Novelty isn't enough to keep the latest in Swedish jeans on store shelves. Noko, which debuted last week, is an upscale brand with an unusual twist -- it's made by people who could never partake in the style. The jeans are manufactured in North Korea, where access to jeans is rare at best.

Swedish department store PUB, decided to stop selling the jeans in order to avoid controversy. After all, who'd want to be associated with the land of Kim Jong Il? The department store's management claims it didn't know of the jeans' origin and killed the deal as soon as it learned of the North Korea connection. Sweden is effectively the western world's envoy to Pyongyang.

Rene Stephansen, PUB's director, told The Associated Press, "For us, this is not a question of Noko Jeans - this is a question about a political issue that PUB doesn't want to be associated with." He continued, "This is not the forum for the discussion."

Noko Jeans was developed by three Swedish entrepreneurs who wanted to engage North Korea, end the isolation ... and probably capitalize on the Communist mystique. The jeans are only available in black, and they aren't cheap. One pair will set you back $215 a pop!

The plan was that Noko Jeans would be sold at Aplace, a store within the PUB store, according to Stephansen. Aplace isn't on board with PUB's decision, calling it "a bit cowardly."

Art Basel was fun again this year. After a recession-stained climate last year led to toned down partying, collectors and dealers (and everyone else) was back in style this time around. According to the Wall Street Journal, it seemed like everyone was throwing a party this year, with the likes of Larry Gagosian and Lance Armstrong getting in on the action. And, the parties didn't suck. Hosts went all out -- with live music and other attractions -- to separate themselves from the competition. Some even tried something new, with the words "Everybody has a Damien Hirst" uttered.

Of course, there were enough celebrities in supply to ensure that every host had one to boast about. Scott Stapp, lead singer of Creed, and Russell Simmons, for example, were present at the Mondrian South Beach Hotel. Simmons is a committed collector of works by Jean-Michel Basquiat and Barbara Krueger and was in town to raise money for his charity, Rush Philanthropic Arts Foundation.

An after-party hosted by Julian Schnabel's art dealer son, Vito, attracted some big names, as well. Peter Brant, an art collector who recently tried to move "Brother Sausage" by Basquiat at auction, was there, along with Abby Rosen.

Yet, there were more intimate dinners and cocktail parties than in past years, according to Art Basel regulars. A few corporate sponsors still made the plunge, including UBS, NetJets and Cartier.

Private jet travel is back! When we were in the depths of the financial crisis, the best way to fly was a sure way to attract criticism, especially when the Detroit auto executives showed up before Congress a year ago and had to explain why ailing companies were forced to shell out for the perk. Well, the private jets are coming back into style, but it's more for pleasure than business.

Business jet manufacturers delivered only 615 in the first three quarters of 2009, a steep decline of 37.8 percent year-over-year, according to the General Aviation Manufacturers Association. According to Jack Petlon, CEO of Cessna, though, there are signs of life. "With the financial collapse that occurred there was a lot of anger, a lot of hurt, a lot of people reaching out and striking at what became an image and the image was a corporate business jet," he told Forbes. He continued, "We as an industry are now spending our time righting that wrong perception."

Here are four facts you may not have know about business (and private) aviation:

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Hong Kong's fall sales have been great for records, for Christie's in particular. After several were broken at the art auction this week, the gem scene was ignited. A pink diamond no larger than a chickpea went for $10.8 million, according to Bloomberg News. The stone had the second-highest rating available (potentially flawless) and a weight of 5 carats. It shattered the per-carat record set back in May. Back then, Hong Kong property investor Joseph Lau picked up a 7.03-carat blue diamond at an auction in Geneva for $10.5 million.

The pink diamond was sent under the gavel by Graff Diamonds, a London-based jeweler. The stone was sold to a phone bidder who beat out Liu Yiqian and his wife, Wang Wei. But, those two have bought enough already, right?

Overall, the 255 lots sold (an 89 percent sell rate) brought in HK$372 million, with the action pushed forward by mainland Chinese, a growing trend in the auction world this year. Donald May, a ruby and sapphire dealer based in Hong Kong, attended the auction and told Bloomberg, "There's a lot of mainland Chinese buying; either they didn't know what the items are worth or they wanted them so badly that price didn't matter." He believes that prices were pushed way out of control.

There were other records set in Hong Kong, as well. A sapphire weighing 16.65 carats, set by Van Cleef & Arpels, brought in HK$18.6 million, also setting a per-carat record.

One bidder spent more than $146 million this year and dropped a boatload of cash at the Christie's Hong Kong art auction on Monday, pushing prices higher and smashing records. Wang Wei, with her husband, investor Liu Yiqian, ranks 176th among the wealthiest in China, with a net worth of $740 million ... and she wouldn't say how much she's spent on art this year.

Wang waved Paddle 960 aggressively on Monday, sometimes tossing bids up HK$1 million at a time to distance herself from competitors for particular pieces. A few times, she didn't bother lowering her paddle, instead just holding it up until her rivals quit.

At Sotheby's Hong Kong in October, Wang's husband shelled out $11 million for a Qing Dynasty imperial throne, complete with carved dragons, setting a record. And, this month, he payd $25 million for a Ming Dynasty scroll by Wu Bin at Beijing's Poly auction -- it was the most paid for a Chinese painting.

At Monday's Christie's sale, HK$126.7 million in art sold, and the house wouldn't reveal how much of it went to Wang. Speaking for herself, the collector reveals why she made the purchases she did. According to Bloomberg News: "I just bought those for fun."

