Mabel, Nancy, or Heloise? They're the names on every fashion follower's lips right now. No, not some hot new designers, but the latest must-have handbags.

Cult bags are big business - and big money - with a waiting list as long as your arm to prove their worth.

Whether it's a dose of bling like Burberry's 'Knight', or small but perfectly formed, such as Fendi's 'Sweet Box' clutch, there's sure to be an It bag out there currently making arm-candy addicts salivate.

When Kate Moss posed for Longchamp's campaign naked on a beach with a bag covering her modesty, she confirmed it... who needs clothes to make a statement when you've got a bag on your arm that makes other women weep.

- Bag yourself some arm candy

Bag appeal

So what's the appeal of the fashionista's accessory of choice?

"These days, sporting the It bag of the season transforms sidewalk into catwalk for its owner," explains Caroline Cox, author of Bags, An Illustrated History.

When former Gucci guru Tom Ford was asked what makes a good bag, he replied without hesitation: "It's like you've gotta have it or you'll die."

And thousands who've succumbed to the religion of bag worshipping would agree.

These days, bags are more than just flashing a designer label, according to Caroline.

"The must-have bag of the season may be a lusted-after designer item that can make or break a fashion name. But bags are more than just a logo; they are an intimate part of the body's silhouette, survival kits for life in the urban jungle," she says.

"Designer handbags are no longer the preserve of the elite or those with celebrity status. And there is a magical reason for this: Unlike designer clothes, with handbags, one size fits all."

Iconic status

Supermodels and celebrities are papped flashing a different It bag for every day of the week. They may have started trends like boho chic, but Kate Moss and Sienna Miller weren't the first of the paparazzi favourites to start parading the latest designer must-haves.

Bags have always gone hand in hand with iconic famous figures, from the time Grace Kelly attempted to conceal her pregnancy bump with a Hermes Kelly bag in the 50s, to Madonna flaunting her Fendi Baguette back in the 80s. Jackie Onassis was photographed so often with her Gucci Constance bag slung over her shoulder that customers would plead staff for 'Jackie O's bag'.

"A vital element for an It bag is glamour," Caroline says. "Often this comes from the magical association between a brand and a celebrity.

"An appearance on the arm of a style icon like Kate Moss can give a cutting edge to any modern bag - and Mulberry, Balenciaga and Stella McCartney have all benefited from the kudos in recent years."

Handbag heaven

If you're craving some new arm candy, think before you splurge on a bankrupting bag purchase.

Caroline has these tips for bagging the best handbag:

1. Never pay out for a designer fake. They're cheap, nasty and always lack the quality of the real deal.

2. Vintage is the way forward for bagging a classic bag. Check out eBay for natty designer bargains that won't cost the earth.

3. Sizing up your new purchase? Caroline recommends you look for a new clutch - this season's hottest shape.

4. If you can't afford a cult It bag, check out the next best thing. Caroline advises checking out the 'old school' leather retailers such as Tod's who have been making luxury leather goods for decades.

5. Forget the old adage of changing your bag with the seasons. Caroline says a good classic bag can last you a lifetime!

Copy cat

So you've checked the bank balance and you can't afford the much-coveted Mulberry Mabel bag - or blag a place on the waiting list. Kate Moss has got one, Keira Knightley's proudly swinging hers and model-of-the-moment Agyness Deyn has bagged one in purple snakeskin.

With a starting price of £750, it's a snip for the celebs getting in a spin over it, but not so for the majority of us. But bag-mad fashionistas shouldn't have to scrimp on their social lives to save for the latest arm candy - there's a whole load of convincing 'interpretations' on the high street.

Chloe's Beata patent tote is a hot accessory for this season's tough trend. Can't save up for the £900 price tag? Check out the - Debenhams Red Herring black patent bag, £25.

ASOS's Disc oversized leather shopper, £65 (www.asos.com), is a close call to Posh's favourite Birkin bag - she has one in just about every colour. For a cool homage to the Mulberry purple Mabel, look to Billy Bag's purple Holly, £255.

- Bags, An Illustrated History by Caroline Cox is published by Aurum Press. Available now