FASHION : Blahnik Shoes at 50% Off? What a Steal!

There are sales and there are sales. One selective thief broke into the Weathervane shop in Santa Monica on Christmas and stole the entire Matsuda line--blazers, velvet jackets, trousers, coats and vests.

“A lot of customers asked, ‘Where do they resell it? We can buy it cheap,’ ” said sales manager Kirsten Hall. “It could be in any little store anywhere,” she replied.

For Weathervane’s law-abiding customers, the 50%-off sale began last week, and, yes, there are still plenty of finds, including Johnny Farah’s sturdy black leather handbags for $103.

November and December seemed like one extended price-reduction fest in boutiques and specialty stores across the city, and savvy shoppers can still find racks of designer merchandise, some of which can be worn now, some later.

And a few of the best markdowns are yet to come: Neiman Marcus’ heady “last call’ sale, with discounts of 65% on fall and winter clothing, unfurls Jan. 20. Maxfield’s clearance shakes down Saturday at the original site, 9091 Santa Monica Blvd.

Sometimes it helps to shop around.

For instance, a devotee of Manolo Blahnik shoes--beloved by rock stars and royalty--who bought the classic midheel peau de soie pump in black on sale in November at Neiman Marcus, Beverly Hills, paid $235.

Now, Madeleine Gallay on Sunset Plaza is selling the same shoe, originally $390, for $195.

The store’s wide selection of other Blahnik shoes, boots and mules, all in black, are also 50% off, including the proprietor’s personal favorite, a faille “pedicure” sandal for $145.

Elsewhere in the luxury footwear world, Emma Hope’s shoes, handmade in England, are reduced 50% at Commes des Fous on Melrose Avenue.

Among the few styles available are lace flats in white, khaki and black, originally $275.

Meanwhile, at Bottega Veneta in Beverly Hills, woven gold metallic mules are $150, or half off $300.

If it’s clothing basics you need--and we don’t mean Gap T-shirts--they’re out there, too.

At the high end, cashmere cardigans in violet, fuchsia and gray-blue are reduced from $1,640 to $1,145 at the Chanel store on Rodeo Drive.

Across the street at Valentino, white silk blouses--some frothy, some tailored--originally priced from $1,600 to $2,400, are 60% off.

At Theodore, Carmelo Pomodoro black knit tube skirts, originally $200, are $140; matching short-sleeved bodysuits, originally $240, cost $168.

Gallay is offering an array of velvet stirrup pants in black, hunter green, brown and gold, originally $292, now reduced by half.

To wear on top are private-label, Belgium-made gabardine blazers in black, red and fuchsia, priced 50% off $585 to $645.

You might not consider sequined tank dresses in silver, gold or blue a basic, but at Gallay, where they were originally tagged at $720, they’re a buy well worth considering at $360, unless, of course, you really need a fax machine.