A fancy necktie is a type of neckwear that is typically more ornate than a regular tie. The two most common types of fancy neckties are cravats and ascots. A CRAVAT is a type of necktie that is tied in a bow and is usually made of silk or other fine fabrics. An ASCOT is a type of necktie that is tied in a knot and is usually made of wool or other heavier fabrics. Both cravats and ascots are considered to be more formal than regular ties and are often worn for special occasions.