I'm delighted to wake up and finding all these wise thoughts. You are really helpful! Thank you, everybody, for putting this into words. I think I'm getting a clearer picture of it now. Here's what I take away from the conversation:
#1: A statement is 'the art on the wall', it lifts the entire image
#2: A signature is a characteristics with your style, making it personal
#3: Essentials, signatures and statements are not the same, but they are interlocked, like a VENN-diagram.
My 'signature pieces' would be my hair (I agree, it is the first thing people would describe me by), fit-and-flare silhouettes, my use of red, green and b/w pattern. I often wear colorful scarves, but almost everybody does, so is it a signature then?
My 'statements' would be the red coat, red dress and my brown booties. I find that I only consider my more expensive and/or well made items when I'm picking statements. To me, the new Boss LBD is a statement too, because the fit and quality is so extraordinary compared to most of my other dresses. Do you agree? It is so plain, but still I think (hope!) it will be noticed. I have very little jewelry, and nothing I consider statements.
I find signature pieces to be the ones that define personal style. They can be cheap accessories or more pricey items, but are replaceable and can change over time. Statements, on the other side, are the 'investments', unique pieces that are irreplaceable, meant to last very long, and possibly something one could pass on to the next generation, being attractive to them because of their timeless qualities. Coats, bags, dresses, jewelry and scarves would fit that category.
Denise, I like your suggestion. A statement bag could be something to look for. Yours would definitely fit me - it is original and structured, yet soft enough and very simple, which is exactly what I like about bags. Both color, surface and shape make it a statement piece to me.