"While men wear their hands in their pockets so grand, the ladies have pockets to wear in their hand." So said a London journal in 1804, marking the birth of the drawstring bag. Flash forward to 2000 and what do you find? A passion for vintage fashion, particularly the bag that turns out to be an investment piece.

Shining example: a Whiting & Davis gold mesh pouch, circa late 1940s, from the estate of legendary Marian Anderson.

The Bakelite clutch and beaded Cardin bag (above) are timeless mementos of 20th-century style.

Another current hot collectible-the lucite bag-harks back to the late forties and fifties when transparent, boxy bags first caused a sensation. The one below, from the estate of Hattie Carnegie, shows off a signature Schiaparelli scarf and a French mother-of-pearl compact with blue rhinestones. "These bags will continue to appreciate in value," says Glen Leroux, who specializes in collectibles and art of the 20th century. He's constantly on the prowl for estate items-those glamorous remnants of another era which take on new life in his Westport, Connecticut store. Leroux points out the fine craftsmanship of the past as a hidden asset of bags like these whose prices can often be less than newly minted designs.