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Behind Victoria's Secret's $10 million Fantasy Bra

If you had $10 million, you could buy more than 70,000 Tesla shares, or perhaps a house in San Francisco like Facebook CEO Mark Zuckerberg.

Or you could get a bra.

Likely the world's most expensive support garment produced this year, the Victoria's Secret Fantasy Bra was the highlight of the brand's annual fashion show Wednesday, which kicks off its holiday selling season.

The show featured performances by Taylor Swift and Fall Out Boy and highly embellished lingerie worn by Victoria's Secret Angels Adriana Lima, Alessandra Ambrosio, Lily Aldridge, Candice Swanepoel, Lindsay Ellingson, Karlie Kloss, Doutzen Kroes, Behati Prinsloo and others.

The show will air on CBS on Dec. 10 at 10 p.m.

This year's Fantasy Bra and belt are crafted by hand in 18-karat gold. They feature a 52-carat pear-shaped center ruby and more than 4,200 other precious gems, including diamonds and yellow sapphires.

(Read more: Scenes from Lingerie Fashion Week)

For the first time, Swanepoel had the honor of modeling the bra at its public unveiling.

The undergarment's eye-popping price tag is the highest since 2005. Fantasy Bra prices plunged during the recession, to a mere fraction of those during the early 2000s.

That prompts the question: Is the Fantasy Bra an indicator of economic or market trends?

Interestingly, prices of the bra tracked the S&P 500 higher and lower from 1996 to 2005 (with the exception of 2003), and again in 2009 and this year. So market watchers may want to debate its merits (along with those of the "hemline theory," attributed to Wharton economist George Taylor in the 1920s, which holds that women wear short skirts in good times and longer

ones in bad times).

CNBC reached out to Victoria's Secret for some interesting tidbits about this year's megamillions bra.

(Read more: Lingerie for the 1 percent: 24-karat intimates)

The labor: The bra took 527 hours to make—nearly 22 days—with 14 craftspeople involved.

Selection process: Victoria's Secret executives picked the Fantasy Bra model and design in May. The fitting process began at the end of May, nearly half a year before its turn on the catwalk. The brand works with a list of different fine-jewelry designers that can vary from year to year.

Measuring up: This specific bra required that a body cast be created to ensure perfect measurements.

And the lucky buyer is ...: No one typically, because most bras are eventually dismantled. So far, only last year's $2.5 million bra has found a buyer. Victoria's Secret declined to disclose the name of its owner.

This year's bra will be available for purchase for a year.

—By CNBC's Katie Little. Follow her on Twitter @KatieLittle.

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