Have the stomach for recognition?

Earlier this month, the latest edition of 'The World's 50 Best Restaurants' was released at a ceremony in Lima, Peru. The prestigious list, produced by British fine-dining media company William Reed, has Asador Etxebarri from Spain's Basque region take the top spot. Indian gastronomy has two reasons to uncork the Dom Perignon. Kolkata-born Gaggan Anand's eponymous Bangkok establishment has secured 2nd place, while Mumbai's Masque, ranked 26th, marked India's return to the list after 2004. For a country that considers food civilisational achievement and competitive sport, this is delicious news.

Yet, such culinary coronations come with a tricky side dish: economic indigestion. The paradox of restaurant awards, particularly Michelin stars, is that the higher an establishment climbs in stature, the harder it can become to remain commercially grounded. Recognition attracts customers, publicity and pricing power. It also invites ruinously expensive expectations. More elaborate tasting menus, rarer ingredients, armies of attentive staff and, increasingly, theatrical presentations can turn dinner into production, with the balance sheet supplying the tragedy.

In 2024, The Economist found that data showed Michelin-starred restaurants more likely to close than comparable establishments without the distinction. The coveted star can become less a commercial asset than a glittering liability. The trick is to distinguish prestige from profitability. Awards confer brand equity, but that equity must eventually pay the electricity bill. Clever restaurateurs monetise acclaim through more accessible ventures, collaborations, packaged products and calibrated expansion. The objective isn't to dilute excellence but to prevent excellence from becoming an expensive form of self-harm. For Gaggan, Masque and their celebrated peers, the real challenge begins after the applause. The sweet spot lies between being a culinary institution and an insolvent monument. After all, the world's best restaurants are of limited use if they can't afford to open tomorrow.