A $40 hat is one of the most-coveted accessories in the world right now. According to fashion platform Lyst's data, a New Era Knicks cap is now the "hottest accessory in the world," with searches surging 4,276% since March. The cap has outpaced demand for luxury brands like Chanel, Gucci and Skims, despite retailing for just $40 and selling out fast enough to command significant resale markups. The momentum extends beyond hats. Google Trends data shows searches for "Knicks tees" are up more than 5,000% year over year, while searches for Knicks bags have climbed 800%.