No, I wouldn't love the handbag anymore and it would lose its "favourite" status. Then I would have to cut it up or destroy it before disposal. I'd also feel embarrassed that I didn't know its true identity, and feel financially cheated since I got duped by the store/seller.
The silver lining is, I would then select another "favourite" from my collection...
The silver lining is, I would then select another "favourite" from my collection...