This is the first handbag that I've covered that really makes me think fall, and I honestly almost skipped it over for that very reason -- I'm not ready! But it's a perfectly lovely Lanvin shoulder bag nevertheless, in a trendy shade of olive python perfect for coordinating with all your fall tones. Other goodies include tortoiseshell ring details, a signature logo keyring and ribbon and dice charms, gold hardware with a combination chain and leather strap, interior and exterior zip pockets, and an expandable zip bottom. $2,790

Velvet usually comes out of mothballs about once a year: the holidays. Other than that, the fabric that has always stood for wealth and luxury tends to spend more time on settees and chaises than on warm bodies. That is, until now.

Velvet's not so underground anymore thanks to European and American designers who used bolt after bolt of it in the fall 2009 collections. And each one has manipulated the short dense pile into much more than just eveningwear.

Ralph Lauren, Fendi and Bottega Veneta created velvet rose-colored cap-sleeved frocks, neutral strapless cocktail dresses and burnt-orange slouchy day dresses, respectively. Chloé, Sonia Rykiel and Ralph Lauren went for velvet harem pants, mostly in dark green and black. Gianfranco Ferré, Lanvin and Elie Saab blew fashion watchers away with their long black velvet gowns with structured cap sleeves à la the '40s.

Aquilano.Rimondi-a new talented design duo from Italy-draped, cut and sewed bright red velvet into a belted cocoon coat-dress that hits just above the knee. Superb.

But if two designers can turn velvet into a full-blown trend of the season, it's Miuccia Prada and Marc Jacobs. Interestingly enough, both fashion forces took some yellow with their velvet.

Jacobs ran with the '80s-the decade he first hit the fashion scene- with neon yellow cocktail dresses like the one pictured above. Another yellow cocktail dress wraps its wearer like a mummy in wide-bands of velvet. (Fergie took this look out for a spin on the red carpet recently, only in electric blue.)

Prada reached back to a darker mood in the '40s and came up with a more toxic shade of yellow. This disconcerting yellow hovering somewhere between poison and putrid was made into a deep V-neck and stitched to a tweed skirt. Burned-out velvet made appearances on double-breasted coats and V-neck dresses (sometimes awkwardly topped with fur).

Michelle Obama's fashion choices continue to raise eyebrows. Even her sneakers aren't safe. Michelle Obama and Jill Biden pitched in at a Feeding America event. Mrs. Obama wore a casual sweater, capri pants and a pair of shiny suede and pink metallic sneakers from Lanvin. It turns out that the sneakers with grosgrain ribbon laces cost $540 and this has tongues clucking. The NY Daily News reports that the kicks, which come in denim and satin versions have been selling well all season. Given that Mrs. Obama often wears shoes by Jimmy Choo and other expensive designers, it's not clear why the sneakers are so provocative. Is it because they are casual footwear? Given the controversy perhaps next tiime she'll head to J.Crew for the sneakers too, the most expensive pink Jack Purcell pair sells for $195.

It's not too often you see black and navy paired together but they are in this leather Reporter Bag by Lanvin. A large black patent leather zip pocket sits on the front of a square navy leather main compartment (in a 'little bag stuck on a bigger bag' sort of way) with piping all around, complimented by a goldtone chain with grosgrain ribbon and a big, loose, pretty blue bow. Other features include a detachable signature keyring, signature lining, zip-top closure, and interior compartments. $1,515

A couple of years ago Lanvin created the Ou La La clutch in deep black or camel suede but the spring line has reframed this gorgeous bag in anthracite satin and a richly jeweled flower on the front. The magnetic fastening keeps things simple but the interior is still classically purposeful with a black logo embossed interior and a discreet vanity mirror. I am especially drawn to the muted glamour of the handbag which makes a sophisticated statement for $1,575. (6" x 2" x 10")

The Christie's Paris sale of Impressionist and Modern paintings that belonged to French fashion designer Jeanne Lanvin came in far below estimate on Monday. The Washington Post reports that the sale raised euro7.67 million ($9.67 million) at the sale which included works by Pablo Picasso and Pierre-Auguste Renoir. Christie's had originally valued the collection at euro20 million ($25.2 million). The top seller was Renoir's "Woman with a Parasol Sitting in the Garden," which went for euro1.16 million ($1.46 million) and has a top estimate of euro1.8 million ($2.27 million). A total of 23 of the 31 lots were sold. Another painting by Renoir, "The Tapestry in the Park (Presumed Portrait of Camille Monet)" went unsold as did works by Edgar Degas, Eugene Boudin and Camille Pissarro.Lanvin, died in 1946 at the age of 79, but was once of France's most influential designers of the 1920s and '30s and created the classic fragrance "Arpege." The paintings hung in her Paris apartment and a portion of the proceeds from the sale will go toward two arts charities run by the Polignac dynasty, the aristocratic family which Lanvin's daughter Marie-Blanche married into.

The Lanvin fashion label remains one of France's oldest fashion houses under the creative direction of Israeli-American designer Alber Elbaz. Recently Stella McCartney hired Frederick Lukoff, the business development director of Lanvin, to lead the British fashion brand, part of the Gucci Group. Lanvin has recently been it talks with potential investors to raise funds to expand.

Famed French fashion house Lanvin of Paris is in talks to sell a major stake in the business to Qatar's royal family. Lanvin owner Shaw-Lan Wang, a Taiwanese media magnate, is said to be keen to exploit the brand's burgeoning success under current creative director Alber Elbaz, formerly of Yves Saint Laurent, Vogue UK reports.

While nothing is set in stone, the deal is said to be worth many millions. Qatar's ruler, Sheikh Hamad bin Khalifa Al Thani, is ranked at No. 7 on Forbes' list of the world's richest royals with a fortune of $2 billion. Since Sheikh Hamad ramped up the development of Qatar's vast oil and natural gas reserves, the country now has the highest per-capita income in the world.

Daphne Guiness,socialite and couture collector, has decided to jump on the bandwagon and perform her own spring cleaning in her closet -- except she is auctioning her unused and unwanted items to support the Womankind charity which benefits women in developing countries. The auction of such pieces from Chanel, Versace and Alexander McQueen happens today at 2 pm with Kerry Taylor Auction House in London. For those of us who can't make the lightning-speed trip over the pond, you can also bid via eBay. A typical lot of shoes may include four or more styles from Jimmy Choo, Yves Saint Laurent or Prada and will range from $80 to $400. There are also Marni coats and a Lanvin shredded ribbon dress. Although you have to be a size 37 shoe (that's in UK sizing) you don't have to fit into the gorgeous handbags, hats or accessories.

This is one gorgeous bag. The chunky black 'jewel' embellishment is pretty on its own, but I love the way it is attached to the flap with soft satin ribbon. A simple suede strap would have worked just fine on this bag, but the snake chain adds much more interest and versatility - it coverts from a shoulder to a wrist strap. Available in deep black suede as shown or in a lighter camel color, it measures 10" x 5½" x 3" and sells for $1335.

This is a sharp looking leather bag with lots of nice silver-tone detail. Why did they have to go and ruin it with that cotton web strap? I like the contrast, but black leather would have been a better choice, I think. Looking past the adjustable strap, the little pouchette is pretty with the details and at 10"x6.5"x3.5", it is a nice compact size. The bag is also available in black and dark khaki, presumably with the same icky strap. $1065.