Expiration is a pretty generic term, and some stuff will be just fine even after 2 years. Not that I recommend using it after that long, but pharmaceutical rules say that nothing is allowed to have an expiration of less than two years. It's very possible that nicotine in PG will last longer than that, and to a lesser extent nicotine in VG. Nicotine itself isn't going to ever go bad, just oxidize and decompose slowly over time.
Seems to me oxiding or decomposing is the very definition of going bad for simple molecules like nicotine.
As was correctly stated, and with important info included, flavors can and often do "go bad", meaning they will hydrolyze (react with water) or otherwise decompose. Many flavors, like fruits, are esters, and will hydrolyze to organic alcohols (funky smell, like sweat) and organic acids (vinegar or cheesy smell, even similar to vomit). So I make all my DIYs fresh and just enough to last me a few weeks, then make more as needed. I do not keep flavored juices for the long term...even if the bottle is unopened from the vendor and fridge-stored, it might turn after 6 months.
Unflavored PG or VG nic-juice is another story. Nic will oxidize with O2 that is ambient in the liquid. You can tell this happens when the juice yellows or turns brown, as nic-oxides are brown in color. But O2 is only slightly soluble in PG or VG, and so there is very little O2 present in an unopened bottle. So if it is unopened, once the trace amount of O2 has reacted with the far larger quantity of nic, that's it, reaction over. As was stated above, you might lose a few % to oxidation.
However, I store my unflavored nic-juice in glass bottles in the freezer. PG or VG does not freeze or expand, so I fill my storage bottles almost to the rim. The vast majority of my unflavored nic is VG-only, which becomes very thick, like rubber cement if there is no water present. Two things cause O2 present to react with nic: liquid mobility (how much do the nic and O2 molecules move around and bump into each other) and temperature. Cold will slow all reactions. It will also keep, however remotely unlikely, mold or bacteria from growing in it. But truthfully, very few things grow in PG or VG, and nic itself will kill most invaders.
So I fully expect my 35-100 mg unflavored nic-stash to be ~100% fresh indefinitely in this environment.
The glass bottles are used because nic over time can actually eat into plastic, depending on the type of plastic. Thus older plastic bottles of unflavored can take on a plastic taste in the vapor. Not something I want!
BTW, I'm a Ph.D. chemist, and have been in the field for 30 years. That said, no one here has stored unflavored nic-juice for 10 years at these conditions, so it is possible I am wrong, but its not at all likely, based on the chemistry of the materials. I do know that pure free-base nic, when stored completely sealed from moisture and O2, is virtually unchanged after 10 years.
This thread may be of interest:
http://www.e-cigarette-forum.com/forum/myfreedomsmokes/43742-smoke-juice-storage-tips.html
Its long, but describes how I process my bulk unflavored for long term storage and safe usage.