In the first year we realised the essence of luxury is service, an idea that was all but
forgotten when the Dubai boom kicked off in 2002, and places such as Miami and Las Vegas were on turbo-drive as they fought for rich consumers. Everything was overdressed and over-the-top. The arrival of six- and seven-star service summed up how out of hand things had got. Air-conditioned beaches and solid gold taps came to define a hotel's star rating. Attentiveness was sacrificed in the process.
Growth in the luxury sector continued through the mid-2000s and, to my mind, reached its zenith in 2007, when we hosted the £1,500-a-head Diner des Tsars, an extravaganza recreating a 19th-century feast of caviar, foie gras, lobster and beef tartare, once enjoyed by Tsar Alexander II of Russia, washed down with jeroboams of vintage champagne. Darcey Bussell danced, Katherine Jenkins sang and Cossack dancers threw swords and backflipped around Natalia Vodianova and Jemima Khan. There was a lot of showing off that night; we raised £400,000 for UNICEF – but if we'd done it this year it wouldn't have worked. Things have changed since the collapse of Lehman Brothers two years ago and everyone expects more for their money. Previously, it was only New Yorkers who were the big negotiators and the English wouldn't have dreamed of asking for an up-grade. Now, search engines tell you exactly how much something costs and suddenly everyone wants the best deal. What's more, everyone is thinking internationally. The wine industry used to be almost unregulated, but these days our members in Jordan know the going rate for a bottle of Château Lafite in London.