It’s meant to bring riches and power befitting an emperor, but if Western luxury brands have their way the Year of the Dragon will cost their wealthy Chinese customers a fortune instead.

Monday is the start of the Year of the Dragon, the most favourable and revered sign in the 12-year Chinese zodiac.

The dragon is a traditional Chinese symbol of royalty, fortune and power, and the Year of the Dragon usually sees a spike in marriages and births.

Piaget launches is releasing a huge line of high-end year of the Dragon themed timepieces for the Chinese market.

The Dragon is one of the most ancient and sacred Chinese totems, symbolising at once the identity of the nation and the highest achievements of Chinese civilisation.

One of the timepiece is this Altiplano Tourbillon Dragon Pocket watch. The pocket watch will have a square case and tourbillon movement.

Nokia’s luxury brand Vertu is celebrating the Chinese new year with a luxury dragon-themed mobile phone based on its Signature collection.

Each quad-band dragon phone comes in stainless steel with emeralds, black steel with Rubies, or gold with diamonds.

The handsets cost about $20,800 ; buyers get a leather case, a charging base, and one year of Vertu Concierge service free.

On Saturday night, Roman Abramovich opened his French Caribbean paradise, the 70-acre Gouverneur Bay Estate, to 400 guests for a New Year’s Eve party.

The Russian oligarch’s guests were informed to dress “island chic.” and were treated to a show from Red Hot Chili Peppers, a buffet and a DJ.

This party cost a reported $5 million and attracted a host of big-names including Rupert Murdoch, George Lucas, Marc Jacobs, Martha Stewart, Mischa Barton, Harvey Weinstein, Georgina Chapman and Jimmy Buffett.

Thanks a lot to the visitors for dropping by our site and gives us an opportunity to wish you a very Happy New Year 2012.

New York may be officially the most popular place in the US to spend New Year, but travelers will still be paying through the nose for the privilege.

Staying in the Big Apple in 2012 will cost revelers up to 700 percent more than normal, price comparison site NewYorkHotels.org said this week.

On average, the 50 properties that have room availability are charging more than triple their regular rates, the website calculated.