How much would you be prepared to spend on the latest fancy lingerie? For those willing to stretch to hundreds, thousands or even millions it seems that Victoria’s Secret and Agent Provocateur may be the best places to look first.

Earlier in the month Victoria’s Secret ‘Angel’ model Miranda Kerr revealed this year’s VS ‘Fantasy Bra’, worth a cool $2.5 million. The handmade bra is embellished with 3,400 diamonds, pearls, aquamarines and citrines – which took 500 hours to stitch into place – and there are two 14-carat yellow diamonds and two 8-carat white diamonds dropping from it’s tassled centrepiece.

Miranda Kerr has described the bra – that she will be modelling for Victoria’s Secret on the catwalk later in the month – as ‘mermaid-like’. Talking to People magazine she said: “It’s such an honour to wear the bra, and it’s such a piece of artwork! It’s absolutely stunning …I can’t believe I’m wearing $2.5 million on my chest.”

As incredible as the price tag for this item may be it is not the most expensive ‘Fantasy Bra’ ever to have been created by Victoria’s Secret. In 2002 Gisele Bunchen modelled a bra worth $15 million for the brand.

For those of you that can’t quite stretch to Fantasy Bra prices but still crave the ultimate in luxury lingerie Victoria’s Secret have far more affordable lingerie on their website, or, if you prefer to go for the ultimate in luxury lingerie Modelling agency Models Direct have just seen Agent Provocateur’s Soirée collection, which is now available online for the first time.

The Soirée collection has been in selected Agent Provocateur boutiques for two years but from this week it will be accessible to anyone who can afford it – which, frankly, isn’t many of us – prices range from around £95 for a thong to £1950 for a beaded playsuit. Creative director of Agent Provocateur Sarah Shotton has said of the collection: “It’s about dressing up, luxury and a lot of hand-embellishment…It’s really fun…I get to use very beautiful fabrics.”

The most talked about Agent Provocateur Soirée piece in the Models Direct offices is a one-off £15,000 Swarovski crystal encrusted playsuit. This tassled and beaded napa leather item features in a new Agent Provocateur promotional film entitled ‘Les Fleures du Mal’ (The Flowers of Evil). To get your hands on one of these though, you will have to visit Harrods, London in person.

Would you consider paying prices like these for a gorgeous pair of smalls? We would love to know whether you think lingerie like this is luxury or ludicrous?