When Princess Stephanie of Monaco showed up at the Elysee Palace last year for the party French President Mitterrand gave for the fashion crowd, she hung back behind designer Marc Bohan, whom she was working for at Dior, when a photographer came near.

She's no longer camera-shy. In fact, she's on the cover of the English magazine Company, the Paris Sunday magazine Madame Figaro and the latest issue of Elle. According to Paul Hagnauer of the First Agency in Paris, who acts as her personal manager, she's paid $5,000 to $10,000 per day for editorial modeling, and turns down far more assignments than she accepts. Hagnauer also has the right to see pictures before they are published and has rejected a number of them, he says.

Princess Stephanie decided to go into modeling to "show her independence," says Hagnauer. She is 5-foot-8, very slim, and has a well-proportioned body. Her boyish haircut was given her by Aymeric of Jean Louis David in Paris on the Rue Richepanse, and her casual clothes, which she likes best, include a black leather jacket by Blue Stone, a French manufacturer. But officially, most of the clothes she'll be photographed in for ads will be by Madame Gres, the house with which she has just signed a contract.

"She's very professional," says Polly Mellen , fashion editor of Vogue. During a shoot with Bill King for the magazine -- for which she was paid less than $5,000 a day -- "she arrived on time and was very shy and worked very hard," Mellen says. She asked King if she could bring her new puppy on the set, and King agreed. "It was like a ball of fluff that stayed with her all day," Mellen says.