I love everything about Olivia Palermo's outfit in this photo. From the fur vest, to the ballet flats, to the gold watch- it's perfection. Of course, the icing on the cake is the fabulous cognac leather clutch. I believe Olivia's is Hermes, but a quick eBay search for vintage alligator clutches led me to the beauty pictured above. A dead ringer, right?
P.S if you're looking for a similar fur vest I found a great inexpensive version here.