This would be in-character for a miser.
Or for someone who is not into baubles and gee-gaws. I have always thought there was something a bit ascetic about Putin. I doubt he is much concerned about luxury at home. He is a very controlled and self-disciplined individual.
His office, on the other hand, that would be where he would show off a bit. But even there, the focus would be on displaying the might and power of the office and the nation.