Topping W editors' holiday wish lists: the Clasp, an Erté evening bag brought to life by Stefano Canturi (the international jeweler responsible for Nicole Kidman’s stunning Moulin Rouge “Satine” necklace) with the help of some 3,978 diamonds, 20 ounces of gold, black sapphires, rubies, and pearl tassels. Deceptively demure in size—just large enough for an iPhone and lip gloss—this one-of-a-kind object d'art comes with a $780,000 price tag. Extravagant to be sure, but a girl can dream.

One of the most influential artists of the 20th century, Erté originally created the Clasp in 1926 for George White's Broadway production of Scandals. In 1983, Chalk & Vermilion published the design as an embossed serigraph with hot foil stamping for a sell-out run. Its latest breathtaking reincarnation is timed to the release of Erté: A Celebration, a gouache-heavy catalogue of the father of art deco’s career. The book is not only peppered with essays by the likes of Stella McCartney and Twiggy, but is perhaps slightly more realistic to give and to get than the jeweled case itself.

The Clasp is currently on view at the Martin Lawrence Gallery in New York, and at their newly opened gallery in Caesars Palace, Las Vegas from November 25.

Photos: courtesy of Chalk & Vermilion and Sevenarts Ltd.