The lustre decoration is one of the most famous decorations of glazed ceramics in the Mediterranean basin. Unfortunately, the recipes and fabrication techniques used during medieval times have been lost and that is why these objects have been widely studied. But until now, little was known on their optical properties. In this work it is shown that, despite the common belief, the chemical composition of the decoration (copper and/or silver nanoparticles) is not the only relevant parameter in order to explain the optical properties of lustres. By the use of optical characterization and the elaboration of a model - based on the Maxwell Garnett theory and the Abeles matrices theory for interferences -, simulated reflection spectra have been obtained in good agreement with the measured reflection spectra, confirming that the concentration of metal, the size of the metallic nanoparticles as well as the optical index of the glaze play a key-role in order to explain the coloured metallic shine exhibited by the lustres.