Every Hermes (and Chanel and Gucci, etc.) scarf tells a story. Many commemorate specific historical events and personages, and all express highly specific themes. And the ladies who wear them generally put conscious thought into which ones they wear for particular occasions. It's an expensive ass scarf all right. But when "Chanel button ladies" like Nancy wear them their choices are never frivolous or capricious. I don't recognize this specific scarf but I am sure it was not merely chosen because she liked the color.