This black and white costume must go into the "it's so good, it's fake" costume category.

The desaturated Santa Lady suit was made by Brody using a grey wig, fabric, contacts, and Kryolan body paint.
She first appeared at the 2009 SantaCon in San Francisco. I believe she also paid a visit to New York in 2010. It could almost become a game at SantaCon, "Where is Desaturated Santa".
Here is a video of her awesome Santa costume for you doubters who believe it's photoshopped:

The desaturated Santa Lady suit was made by Brody using a grey wig, fabric, contacts, and Kryolan body paint.
She first appeared at the 2009 SantaCon in San Francisco. I believe she also paid a visit to New York in 2010. It could almost become a game at SantaCon, "Where is Desaturated Santa".
Here is a video of her awesome Santa costume for you doubters who believe it's photoshopped: