In Europe, there are daily queues for baguettes - the bread you spread with butter and eat with coffee.

In Singapore there are waiting lists for the baguette - the loaf-shaped handbag by Fendi.

Financial crisis? What crisis?

Even if a Swiss watchmaker did say last week: 'We thought in this time of crisis, it would lift the spirit to have some glamour.'

Much spirit was held aloft, above glamour guests' heads mostly, as waiters pressed through with champagne flutes for Cortina Watch's Jewellery Time 2008.

The Paragon - that paragon of luxury lifestyle living - was strategically red-carpeted to welcome invitees to CW - one of Singapore's top three timepiece dealers - and its biennial showcase of expensive wristwraps.

But it was any guest's guess which way star slebs Leon Lai and Michelle Reis would make their entrance.

Anyway, it would've been a squeeze to spot them because of the oversubscribed attendance.

More than 500 cramped into a many-chandeliered lounge, its theme Rock Baroque.

Baroque, oh mama. The least expensive watch is just $1 million.

Rare and fine, the 16 top brands are highlighted in a coffee table book featuring local personalities, professionals, socialites, keeping time in their world of private jets, luxury yachts and supercars.

I quickly and quietly pulled my cuff over my much-Swarovskied Swatch.

And then the trays of food appeared and I had to stretch out again.

Watch events have become par for the course since 2005 as Singaporeans list timepieces as one of the top five shopping items. Pick a number, say $138 million, and that's how much was spent on watches last year.

Decisions, decisions...

Well, there is the $6million Jaeger Le-Coultre, 12,000 precious stones, 160 carats; and the Audemars Piguet at $4.5 million, with only 1,673 diamonds. Decisions, decisions.

No one really wears one of these to tell the time anymore - it's more a showpiece accessory.

The night wore on, still no sign of Leon nor Michelle. Shoppers thronged the floors of the mall - what must they make of all that glass, all those black gowns, oh wait up, what's that music, and that must be a fashion show...

Fans of Michelle Reis or Leon Lai? I asked a group of bright young men. (Let's call them Eric and Thaddeus, another Eric and Sebastian.)

'Neither, we're here for the drinks!'

There was plenty of that. There had to be, when you keep guests waiting.

Rivers of bubbly popped, enough to turn the red carpet into a red sea.

Suddenly, it parted and the Hong Kong stars showed up. Leon lai, Leon lai, (Leon's here, Leon's here - 'lai' is Mandarin for come) and it was time out.

This article was first published in The New Paper on Nov 2, 2008.