Print edition: 
CHICAGO — Even for the really rich, or those who are still aspiring to be that way, this is a bargain-hunting holiday season.
For the wealthy, though, what constitutes a bargain is all relative.
The bellwether of holiday luxury spending, the Neiman Marcus holiday catalog, offered nearly half of its gifts for under $250. In the past five years, only 30 to 40 percent of gifts at that cost made the catalog.
There's even an "affordable" fantasy gift this year at $7,500: The Maker's Mark master distiller experience, in which two people will learn whiskey making from the master distiller and receive a memento of the rarest Maker's Mark ever made, in golden bottles etched with the consumers' likeness and dipped in gold wax with 24-karat gold flecks.
"The response to the gifts under $250 has been very strong," said Neiman Marcus spokeswoman Ginger Reedy. "We underestimated the appeal of the Maker's Mark fantasy gift. It showed that that was a unique gift, relatively speaking, and compared with what we normally do for fantasy gifts, was affordable."
This year's most expensive fantasy gift was a 2010 Jaguar XJL supercharged Neiman Marcus edition. At $105,000 each, only 50 will be made. They sold out in four hours.
Sure, that's still plenty pricey for most of us. But the retailer's Christmas catalog has become synonymous with luxurious and sometimes ludicrous gifts, so its nods to the budget-conscious — Swarovski crystal handbag hangers for $28 and a whimsical cookie jar of a penguin ballerina for $98 — echo a new reality.
"That aspirational consumer is the one that helps drive a lot of these (luxury-goods sales) figures. They're the ones who really want to be at a certain post in life and are willing to go out further than anyone else in their purchases," said Bob Duffy, leader of the retail industry practice at FTI Consulting.
"Well, this year they're measured and more careful with their purchases and waiting for value."
Tiffany & Co. is still seeing large retrenchments in its highest-end products with "relatively better performance at most accessible price points," spokesman Mark Aaron said on a conference call. About 40 percent of Tiffany's sales were of baubles sold at an average price from $200 to $700.
Blue Nile, the online seller of diamonds and engagement rings that are generally sold below retail prices, ended the Black Friday weekend with the highest sales in its 10-year history.
"We're seeing a return to activity in carat sales above $20,000," said spokesman John Baird. Among the most recent purchases was a 5-carat engagement ring fetching just under $100,000.
"We're appealing to the high end where even the affluent consumer is value conscious," Baird said. "People who previously would've gone down Fifth Avenue (in New York where many high-priced retail jewelers have stores) are now saying I can spend $500,000 there and get the same thing for $350,000 at Blue Nile."
Such value-conscious gift giving is uncharted territory for the formerly well-heeled: What do I get the friend who has everything when I no longer do?
Here are some suggestions:
* A pen hand-crafted with wood salvaged from the floor of Madison Square Garden at Neiman Marcus. "It's $150 with a great story," said Reedy.
* The versatile and chic sterling silver Tiffany bead bracelet for $175.
* A Theory men's leather bomber jacket, originally priced at $1,295, on sale for $970.90 at Saks Fifth Avenue.
* 2000 Chateau Pichon-Longueville, Lalande, at $200 at hdhwine.com. It got 97 points from Robert Parker and is just starting to see some price recovery after last year's 10 percent-plus drop, according to Leah Hammer, retail sales manager at Hart Davis Hart Wine Co.
* Sapphire and diamond pendant set in 18k white gold for $2,375 at bluenile.com. "It's a gift fit for a queen but actually costs nearly 9 percent less today than you would have paid in previous years," said Blue Nile's Baird.
