I'm on the lookout for a nice blazer or sportjacket - but I've got some caveats, don't we all?

I prefer a euro kind of cut, slim fit, shorter hem, all that (I'm a cyclist and abhor weightlifting, after all). It needs to be versatile as it could be worn in a classroom or at work or at a dinner party. I'm OK with a broad range of fabric - tweed, classic navy blazer, black velvet, etc., all the above OK, it just needs to be classy looking and well made.

The big caveat: can't spend a lot of cash since I'm likely to be a grad student soon (it's seminary, not law or medical school, so the monetary ROI probably doesn't justify a major expense).

Thoughts?