There is no evidence in the text to suggest that the relationship between Jim and Della, in O. Henry's short story "The Gift of the Magi," is anything but an ardent love between two very devoted and charming young people.
After all, they each sell their most prized material possessions in order to express their love. Della sells her beautiful hair to buy Jim a watch chain and Jim sells his watch to buy Della tortoise shell combs for her hair. While the story is ultimately ironic it is also a comment on the adoration which exists between the young couple.
True expressions of love are usually marked by selfless consideration for the loved one. We might think of the ultimate sacrifice made by Romeo and Juliet as the consummate statement of love. The story is named as it is because the Magi came to bring presents to the baby Jesus. The Magi were said to be "wise men." O. Henry comments at the end of the story that even though Jim and Della may have been impetuous, their gifts of love were ultimately "wise." O. Henry ends his story by saying,
And here I have lamely related to you the uneventful chronicle of two foolish children in a flat who most unwisely sacrificed for each other the greatest treasures of their house. But in a last word to the wise of these days let it be said that of all who give gifts these two were the wisest. O all who give and receive gifts, such as they are wisest. Everywhere they are wisest. They are the magi.