Does it make any sense to keep clothes you can't fit anymore?

I heard once (probably on Fluther) that the average woman has $400 in clothes that don’t fit anymore. Since last year, I’ve gone from a size 10 to a size 12, sometimes 14 depending on the garment. I have so many great clothes that fit me last year but don’t anymore, like cute vintage dresses, a velvet blazer, and a tomato-red wool coat with ruffles on the hem. I’d wear all this stuff today if I could still get into it, but it’s been at least six months and I haven’t lost the weight yet. Is it holding onto false hope to keep this stuff around? If you hold onto clothes that don’t fit, how do you rationalize it, and how long do you keep them?