First it was the $540 Lanvins—now this. Michelle Obama is a woman of the people in her J.Crew gear, but when it comes to handbags…not so much: Her favorite accessory is a VBH Ballerina Clutch in Cobalt Blue Satin, which retails at $1500. It’s simple and leather—far from flashy—but is certainly stands out against her litany of LBDs.