The Art of Eternal Scent: Why Investing in Rare Natural Oils Pays Dividends

Don’t be afraid to invest in perfumes specially rare and limited editions.

This is not fragrance—it’s forever fragrance. For collectors who treasure musk, agarwood, sandalwood, and rare rose oils, the reward of acquisition isn’t just sensorial—it’s capital appreciation. These raw materials are not only the soul of perfumery but also increasingly viewed as scarce assets, rising in value as global supply shrinks and demand accelerates year by year this is happening more often and this driving a huge demand for high-end auctions and collectors houses.

Scarcity as Value

The principle is timeless: what disappears, appreciates. Natural oils derive their worth from forces of scarcity, cultural heritage, and irreplicability.

Musk, historically sourced from the musk deer, is now tightly regulated under CITES restrictions. Genuine grains of Tonkin or Kashmiri musk have become virtually unobtainable, transforming old stocks into treasure.

Agarwood (Oud), formed when Aquilaria trees become infected and produce resin, is rarer than gold. Only a small fraction of wild trees naturally develop it, and over-harvesting has led to severe scarcity. Prices for top-grade wild Kinam/Kyara wood exceed $50,000 per kilogram, and the finest oils can surpass $500 per gram.

Ambergris, musk and old Maysore sandalwood are no exceptions all those are increasing in price will the supply keep shrinking, more and more people for the younger generation are getting mor acquainted and familiar with those rare and exquisite materials.

Sandalwood, particularly the legendary Mysore variety from India, has been heavily restricted since the 1970s due to over-exploitation. Today, authentic Mysore sandalwood oil is traded with reverence, its price climbing steadily as plantations struggle to meet global demand.

Rose oils, especially first-cut Bulgarian, Turkish, or Persian varieties, require thousands of petals to produce a single drop. Climate shifts and agricultural pressures have made harvests increasingly uncertain, intensifying their scarcity and raising market values.

Each of these oils carries not just aroma but heritage and symbolism, with lineages stretching back to Babylonian temples, Indian Ayurvedic medicine, Arabian mukhallats, and European royal perfumery. Their scarcity transforms them into more than commodities—they are olfactory artifacts.

Richard More and the Collector’s Market

The auction world has repeatedly proven the financial gravity of rare oils and perfumes. Notable collectors like Richard More, a well-known figure in European perfume auctions, have amassed fortunes by acquiring discontinued oils and fragrances, then reselling them decades later at astonishing valuations.

Richard More’s 2023 Paris collection sale included:

- A 1920s Mysore sandalwood oil vial, originally purchased for under $200, which sold for $12,000.

- A sealed deer musk tincture from Kashmir, auctioned for $18,500.

- Rare rose otto from Persia, stored for 40 years in dark glass, which reached $25,000 due to its pristine preservation and irreplicable origin.

Other precedents reinforce the model. A 1930s Guerlain Jicky extrait, once priced modestly, sold at auction for $8,400 in 2023. At the 2025 International Perfume Bottles Auction, a 1925 Roger & Gallet set sold for $24,000, while Baccarat’s La Coup d’Or reached $43,750. Most astounding was Pleine Lune sur le Nil by Parfums de Burmann, which fetched $75,000.

These are not anomalies. They are signals. When supply is gone, and demand persists, collectors with foresight—like Richard More—stand at the center of generational appreciation.

The Demand–Supply Inversion

While supply contracts, demand expands. Modern perfumery, luxury skincare, wellness, and niche artisanal brands are rediscovering natural materials as the gold standard of authenticity. Consumers, fatigued by synthetics, are seeking purity, provenance, and story—all of which are embodied by natural oils.

Global essential oil demand is projected to surpass $15 billion by 2030, with agarwood, rose, and sandalwood at the premium end.

Collectors treat aged oils like fine wine, noting that agarwood oil deepens in complexity, musk softens and becomes rounder, and sandalwood acquires creamy warmth as it matures.

Even empty bottles now hold value—original Chanel No. 5 bottles from 1921, even without contents, have sold for more than $16,000.

This inversion—rising demand against shrinking supply—fuels a long-term appreciation curve that few other commodities can match.

Investment Framework: Oils as Assets

For the discerning investor, natural oils are no longer just perfumery ingredients; they are alternative investments akin to rare wines, whiskies, or fine art.

To maximize future value, collectors should:

1. Acquire Authenticity – Focus on verified wild agarwood, certified musk pre-ban stocks, Mysore sandalwood oil with provenance, and documented first-distillation rose oils.

2. Preserve Properly – Store in dark glass, away from heat and light, ensuring stable environments. Properly aged oils increase in complexity and rarity, multiplying value.

3. Document and Authenticate – Provenance, testing, and certification amplify resale value. Oils without documented origins depreciate in credibility.

When treated with care, natural oils outperform inflation and offer insulation against market volatility. Unlike mass-produced goods, their value compounds with time because the world can no longer easily reproduce them.

The Legacy of Eternal Scent

 

Perfumery is no longer just about wearing scent—it is about possessing history. Each drop of wild agarwood, each grain of authentic musk, each decant of Mysore sandalwood, or each vial of Persian rose oil is more than fragrance—it is a prophecy fulfilled: a relic of nature, culture, and time, preserved in glass.

To own such oils is to hold not only beauty but wealth and legacy. As collectors like Richard More have shown, the right scent, the right oil, at the right time—is never just a pleasure. It is an inheritance for the future.