Mind the Gap | Why the ‘Ultra Rich Asian Girls of Vancouver’ are a case study in how not to flaunt wealth

An American billionaire warned, “You show me a highly unequal society and I’ll show you a revolution or a police state.”

But, the mainland Chinese super rich are not worried about the possibility of either states. Just look at the kind of scotch whiskey that they collect and drink. It can only be attained with a “wealth beyond avarice” kind of net worth.

The label: “Whisky Distilled in 1948 and 1961. A special vatting to commemorate the marriage of HRH The Prince of Wales to Lady Diana Spencer on 29th July, 1981. Strathisla. Bottled in 1981 by Gordon & MacPhail, Elgin, Scotland,” guaranteed a unique tasting and investing experience.

This kind of historical significance is beyond priceless according to Gil Lempert-Schwarz, founder and director of Dragon 8 Auctions. He specialises in the kind of wine and spirits that are particularly sought after by China’s one per cent. “There aren’t many assets or collectibles left that are able to command their enthusiasm. They are looking beyond fine wine and into rare spirits.”

This is how he articulates exclusivity. “Only 500 bottles were produced out of two casks for the wedding dinner. No one knows how many remain. 1948 and 1961 represent the birth dates of the couple as well as the dates of the two casks.” He doesn’t even bother quoting a price. Buyers, like one of China’s internet billionaires, will pay whatever is needed.

Price discovery and volatility are high. In 2005, a bottle of the Macallan Fine & Rare 1926 sold for a world record price of US$53,414. A decade later, a single large format bottle of Macallan in a Lalique crystal container, labelled “M”, sold in Hong Kong for a record US$628,205.

Despite market turbulence, flaunting wealth remains an image problem for China. The government wants to minimise the “bling” and the scornful attention it has attracted globally. But there is nothing they can do outside of China.