Most would think the gown would cost considerably more today.

But the reality is that - unless this gown was designed by the likes of Chanel or Lanvin - the money is on the offensive shirt.

"In the early 1970s there was a huge market for 1920s beaded gowns, particularly in London, where people flocked to the high-end vintage stores and markets," says Roger Leong, Curator Fashion & Textiles at the National Gallery of Victoria. "These gowns don't have the same cache today, although things can always change," he says.

While the National Gallery of Victoria has a number of important designer gowns in its permanent collection, it also has designs by Westwood and McLaren. There's the duo's Destroy Shirt, circa 1975, as well as the Parachute shirt and Bondage trousers, designed the same year. The Destroy Shirt still offends many people today with its emblem of the Nazi insignia combined with a crucifix. The steel hooks at the end of each extended sleeve allow the shirt to be worn like a straight jacket. "This design is one of the most controversial pieces in our collection. The gallery is also acutely aware of the reaction received when displayed," says Leong.

Westwood's ensemble, although not as provocative, also raises eyebrows. Complete with extended zip that circles the crotch and a bottom flap for modesty, it remains highly collectable today. "These items are rare. It took courage to wear these clothes at the time and they weren't produced in large volumes," he says.

An original Westwood Destroy Shirt could easily fetch $2000 on the internet. The original bondage suit was sold by Kerry Taylor Auctioneers in London a couple of years ago for £1800 ($3200). Other designs, such as Westwood's mini-crini, which first appeared on the catwalk in 1985, are also attracting significant prices. The £3000 received at auction last year couldn't be reconciled with the number of hours spent on this Victorian-inspired design. ''Westwood's mini-crini changed the direction of fashion in the mid-1980s, from the more oversized and deconstructed look to more feminine silhouettes. Christian Lacroix's bubble skirts, a direct result of the crini, became popular throughout the rest of that decade," says Leong.

While some fashion moments are buried in the past, the punk movement, associated with Westwood's designs, continue to create ripples in the fashion scene today. The Metropolitan Museum of Art staged Chaos to Couture last year and included Westwood's designs, with collectors - both individuals and museums - on the hunt for such pieces today. The National Gallery of Victoria had the foresight to collect Westwood more than 10 years ago, well before the prices escalated. They even have a pair of Westwood steel-spiked stiletto shoes dating from 1985 in their collection, recently sold by Kerry Taylor Auctioneers for £1500.

Australian fashion doesn't have an equivalent of Westwood, but many of our fashion designers from the recent past have created their own ripples. There was Prue Acton, Jenny Kee and Linda Jackson, the latter two who opened a store in Sydney's Strand Arcade in the 1970s. There was also Beril Jents, whose grand salon in the Old St James Building in Sydney attracted the well heeled.

"Jents dressed Jill Wran [ex wife of former NSW Premier Neville Wran]. She designed the suit that Jill wore when she met Princess Diana," says Leong. Jents regularly experimented with non-traditional materials in her work. Her Tea Towel Collection (circa 1948) was informed and constructed from kitchen tea towels.

"Beril was extremely avant-garde. Her work wasn't derivative of overseas fashion trends. Jents' Potato Sack Collection (circa 1948) also reflected her skill in a time of post-war shortages. She was always fresh and original," says Liliana Pomazan, a senior lecturer in fashion at RMIT University, who co-authored the book Australian Fashion Unstitched -the Last 60 Years with Bonnie English.

Although the clothes forming Jents' sack collection rarely come up for sale, some of the late designer's evening gowns appear from time to time.

"I came across one last year in the Vintage Shop in Sydney for $4500," says Pomazan, who considers Jents to be the first ''Australian Queen of Haute Couture''.

When it comes to collectable Australian fashion from the recent past, the name Linda Jackson often surfaces. Shapiro Auctioneers held an exhibition and sale three years ago showcasing Jackson's designs. Shapiro had 60 pieces in the sale, ranging in price from $200 to $2000. Some pieces were from Jackson's Bush Couture Collections of the 1970s, while other designs demonstrated her talent for creating unique fabrics, many of which were hand-painted. "Some of the fabrics were buried in the dirt to get that aged patina," says Andrew Shapiro.

Together with Jenny Kee, the duo was also at the forefront of presenting Australian flora and fauna in fashion, particularly in the late 1970s and early 1980s (think of Princess Diana wearing Kee's hand-knitted koala jumper in vibrant colours).

"Fashion is sold like fine art. It reflects a specific time in history, whether it's the punk movement or the new romantic movement from the early 1980s," says Shapiro. "The value isn't about the time taken to create something. The cost is often measured in the creative energy and the ripples certain fashion statements left afterwards."