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Designer bags now regularly cost a month's rent. They've spawned their own jargon, from "It bag" and "arm candy" (both already passe) to Tiffany 1837 Lock bracelet current "stealth bag"--an expensive purse made by a lesser-known artisan. Open any fashion magazine and you find pages of bag porn, seductively arranged and carefully lit pocketbooks in close-up, overshadowing any accompanying models.

The sight reminded me that for the past several years we have been living in a gilded age of handbags: a rococo time of profligacy, opulence, heights of stylistic Tiffany 1837 Charm bracelet and depths of vulgarity, but, above all, a time of Elsa Peretti proliferation and vitality. Since the turn of the millennium, the role of the handbag has changed from that of a useful but peripheral accessory to the absolute object of desire.

Silvia Fendi Venturini is a small, rather shy Roman woman with heavy-lidded eyes and a feline smile that deepens subtly whenever she Elsa Peretti Carved Heart bracelet about hammered calf and visible stitching and Plexiglas buckles. Venturini designs acces-sories and menswear for Fendi, S.R.L., the Roman fashion house founded as a leather-goods company Elsa Peretti Starfish bracelet in 1925 by her grandparents Edoardo and Adele Fendi, and brought onto the international stage in the nineteen-sixties and seventies by the five Fendi daughters.