Ditch the cars. Dial back on the shopping. But don’t give up on art! The former model and owner of a lingerie business is cutting back on luxuries but not on her art collection. Here’s what she told a London site, contactmusic.com:

“I’ve been consumer conscious for a while. I traded in my Range Rover for a Lexus and I either bike or take my Fiat Bambino on the school run. My only extravagance is art. It always has a place in my budget. All the artists I love, Lucian Freud, Jean-Michel Basquiat, Tracey Emin, Richard Prince, I’ve invested in.”

Elle Macpherson Defies Credit Crunch (Contactmusic.com)