[Photo courtesy of Christie's]

In London today, $90 million in Russian art is going under the gavel, and the auction houses are hoping that a still robust community of Russian billionaires will come out in force to repatriate their heritage. Both Christie's and Sotheby's are holding auctions on December 1, 2 and 3, with MacDougall's, which specializes in Russian art, also selling on December 2 and 3. Bonhams is conducting one today.

There are some signs that the sales could go well. Sotheby's moved $13.8 million in Russian art at an auction a month ago, topping the $9 million presale estimate. The Russian government is saying the economy should grow next year, after falling 10 percent this year. If recovery is en route, big spending Russians may show up at this week's art auctions.

There's no shortage of Russian art coming on the market this week. In addition to the 540 lots being offered by Sotheby's, at a presale range of 14.8 million pounds to 21.2 million pounds, MacDougall's is selling 460 lots (12.5 million pounds to 17.6 million pounds), including a painting of a topless woman by Zinaida Serebriakova for between 1 million pounds and 1.5 million pounds. Christie's has 578 lots, with a presale estimate of 6.5 million pounds to 9.3 million pounds.

The web isn't just for bargains. Some of the top luxury lifestyle brands in the world are turning to the internet to beef up their sales -- a must in a market where brick-and-mortar is lagging in the all-important holiday season. Giorgio Armani and Valentino Fashion Group, which have generally steered clear of the prolies shopping online, are changing their attitudes, as they have had to cope with the most severe recession in seventy years. Roberto Cavalli and Salvatore Ferragamo have joined the fray, too, both opening online stores in the past month.

In addition to younger buyers who are more comfortable skipping the store, a sense of "luxury shame" is causing many to turn to the web. The anonymity, once reserved for porn purchases, allows customers to indulge in big-ticket buys without having to endure looks of envy (or worse). If you need proof that luxury spending is going digital, take a look at Italy. This year, online sales of Italian luxury products are expected to surge 42 percent to $500 million, according to a study by Politecnico. Last year, it fell six percent for the luxury goods industry as a whole. In Italy, around 14 percent of holiday shopping will occur ont eh web, according to Deloitte's 2009 Christmas Survey.

The luxury industry's online endeavors are not limited to traditional stores, though Stefano Sassi, Valentino's CEO, notes that the startup costs are lower and that "There's a very interesting margin on e-commerce" as a result. Armani has launched applications for smartphones, including the iPhone and Blackberry and has launched a Christmas website.

The top lot at Christie's Asian art auctions brought in a record $5.9 million in Hong Kong. A large abstract painting by Chu Teh-Chun, "Vertige Neigeux," surprised bidders and spectators alike, with an unidentified Asian private buyer ultimately winning in front of an audience of 400 people. Overall, the auction brought in $79 million.

Buyers from mainland China pushed prices higher at the Christie's sale, especially with local art collectors picking up artwork as a way to protect their wealth from inflation and a struggling U.S. dollar. Chu, Zao Wou-ki and Fu Baoshi are among the hottest artists on the market right now in Asia. A piece by Baoshi set a record during the day sale, moving for $7.8 million. One by Sanyu nearly tripled its presale estimate. According to Anthony Lin, an art consultant in Hong Kong, contemporary Chinese art is starting to recover.

On the first day of the five-day sale, Christie's also sold more than $5 million in wine.

[Photo courtesy of Christie's]

Art Basel Miami Beach starts on Thursday, and the word "test" is being used instead of "expectation." Even though there have been signs this month that the art market is turning the corner (or at least trying), caution remains pervasive, and the market is still seen to be fragile. The fair's organizers have said that profits will be down at least 20 percent for everyone involved, because of lower prices and a decline in the number of exhibitors.

Sixty of last year's participants have dropped out already, and the number of satellite art fairs around Art Basel Miami Beach has fallen from 22 to 16. Layout changes are taking the shift in participation and making it benefit those who remain. Exhibit space has been increased by 20 percent, and booths in the main art galleries area will be larger, as a result. This is where most of the action is. Eighty-five percent of the dealers have come back, and the number of stands has increased from 265 to 270.

Though prices are expected to be down at the Miami fair this year, artists and galleries aren't giving their work away. Emmanuel Perrotin, the Paris gallery, is trying to move Takashi Murakami's "Warp," painted this year, for $1.5 million. The same gallery is also pushing a Duane Hanson sculpture for $425,000 and a photographic print by Paola Pivi for $33,000. Edward Tyler Nahem, a first-timer at Art Basel Miami Beach, has a room full of paintings by Alejandra Icaza, which are selling for $35,000 a piece.

The crowd in Miami is likely to be a return to past decades, in which art collectors and investors -- rather than what Todd Levin, director of Levin Art Group calls the "fashionista crowd" -- dominate the scene. Art Basel Miami Beach thus might become an art fair again.

PACT is back with a new print. The underwear designed to cover your ass while saving it from pollution and other environmental mayhem is out with a new look ... thanks to a little help from Yves Behar and artist Sage Vaughn. Three new prints are coming out, each aligned with a new cause.

Behar designed two of the new prints, which include shells and scales. Ten percent of the sales from these new undies (for men and women) will go to Oceana. The third, designed by Vaughn, is a butterfly print that will support Global Green USA.

"I love the idea of bringing a sense of joy and playfulness to philanthropy and the act of giving," said Vaughn. "Like a tattoo in an unseen place, the intimacy of underwear creates a unique relationship with the art." Before turning to the garments closest to your skin, Vaughn made a name as a painter and graffiti artist. He designed the new PACT print for his wife, Sweet P.

Jeff Denby, co-founder of PACT, says, ""We're thrilled to be working with Sage Vaughn for the Global Green print." He continues, "We're longtime admirers of his work, and his Global Green print is a stunning addition to PACT's collection of bright, bold patterns that capture the heart of the organizations they benefit."