It seems every day, a major publisher or finance company cancels or scales back its holiday parties. Newsweek moved their party (to April! Ha!), while Hearst, ABC, and Conde Nast flat out scrubbed their shindigs. Pretty much any financial institution, if they're even solvent, has canceled or trimmed their winter fests. The Wall Street Journal even ran a guide to scaling back. Now these new economies are seeping into the fashion world, and that's scary because fashion, even in times of turmoil, is supposed to just diva on down the road with a spinning flourish and a jaunty scarf toss. Tell that to Marc Jacobs -- he canceled his annual holiday party, which has been a hot ticket for almost two decades.

In December 2007, the coveted Jacobs bash was a veritable three-ring circus for 800 guests at the Rainbow Room. The party theme was Arabian Nights and included contortionists, five open bars, topless men and women, and golden glitter showering down upon guests. Fast forward to this year, and the message is brief, brutal, and to the point: no party. On November 4, Jacobs' business partner sent out the doleful announcement: "Due to the financial climate, I had to make the decision to cancel the 2008 holiday party." Boom. Try not to sob too loudly into your homebrew eggnog.