You'll notice Bowie has cut down the original extravagance of the song and made it into a barebones piano song. Think about how Bowie's outfit is relevant to the song.
The Ukulele Orchestra has said this song is about plagiarism—something clearly evident in the lyrics. As they perform it, they layer the lyrics of the second verse and chorus with other songs that have the same chords (including "My Way").
Directed by Mick Rock in 1973, the video features Bowie in drag against a white backdrop.