In my humble opinion, the more bold and colorful an item is, the better you can pull off a either a high end look with an affordable option. I doubt anyone would think that this purple alligator clutch is work thousands of dollars, but it does have a punchy color and, because it has a very streamlined shape (the wrist loop can be tucked in) it can be dressed up or down.
Target Xhilaration Clutch - $13
Or you can go very very high end. Again, it's "out there" but the classic lines and material will ensure this is never out of style.
Just as long as you are bold enough to wear it!