Now I'd like to show you more sleight of hand techniques, but the thing is, pickpockets don't use sleight of hand. Not much. They rely on speed and distraction, the theft happens in a fraction of a second. However, in order to complete my pickpocket lessons (see lesson 1 and lesson 2), here are some pictures and more information.

How to pickpocket
Lesson Three

Amateur pickpockets seek opportunity. A purse hanging on the back of a chair, an unattended bag, a sleepy person on the bus... they don't employ any special technique; they just seek out people who've left themselves vulnerable.

pickpocket-1
Usually, pickpockets carry jackets or newspapers to cover their hands.
Credits : How Stuff Works

Pros will take opportunities as well, but they will also use various techniques to steal wallets (two-finger snag, pushing, slitting, pinch-push...). As said earlier, the snatch must be done swiftly, at the same moment the victim's attention is misdirected somewhere else. The basic approach is to mask the illegal contact with expected contact.

backpocketdistract
A pickpocket steals from a back pocket using distraction.
Credits : Thief Hunters in Paradise

So as you can see, sleight of hand isn't necessary for pickpockets. They can use slow moves to open bags, or push a wallet, but usually everything happens very fast. It takes a lot of practice though, to be able to jerk a wallet out of a pocket without being noticed and while looking perfectly natural. That's where misdirection comes in handy, and you know how many diversions they can come up with.

backpocketspeed
A pickpocket steals (two-finger snag) from the back pocket theft using speed, not stealth.
Credits : Thief Hunters in Paradise

Hope this helps you to understand the way pickpockets operate. You may want to have a look to these previous posts to refresh your memory on various stealing techniques :
How to pickpocket : Lesson Two
How to pickpocket : Lesson One
The phantom wallet
Pinch, push, snatch
Oops... sorry mister