• CBS Sunday Morning , Monday, November 3, 2008 11 AM

Correspondent Tracy Smith had a piece on Sunday about an over-the-top traveling exhibition for Chanel, a "brand built on extravagance." Constructed with 700 pieces of fiberglass, the Zaha Hadid-designed Chanel Mobile Art Container houses 20 works of art inspired by Chanel's 2.55 handbag. The "classic flap bag" was designed by Coco herself in February 1955, and starts at a price, in the words of one blogger , that makes you "gasp for air."

The Container will remain in Central Park in New York through Nov. 9 before heading to London, Moscow and Paris.

Video of the story, which contains an interview with Karl Lagerfeld, who updated the bag in the '80s, does not appear to be online, but Chanel's Web site for the "multimillion-dollar monument to a purse" can be viewed here . 

Read the whole story at CBS Sunday Morning »