In Sunday's "On the Street" section of The New York Times' Style Section, Bill Cunningham introduced the world to the latest bag fad to hit Manhattan. The object of desire? A $1,000 black polymer bag by Chanel.

As you can see from the photographs, this "it" bag bears an uncanny resemblance to a very expensive 13-gallon trash bag that just happens to have a chain handle and a double-C Chanel charm. (No doubt the latter explains the truly exorbitant price tag.) If you're interested in this particular Chanel handbag, you had best get in line because there's already a month-long wait list for this season's most preposterous "it" bag.