I think treasured items change with time; mine are mostly tied to memories or special occasions.

One I can think of in particular is a silk black long sleeve knee length dress that I own. It's a simple piece with embroidery, modeled after a Vietnamese Ao Dai (the traditional national costume).

On one of my first dates with my husband, I tried on the dress in a tiny boutique in Florence. The look on his face when I stepped out of the fitting room immediately sold me on the simple LBD. It also helps that it really is an amazing flattering dress that is easy on care. Every time I pull it out of my closet, I go back to that moment many years ago.

I have items that I treasure because they're amazing basics ($50 Cavalli jeans I found in a Vegas sale) or instantly improve my mood (my Steve Madden Clovurr boots), but I think that dress is something I would hate to lose or ruin desperately.