A New Yorkism, clearly influenced by Yiddish words like schmuck, which has crept into the greater American lexicon. Fancy-schmancy is used mock all things highbrow, but can be turned around to deride its users as well.
"I live in the city, what do I need some fancy-schmancy car for?"
"Oh, 'pate,' is it? You're too fancy-schmancy for chopped liver?"