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Is fashion art?  The U.S. legal system doesn't think so, but the Wall Street Journal may beg to differ. 

An article on whether a bursting housing bubble will be followed by a popped art bubble opens with a description of recent sales: 

London diamond dealer Laurence Graff is putting 30 works of art on the auction block, including some important contemporary pieces. Collector and philanthropist Louise Blouin MacBain just auctioned off $4.6 million worth of Hermès handbags, Manolo Blahnik shoes and furniture from two of her homes. And an anonymous European seller is parting with 29 pieces, including works by Andy Warhol, Edward Ruscha and furniture designer Marc Newson.

These sales -- and a host of other prominent works headed for the auction block in London in a few weeks -- are sending a ripple through the art market.

Are Blahniks and Birkins now officially wearable sculptures, the equal of contemporary art?  Have the little seamstresses and tailors of history and the celebrity couturiers and designers of today joined the ranks of their "fine art" peers?  Or is reporter Lauren Schuker simply concerned to hear that a noted collector is selling her shoes? 

Either way, the article offers a whole new perspective on investment dressing.