In Sakowitz's "Ultimate Gift" department, they offer this choice:

* You as the hero or heroine of a 125-page romantic fiction novel by big-selling Harlequin Books author Janet Dailey ("The Mating Season," etc.). $115,000.

* A custom-designed, electronically fired, color-coordinated, musically synchronized fireworks display by Grucci-New York Pyrotechnic Products with personalized commentary by George Plimpton. $1 million.

* Co-producer of the movie "The Cotton Club" (from the book by Mario Puzo). $1,250,000.

* A day with criminal lawyer F. Lee Bailey. $15,000.

* Five days for you and a companion with wine-taster Robert Mondavi. $10,000.

Shop New York by Mail (Avon, $7.95), lists and describes many New York shops and catalog offerings: discount cameras, exotic foods, books, jewelry.

A sampling of ideas:

* A friend's photograph transferred to the face of a rag doll with yarn hair and silkscreened overalls, $25 (Be A Doll, Inc., 99 Prince St., New York, N.Y. 10012).

* Checkmate -- the FCC legal cordless portable telephone that operates with a minimum range of 3,000 feet -- $595 (Hammacher Schlemmer, 145 E. 57th St., New York, N.Y. 10022).

* Kilt pins, (Scottish Products, Inc., 24 E. 60th St., New York, N.Y. 10022).

* Hibiscus flowers, $3.50 a pound; (Sultan's Delight, Inc., 409 Forest Ave., Staten Island, N.Y. 10301).