Pain at the pump

This spring, nearly every top designer has a "Cinderella" slipper, a shoe priced so high that it should come with a handsome prince -- or an hour with a male escort, at least. Christian Louboutin's webbed suede and button sandals sell for $1,345, while Versace offers a $1,400 satin pump festooned with nothing more than a few tassels. Dior's platform slingback with beaded heel runs $1,030, while Balenciaga's pink and brown braided gladiator sandal goes for $1,375.

Then, there's the $1,045 Lanvin flat (pictured on the cover) that should land at Barneys in Beverly Hills any day now. Already, women are salivating for this sandal adorned with a couple dozen leather-covered studs. Run, don't walk. There's a waiting list.

"Footwear is having its runway moment," says Marshal Cohen, chief analyst for New York market research firm NPD Group. Designers are "raising the cachet of the brand by having one extravagant style, and that one makes the other pairs seem more reasonable."

In other words, the glass slipper has shattered and consumers have resigned themselves to splurging. Case in point: You pick up a sandal and sigh with relief when it costs less than your monthly car payment. And those sale endorphins surge when you see $1,000 platforms marked down to $675.

Piece de resistance styles aside, the going price for a luxury designer pump has climbed from $350 in 2004 to $500 in the last year. Mary Janes, an "it" style for spring, range in price this season from $575 for a sleek patent leather pair by Gucci to $690 for suede ones with zaftig curves by Prada.

Miuccia Prada recently was quoted as saying, "The obsession with handbags has finished for now. It feels over. It's about shoes."

Celebrities such as Kirsten Dunst pout for Miu Miu ads that highlight accessories, and starlets name-check their mules on the red carpet. Christian Louboutin's iconic crimson undersoles -- as eye-catching as fresh spilled blood on asphalt -- have become status symbols. Every new season brings a new style, and with the reign of jeans and casualwear, a breathtaking shoe separates the chic from the chaff.

That's not exactly good news for shoe junkies. A pair of sandals could set you back as much as a shoulder bag. Right now, a turquoise Prada satchel sells for $535 on the Neiman Marcus website, and the designer's wavy ankle-wrap sandal sells for $550.