Grail to me, means things that I am in love with and cannot possibly get (for example, I collect a lot of
Coach and love it, but none of it is grail to me because if I save a bit I can go get what I am lusting after)...not for a long time...it will take hard work and patience but that will mean it will feel SO good when I do get it!
I agree with Sarah that it is something you hunt for, like treasure, and everyone has a different grail...or more than one....
My grail is a raisin clemence 30 cm Lindy, and it will forever be the most special because it will be my first H bag and the history of that bag's design has a very personal meaning to me.
There are scarves and goodies I would call grail because I love them more than other comparable items but can't attain them either. Such as a pegasus cadena, the various scarves I like (a few by Sefedin, Ledoux), and the rose shocking Jige.
I think there c an be more than one grail, it doesn't have to be 'the ultimate', although we all probably have our ultimate item...and for others, it only means that ultimate item. no more.