Used widely in late 20th Century England. Refers to men who consider themselves to be arbiters of culture and refinement and wit. Often considered effeminate and/or overtly flaming. Most likely sexually aroused by other men, but not always. Similar to today's metrosexual. For example, most of Oscar Wilde's plays contain dandies, and Oscar Wilde himself is perhaps the most famous example of a dandy.
Oscar: "There is only one thing in the world worse than being talked about, and that is not being talked about."
Mary Jane: "Oh, Oscar, you're SUCH a dandy!"
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