What better way to mark the passing of 45 years than with a watch? Valentino, in fact, has created 45 numbered timepieces, appropriately called Event, as part of its anniversary package. The automatic watch has a white gold case, a white alligator wristband and 2 carats worth of white princess-cut diamonds. Joe Santana, president and chief executive officer of Timex, Valentino's watch licensee, will personally donate one to Valentino and another will go to a celebrity who has had a significant role in Valentino's history. The remaining 43 units will be sold in key Valentino boutiques for $46,700.

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