Scholars studying preferences for redistribution are puzzled. How can we explain the stable and relatively low support for redistributive policies while economic inequality has risen to unprecedented levels? To solve this puzzle, we ask three questions: Do we build our perception of inequalities based on objective inequalities? Do the perceived inequalities influence our willingness to accept larger inequalities? Are these discrepancies rising these last three decades? To do so we exploit the ISSP module on inequality and trace perceptions of inequality and fairness evaluation over time and in cross-national perspective. Our results suggest that there is no clear trend of rising distortions over time. On the contrary, perceptions of inequality rose sharply between 1999 and 2009, an observation which is especially true for top-end inequality. However, we find little evidence that individuals adjust their fairness evaluation in times of rising inequality. Our results indicate that the gap between perceived and fair inequality is a strong predictor for preferences for redistribution, but this its influence tends to decrease over time.