Only a few weeks ago, Grazia gave you the heads up on the new arm candy, which we're calling ‘Recessonista Handbags' - it's all about the fusion of functionality (think, back to the 90s utility shapes such as the satchel or messenger) and luxury (imagine gloriously bright colours, exciting embellishment and keen attention to detail). They are all over the catwalks for SS09 - appliquéd satchels at Jaeger, colour pop rucksacks at Versace and tapestry fringed messengers at Matthew Williamson - and that's just to name a few! But the real insider's choice for no.1 Recessionista handbag? It's the PS1 from NY design duo, Proenza Schouler. And check this out; it's their first collection of handbags... ever! Pretty good start then, that Mary Kate Olsen, Cate Blanchett and Vanessa Traina all snapped theirs up months before the release date, and now we've heard that they've sold out over the pond at Barneys. Which is all very bizarre, when the aim of Recessionista bags, and in particular the PS1 is to be an anti-It bag. So, what's so special about it? Well, whether you go for the gorgeously tropical shades like coral or just opt for classy classic with black or tan, Proenza's PS1 has a perfectly medium build (suitable for throwing in everything) with chunky leather straps and a beefed up metal clasp, but it still maintains a really delicate and feminine appeal. You should still be able to pick them up in Harvey Nichols, but many a fashion blogger is touting them at the next Balenciaga Lariat - a do-all, be-all, everlasting handbag that everyone would give their left arm for - It bag or not!