NY bar offers $160 cocktail

In a display of grand extravagance, the New York City nightclub Covet is offering a $160 cocktail. Master mixologist Orson Salisetti created the drink, called The Icarus, especially for Covet.

"This is more than just a cocktail. It's an experience," says Salicetti. The Icarus is made with Louis XIII Grande Champagne Cognac--said to be the highest quality cognac on the market, top shelf selling for roughly $1,600 a bottle, plus Iranian saffron oil, which is thought to be an aphrodisiac, and Salicetti's own absinthe. Six Icaruses were sold in the first month. Salicetti also has his down-to-earth moments: Watch as he prepares an awesome-looking Watermelon Granita.

However, the Icarus is merely child's play compared other pricey cocktails. The Algonquin Hotel offers the Martini on the Rock priced at $10,000, and served with a diamond at the bottom. And, topping the scales of decadence, what is known as the "world's most expensive Christmas cocktail," simply called  Flawless. Served at London nightclub Movida, Flawless is made with Louis VIII, Cristal Rose, real gold flakes...and comes with a 11-carat white diamond ring at the bottom of the glass. Price: 35,000 pounds, or roughly $51,000. Now that's what I call a pricey rocktail.