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Lifetime of fragrance

Perhaps a dumb question, but I'll ask it anyway. I have bottles and bottles of cologne which will likely take me years to go through. Is there any lifetime associated with colognes? Do they change? Go bad? Get better? I can imagine some slow evaporation over time, but I wasn't sure if there were any other ill effects associated with keeping them around forever.
Scotto, I have a bottle of Givenchy Gentlemen that I have had about six years. It still smells the same after all these years. Neverthless, I also had a bottle of Dunhill something or the other that I also had for about the same number of years that did not quite smell right. It had changed to something more alcohol smelling. I threw it out.
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