DOWNWARD MOBILITY

$1 Million Shoes No More

The announcement that Stuart Weitzman will not, as he has every year since 2002, debut a one-of-kind set of high heels decorated with $1 million worth of diamonds and other gems has Hollywood aflutter. The questions on everyone's mind: Will this year's Oscars be threadbare compared to last year's? How much bling is too much? "It used to be chic to say, 'I'm wearing $16 million worth of jewels,'" said publicist Howard Bragman, who specializes in crisis counseling for celebrities. "That's distasteful right now." In an effort to appear more in tune with the financial woes facing the rest of the nation, celebrities will give up such luxuries as the diamond-encrusted facial, in which tiny pieces of diamonds are used to exfoliate the skin. Outfits on the red carpet, as well, will be drabber than usual.