Lustre lipsticks from MAC are sheer and are notorious for being drying. Cockney is sheer on the first layer but it is easy to build up as I have in the picture above. I wouldn't describe this lipstick as drying but it isn't particularly moisturising either. Even though Cockney is glittery it isn't gritty nor does it look frosty when on your lips.
The one downside of this lipstick is that it bleeds like crazy on it's own. I need to wear a lip liner underneath which defeats the purpose of a "sheer" lipstick. Although I love this shade and will wear it I wouldn't recommend running out and spending $18 on it. Revlon has Lip Butters in similar shades and they don't bleed and are very moisturising on.
Availability: MAC $18