Who or What Is Marc Jacobs Dressed As?

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Marc Jacobs Photo: Courtesy of Terry's Diary

Terry Richardson posted a photo today of Marc Jacobs at the Boom Boom Room in his Halloween costume: a straw boater, a jeweled bra, and a lot of makeup but most likely not much else. Say hi to Marc's cheekbones, and please tell us, what is this costume supposed to be? [Terry's Diary]