I suppose I need to preface this post with the statement that this is my personal opinion. Nothing more, nothing less. The gift should be taken with the sincerity with which it was given. If he really, genuinely expected you to love and adore that basket, then the basket itself is not the gift- it's merely a physical manifestation of that very real love for you. However, if it was a fun gag gift, then sure, play along, give it away, use it as a white elephant gift, whatever...
But it really, really bugs me when people cannot accept things graciously OR when they do so but turn around and say to others "Can you BELIEVE this...?" It's a simple lack of real respect and a shallow action in general.
My suggestion would be to thank him and use it as a part of a bike-related decoration in your house. Let it hold a floral bouquet, potpourri, or various woollens.
I ask everyone to retain their grace and tact this year, in light of others cluelessness and dorkdom. If they bother to get you anything at all, it means they care about you.
End of story. Get over it. You're not a child. Lucky, because an unappreciative child is generally regarded as 'spoiled'.
Some peoples' children...
