The complaint filed in the Emperors Club escort bust, which apparently nabbed Eliot Spitzer, casts a rare spotlight on the dealings between the wealthy and high-priced escort services. (See the Journal's article on Mr. Spitzer.)
For one, the complaint makes clear that the wealth boom -- and the explosion in the number of multi-millionaires -- has created entirely new pricing levels for escorts. According to the complaint, the Emperors Club escorts charged between $1,000 and $5,000 an hour, depending on their "rankings." Clients could also pay between $25,000 and $50,000 for a three-day visit. It may be the world's oldest profession: but the prices reflect the new realities of wealth.
The escorts were well-versed in the lucrative potential of this new market. In the complaint, a prospective escort in London turns down the job based on price, saying that £500 an hour for starting escorts -- close to $1,000 an hour -- was chump change, especially since it didn't include dinner.