Surely the past two years have been a lesson to even the hottest of designers: women spend on accessories and outerwear. While we have a soft spot for handbags and a bold statement 5-inch heel we can barely teeter in, the latter category of ready-to-wear is a particularly smart investment. Taken care of, coats can literally last forever. Musing on the Fall 2011 collections that closed with its Paris finale this week, we were particularly enthralled by a wide selection of gorgeous outerwear pieces. Here’s a roundup of our favorites.

A dark and stormy Pan at Ann Demeulemeester

Phoebe Philo dabbles red with brown.

Cherry red with a Forties touch at Louis Vuitton

Chanel’s tough tweed lady

Lanvin’s new austerity

Full on furry glamour at Yves Saint Laurent

Jason Wu’s prettied up menswear for womenswear

Altuzarra’s sporty cuts already have the editors clamoring

3.1 Phillip Lim was into combo coats

Balenciaga was feeling knit-witty

Antonio Berardi threw in a lime twist

Valentino’s lean green leather machine

Marios Schwab’s skirted puffer

Proenza Schouler takes a shine to mustard

Miu Miu prefers her moutarde with wide shoulders

Victoria Beckham goes bolder in persimmon

Jil Sander punches things up in prints

Isabel Marant continues her love affair with all-American duds

Derek Lam does pretty in powder blue

Burberry Prosurm was definitively electric.