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Signs, in which it presented the top items of the season, from $17 to $18,000. The priceline quickly climbed into the stratosphere, with a Calvin Klein lavender clutch at $1,495 and a Roger Vivier pump at $3,205.The New York Times, with a somewhat firmer grip on reality, asked "Who pays $1,200 for a handbag, and why?"Clearly, sticker shock does not deter all shoppers.At Holt Renfrew, there's a perennial wait list for that "must have" Balenciaga bag, Atkin said. The Armani coat sold out in a flash. Even Armani bloomers, surely a fashion indulgence at $1,295, were snapped up, she said.At Ursula B.Giorgio Femme, there's always a wait list of about 200 for Balenciaga bags called the Weekender, the City or the Arena, depending on size and other details. They range in price from about $1,600 to more than $1,800.Over at Ogilvy, in a more moderate but still luxury category, $350 Cambio jeans and $500 Anne Fontaine shirts fly off the racks, said Christiane Audet, the store's merchandising director for women's fashion."Everything in life is going higher,'' Atkin said. "People think they have a threshold but when they want something really badly, and if they think they see the value in it, they will justify themselves in going beyond the threshold."Consider Voula Nikolopoulos, an olive oil producer whose fashion budget is generous, and then some.On a shopping spree at Holt's recently, for instance, she bought a little Gucci top, black, lacy and sexy, for $900 or so among other items."I thought I was a little crazy spending that much money,'' said Nikolopoulos, who was wearing a Chanel logo jersey dress and jacket and four inch high Manolo Blahniks while shoe shopping at Mona Moore on Sherbrooke St. W., the place for lavish Jimmy Choo pumps and intricately embellished Jamin Puech bags.Nikolopoulos's Holt's haul weighed in at about $8,000. For that sum, she got Dolce Gabbana tops, Gucci pants and a top, and the Chanel ensemble.High prices are not a deterrent as long as the quality is there, said Nikolopoulos, who produces an artisanal oil called Toladi from her family's olive groves in Greece."People are more willing than I can ever remember to spend money on fashion," said Lisa Bush,