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Judging from the display of wealth at the Victoria's Secret Holiday Show in Miami this month, someone deleted the "global economic crisis" memo. Welcome to the thong economy.

The lingerie line was clearly banking on Heidi Klum's million-dollar smile and Adriana Lima's considerable cleavage. And the Dow-fatigued guest list was loving it.

Budgeted at more than $10-million, the VS holiday event is reportedly the most expensive - and most watched - fashion show in the world. (Regular folks can see it Dec. 3 on CBS.) This year's edition, part of a week of celebrations for the newly renovated Fontainebleau Hotel, featured a full orchestra, a glitter-dusted runway and performances by Usher. The show is one of the hot tickets of the winter social calendar, with enthusiasts spending up to $25,000 to attend.

"This show is about celebrating the future," Klum said backstage. "We must celebrate beauty, even when times are tough. We have to be tough right back." Like the rest of the 35 models, she was dressed in a short pink silk robe to take questions from the press.

Although Lima's response to the crisis was less gracious - "What are we supposed to do: wear cotton?" - crowd favourite Marissa Miller had a more democratic message. "Who can't afford to give their girlfriend a Victoria's Secret satin robe - they start at $24," Miller said. "Anyone can enjoy a little luxury in the bedroom; all it takes is one little gift and a lot of imagination."

Canadian shoppers will soon be able to exercise their own Victoria's Secret fantasies. "We'll be opening the first two Victoria's Secret stores in Canada in the summer of 2009," chief executive officer Sharen Turney confirmed. "We purchased La Senza in January, 2007, so we're very invested in the Canadian market."

Inside the massive poolside tent, even A-listers looked relieved to finally be settled into their seats for the show. Martha Stewart and John Stamos managed to make the first row, while pop star Aubrey O'Day was relegated to the fifth. To get to my seat, I had to climb over Debbie Harry, squeeze past Olympian Amanda Beard and eventually trip over Lenny Kravitz's Cavalli shoes. As he caught me, he laughed, "You golden?" - which I assume translated to, "You okay?"

Despite all the nubile gene-candy on display, it was veteran supermodel Klum who clearly stole the show, soliciting the most catcalls and applause. British stylist Charlotte Stockdale transformed the brand's lingerie into a utopian fantasy of glamour. She accessorized with Vegas showgirl ruffles, Pierre Hardy stiletto heels, Swarovski crystals, gladiator body armour and, of course, wings - a signature feature of the shows.

Touches of fall season trends showed up in ombre patterns on sheer robes while jewel tones - especially amethyst - popped up in many of the more eye-catching pieces.

In keeping with the "big spender" theme, the showstopper number had Lima strutting onto the catwalk wearing the Victoria's Secret Black Diamond Fantasy Miracle Bra. Celebrity jeweller Martin Katz created the one-of-a-kind brassiere, priced at $5-million (U.S.) and set with 3,575 black diamonds, 117 one-carat round diamonds and 34 rubies, with a pièce de résistance of two lavish black-diamond drops totalling 100 carats. Designed for maximum cleavage enhancement, the bra boasts a total carat weight of 1,500.

Bringing the show to a dramatic finale, Klum made her way down the runway sporting a sky-high sparkly scarlet bow on her back, while dazzling red fireworks lit up the night behind her.

After the show, the couture crowd streamed into Liv nightclub. Photographer Bruce Weber and Chloe Sevigny shared a booth with Donald Pliner and Alexander Wang. In the middle of it all, modelpreneur-of-the-moment Klum clinked champagne flutes with billionaire Fontainebleau owner Jeff Soffer, sharing a conspiratorial smile. Perhaps there is a franchise in the making? With the Fontainebleau Las Vegas slated to open in 2009, will the Victoria's Secret Angels once again flock to the biggest spender?

Si Si Penaloza is the editorial director of Woman.ca.