In America, people are belatedly catching onto the craze. Shops that buy and sell old jeans have been sprouting up in Orange County. They're peddling everything from '70s Sassoons for $20 a pair to pre-'50s Levi's that can sell for up to $2,000.

Of all the pre-worn jeans on the market, old Levi's 501s are the most desirable. People want them because they're genuine Americana, a piece of our fashion heritage. Those made before the '60s have recently shot up in value.

"I thought they had hit a peak three or four years ago, but I've been amazed. This year prices have gone crazy," says Larry Craig, co-owner of Locals Only in Laguna Beach. Craig has been buying and selling vintage Levi's for 14 years.