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I went to this sale (last Dec. I think) and the line was quite long on the first day. I arrived at approximately 11:45 and didn't get into the sale till around 1, so plan accordingly if you are going at that time.
John Varvatos's coveted men's clothes are $40 to $495 (down from $115 to $1,495). When: 8/24 (noon-8pm); 8/25 and 8/26 (9am-7:30pm). Where: 260 Fifth Ave., near 28th St., 212-725-1989.