FLASH
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The world of luxury is undergoing an unusual upheaval. From rare French wines to Rolex watches and private jets, the prices of luxury assets have begun to fall sharply. A bottle of 2010 Château d'Yquem, once a symbol of perfection and status, is now worth significantly less, and so is almost every item of plutocratic wealth.
According to data from The Economist, the global luxury investment index has fallen by 6% since its peak in 2023. Prices of famous Bordeaux wines such as Lafite Rothschild and Margaux have fallen by 20%, private jets and yachts in the US by 6%, while Rolex watches on the second-hand market are 30% cheaper than in 2022. The art market is also in a slump, while luxury property values in London and Paris have begun to fall.
However, this decline is not related to the impoverishment of the super-rich. The number of billionaires in the world has reached over 3,000, and the richest 0.1% of Americans own 14% of all national wealth.
In fact, according to Moody's analysis, the elite has significantly increased spending since 2022. What has changed is not purchasing power, but the psychology of luxury.
The American economist Thorstein Veblen explained that luxury is based on rivalry and scarcity: an item is coveted because few have it. But today, this dimension of rarity is being lost. Good wine is produced in many countries, lab-grown diamonds are identical to the real thing, and online marketplaces give everyone access to expensive clothes, watches, and tickets.
The result: luxury goods no longer seem special. So billionaires are turning to experiences that can't be copied.
According to a new index of ultra-luxury services, prices for exclusive events, from the Super Bowl to dinners at three-Michelin-starred restaurants, have increased by 90% since 2019.
A night at the Hotel Le Bristol in Paris costs twice as much as it did in 2019. Salaries for elite cleaners in Palm Beach have reached $150,000 a year, while a ticket to Wimbledon or the Met Gala costs more than double what it did a few years ago. Menu prices at restaurants like Benu in San Francisco have increased by 78% since 2015.
Experts point out that the value of luxury today is less about the object and more about the exclusion, the fact that for a few hours, no one else can be in your place. Experience, more than possessions, has become the symbol of modern status.
So, while bottles of wine lose value and watches remain in stock, the market for unique experiences — from private dinners to rare events — is exploding. In the new luxury economy, what matters is no longer what you have, but where you get to be.
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