In this episode of Immortal Capital, Jad Comair sits down with Felicitas Morhart, founder of the Swiss Center for Luxury Research, to explore a world where value is as much about perception as it is about price. Morhart has dedicated her career to understanding why people spend, collect, and care, uncovering the psychological and social forces that make certain brands, objects, and experiences endure while others fade.

This is not a discussion about market trends or balance sheets. It is an exploration of behavior, emotion, and the invisible rules that govern how we assign worth. Morhart offers insights into a universe where luxury is both a signal and a strategy and where scarcity can be natural or carefully curated to maintain desirability.

Understanding the psychology of luxury

Luxury is rarely about function. Morhart compares it to the peacock with its enormous tail, biologically inefficient yet a clear signal of fitness and capability. Similarly, luxury goods communicate wealth, status, and identity. They serve evolutionary, social, and personal purposes. People buy certain items to prove success to themselves, to signal power to others, or to belong to a selective community. Every object, from a rare watch to a unique experience, carries meaning beyond its material value.

Morhart traces her own fascination with luxury to her family. Her grandmother was an opera singer while her parents were rooted in mathematics and research. That blend of glamour and discipline inspired her to study how aesthetics and emotion intersect with rational decision making.

Scarcity as a driver of desire

In the luxury world, what is not available is often more valuable than what is. Morhart explains that brands like Hermès deliberately limit production to preserve exclusivity. Other brands that flood the market risk losing prestige. Scarcity extends beyond products to experiences, such as highly curated events or exclusive travel. These moments may not last, but the emotional impact can be lasting.

Generational change is shifting the landscape. Younger consumers combine aspiration with pragmatism, sometimes seeking replicas or prioritizing experiences over possessions. Luxury is no longer simply about owning something rare. It is about being part of a social signal, enjoying moments that cannot be replicated, and participating in a culture of status and taste.

The future of value

Technology and society are reshaping luxury in ways that may surprise. Morhart suggests that AI, body enhancement, and longevity technologies could redefine what is considered exclusive or desirable. Yet the core drivers remain consistent: autonomy, control, and social positioning. Luxury continues to be about signaling, even as the objects and methods evolve.

In this conversation, Morhart also highlights the limits of machines. Creativity, embodied experience, and the subtle judgments of humans remain difficult to replicate. Luxury is a lens into our psychology, revealing why we invest in certain objects and experiences and what those choices say about who we are.

This episode of Immortal Capital is a deep dive into the forces behind luxury, the behaviors that shape desire, and the future of value in a rapidly changing world. For anyone curious about why humans pay more than reason dictates, why scarcity drives fascination, and why certain experiences endure, this conversation is essential viewing.