers will be watching the show not only to see who wins — but what they will be wearing. Pre-show red carpet interviews — not to mention the now-famous running fashion commentary by comedienne Joan Rivers — have become almost as widely watched as the shows themselves in recent years.

"For so many Americans who don't go to the fashion shows, this is their fashion show; this is their runway," says Charla Krupp, contributing editor for InStyle magazine, who has been covering entertainment and style since the 1980s.

Luxury for the Masses

Of course, most Americans can't afford haute couture or Harry Winston jewels. So why do designers still spend thousands of dollars making one-of-a-kind gowns or custom-made jewels for starlets to wear on the red carpet?

It's because dressing a big-name star can not only mean months — if not years — of free media coverage, but it can also spawn a horde of new customers looking to get anything made by the designer their favorite star wears.

"Although you may not be able to buy a Dior gown, you can probably buy a Dior handbag," says James Twitchell, a professor of English and advertising at the University of Illinois, Champaign-Urbana and the University of Florida in Gainesville, and author of the recent book Living It Up: Our Love Affair With Luxury. "These objects come to us in little bits and pieces called accessories."