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Vancouver's Coco Rocha, arguably the world's most-in-demand model, quietly scans a newspaper, oblivious to the coiffeurs fitting a purple metallic dome on her head. Down the table, makeup artists glue feathers and crystals around the eyes of countless girls. Under a big white tent on the Paris polo grounds, the house of Dior is making magic. And even as much of the planet is fussing over fears of a recession, designer John Galliano's reality is too preoccupied with fantasy to take notice.

Couture week in Paris (the spring 2008 shows wrapped on Thursday) offers a glimpse at a rarefied world. We look to couture, as we do with art, to be transported. And for those with deep pockets, its ability to do that is worth the price.

“The world may be getting nervous in terms of what's going on in the stock markets,” said Dana Thomas, author of Deluxe: How Luxury Lost its Luster. “But there will still always be people with lots of money who have it stashed in all kinds of places – maybe even under their mattresses! Those are the people who will always buy couture, who will pay any price for things that are really special.”

Galliano's vision of surreal erotica was inspired by John Singer Sargent's Madame X portrait. The spectacle started with wails of Led Zeppelin's Whole Lotta Love heralding a glittering lime silk suit, teamed with a metallic green bucket hat. A parade of acid colour ensued, with an eclectic mix of structured silhouettes and rich embroideries. It was one of the most opulent displays in recent memory. LVMH Group chairman Bernard Arnault, Galliano's boss at Dior, could not have been happier. “Business at Dior is six times bigger since John came on board a decade ago,” he boasted.

Christian Lacroix also offered a colourful collection that told multiple stories through the use of disparate fabrics and a mélange of techniques. Polka dots, pompons, embroidered lace and hand-painted chiffon made for a wild mix. “We need this all because we need to dream,” Lacroix said. “And now, with the world's economy teetering a bit, we need that kind of escape even more.”

Sophia Loren graced the front row of Giorgio Armani's presentation. “I admire his simplicity,” she said.

But simplicity was not the order of the evening: Armani made his pitch to the red-carpet crowd with a barrage of fanciful cocktail wear and a few dramatic gowns. There were reams of pleated organza and swirls of silk decorating fitted short-sleeved jackets, many featuring graphic prints or elaborate beaded embroidery.

But whether any of these opulent creations make it to the Academy Awards this year remains to be seen, with the current writers strike putting the show in jeopardy. “Everybody's asking me whether or not I think the Oscars ceremony will happen,” said Becca Cason Thrash, a Houston socialite who is one of America's biggest couture clients. “I may eat my words, but I totally believe it's going to happen. These houses will somehow see to it.”

The look was less extravagant at Chanel. Creative head Karl Lagerfeld knows what his clients want. “No one wants to be pretentious,” he said. “Of course, you're paying a lot, you want to indulge in all the fabulous workmanship and details, but you don't want to scream about it.”

So Chanel's collection was filled with smart little pieces and gorgeous dresses that played with textures, from shredded chiffon to draped taffeta. An underwater theme was evident in the way fabrics were crafted and swirled. In a girlish touch, the only shoes were ballet flats.

“The best part of these clothes is that they don't shriek,” said Michael Roberts, Vanity Fair's style and fashion director. Perfect for a time of a quieter kind of luxury.

A fascination with the sea also captured Jean-Paul Gaultier's imagination. The presentation opened with Rocha, dressed in a gold mermaid skirt and shimmering trench, lounging on a rock. Long-haired beauties draped in ocean-inspired pieces floated down the runway: a black fishnet number, a white “scallop” jacket, a shrimp-pink dress. Sparkling scales decorated dramatic mermaid gowns.

The week wrapped with Valentino's swan song on the grounds of the Musée Rodin. With a front row that included Uma Thurman, Lucy Liu and Miuccia Prada, the show began with pastel daywear, followed by floral prints and then exquisite gowns. He saved his signature shade for the finale: Images of models clad in red gowns were projected onto the tent walls, moving to the tune of Annie Lennox's No More I Love Yous. Suddenly, an phalanx of live models in identical dresses appeared. There wasn't a dry eye in the house.

Backstage was chaotic with press. Valentino joined me in a cozy makeshift room. “I knew I had to be calm and strong,” he said. “But I have to tell you, I am so very happy now. I only wanted to show the world all that I could do. Now, I'm ready to go and enjoy my life.”

As I ventured off into the Paris night, the frenzy quieting down, I thanked the fashion gods for the chance to have known Valentino and witness first-hand not only the end of an era, but the relentless passion and inspired creativity inherent in being one of the world's great couturiers.

Jeanne Beker is the host of FashionTelevision and the editor-in-chief of FQ magazine.

TOP TEN TRENDS

Pride of laceAs a peep or an overlay for a decadent dress, fabric finery expressed couture's feminine side.

Artistic Inspiration John Galliano noted his homage to John Singer Sargent's timelessly striking painting Madame X, but many dresses channelled Gustav Klimt thanks to fluid gold detailing and mosaics of colours.

First ladies Pick your era and add some haute; from Jackie O. to Nancy Reagan, perfectly tailored skirt suits were one of the most wearable elements of the collections.

Sewing seeds Many designers created skirts that exploded with blossom-shaped ruffles and tucking.

Black and white Amid Valentino's creamy sherbet shades and Galliano's electric brights, the contrast of black and white from Lagerfeld and Riccardo Tisci for Givenchy expressed sharp and sober sophistication.

Animal queendom Noah's ark arrived in Paris with feathers, marabou and dresses covered in feline spots.

Mermaids à la modeGaultier's liquid-like materials and fabrics mimicked oversized scales and were complemented by fishnets, scalloped shapes and shrimp-pink hues.

Gowns galore Donatella Versace's private presentation of 15 satiny goddess dresses screamed red carpet.

Lovely legs Daywear showed off shapely gams.

Bodice bling Beading, crystals, rhinestones and brooches adorned the upper regions of outfits from Elie Saab, Armani Privé and Lagerfeld.

Amy Verner