Have A Wee Dram
22 July 2021
Firewater, usquabae, aqua vitae - whatever you call it, collectors of whisky are becoming both more numerous and more diverse.
Poppy McKenzie Smith
Poppy McKenzie Smith writes for The Telegraph about old, fast cars and spends most of her time at auctions encouraging other people to buy them. In 2018, she was involved in the sale of a 1961 Aston Martin which became the most expensive British car ever sold in Europe.
Macallan 1926 Fine and Rare 60 Year Old, sold for £1 million at Whisky Auctioneer in February 2021.
Image courtesy Pete Dibdin / Whisky Auctioneer.
When a bottle of Macallan 1926 Fine & Rare 60 Year Old sold for £1,000,000 in February 2021, it became the first single bottle to achieve such a sum at an online auction. The price sent whisky lovers across the world into a tailspin - did this mean that whisky had finally gone the way of cars and art, destined to sit on the backlit shelves of the lucky few? Articles both lauding and condemning the record-breaking sum flooded the media, with many questioning how on earth 75cl of amber liquid could merit such a price tag.
To which the whisky world replied: “because it’s worth it.” Much as a Basquiat’s value lies not in the cost of his paint and canvas, a rare whisky is worth more than simply barley, water, yeast and time. As with any collectable item, the motives behind amassing it vary from person to person and include both financial and personal gain. Some buy to admire, some to drink, and some simply to make money.
Parallels between whisky and wine collections are often drawn, although the latter is longer established in collecting circles. An impressive vintage wine cellar has long been an essential part of any connoisseur’s quarters, whereas whisky is only tentatively making its way onto the scene. This is due in part to wine’s reputation as a more accessible drink. It is enjoyed by young (within reason) and old alike, appreciated equally by men and women, and for many is an everyday part of a relaxing evening in a way that whisky is not.
The Macallan 1926, 60 Year-Old, hand painted by Michael Dillon, sold for £1.2 million at Christie’s in November 2018.
Image courtesy Christie’s Images Ltd. 2021.
While it may slip down a bit less easily at the dinner table, one obvious advantage that collectable whisky holds over wine is its longevity. Once the cork is eased out of a treasured wine bottle, the liquid inside must be drunk almost immediately, whereas a bottle of whisky will hold its flavour and profile long after being opened. Its financial value may decrease once unsealed, but its personal value can be eked out over months and years. A single bottle of whisky, if collected for pure enjoyment, arguably therefore provides a greater ROI than wine. The longevity of whisky remains a benefit whether the bottle is opened and enjoyed or not. Unlike wine, whisky does not age once it is decanted from cask to bottle, so a bottle bought in 1981 will taste just the same if not opened until 2021. It must be reassuring for whisky collectors to know that they can save a bottle for a special occasion no matter how distant without running the risk of discovering spoiled liquid inside.
But what of those who follow the mantra of ‘don’t drink it, don’t drop it?’ Thanks to various flashy reports on the increasing investment value of whisky, the market is being altered by those who seek out important new releases only to ‘flip’ them at auction weeks or months later. This phenomenon is by no means limited to whisky but does have perhaps a greater impact on its collectors as opposed to those of art, motor cars or jewellery. Whisky is a rare beast in the collecting world in that a good starting collection featuring established names like Bowmore, Laphroaig and Glenmorangie can still be acquired for hundreds of pounds rather than the hundreds of thousands.
A Victorian novelty spirit wagon, labelled 'Whisky', silver plated nickel, the barrel grained to simulate oak, English circa 1870.
Image courtesy of Walpole Antiques.
So, given the relatively accessible starting prices for a whisky collection, why are more people not adding usquabae to their portfolio? Some appear to be put off by the sheer variety on offer, while others shrink from the fireside pipe and slippers image that whisky is trying to shake off. The sector - and the act of collection in general - remains dominated by men aged fifty and over for myriad economic and societal reasons, but it is slowly diversifying. Younger collectors appreciate the entry level prices while women are finally being taken seriously as potential consumers by the major whisky houses. These factors are combining to create a booming sector, something which has not gone unnoticed by the auction world.
Specialist whisky auction sites such as Whisky Auctioneer and Scotch Whisky Auctions are tapping into the growing demand among young clients for quick, online, round-the-clock bidding. However, the best value collectable whisky is still acquired directly from the source. Limited edition bottlings, rare historic releases and bespoke packaging designs are regularly released by distilleries themselves and are excellent additions to any collection. Not only does their direct provenance have an impact on its future value, but the price is also set sensibly. Unfortunately, you need to be either lucky or determined to take advantage of these offerings, as many are sold via a ballot system or directly from the distillery. If you don’t fancy a 5am trip to rural Speyside, you may be best sticking with the auctions. It is also worth adding that, unfortunately, modern technology has been largely on the side of the ‘flippers’, with several sites acting as bots to immediately purchase a desirable bottle at RRP and then offer on an auction site minutes later. It is an act much decried by the industry, though some very established distilleries (which shall remain nameless) have been known to collaborate with these sites to drive up the value of their rare releases. Even those trying to actively fight such activity are being embroiled in the flipping market – Lindores Abbey Distillery included a free 5cl sample of its first ever release with every purchase in recognition that some may not open their full size bottle right away, but within days even the sample bottle was being offered at auction.
Lindores Abbey Distillery whisky releases.
Image courtesy of Lindores Abbey Distillery.
Far better instead to nurture a strong relationship with your local fine bottle shop, as they often have rare stock sent by the distilleries. Not only will they be able to recommend different expressions and bottlings to you, they may just be kind enough to keep a special bottle back to complete your collection.
As with any collection, there follows the usual caveat. By all means acquire rare bottles with a unique story or design, but above all, focus on what you like. The very best whisky collections tend to follow a theme; be it Islay whiskies, Asian whiskies, rum finishes or new world creations. Take the time to sample as many as you can - no great chore for a whisky lover - and build a collection for yourself, not just for future buyers. One of the greatest benefits of a whisky collection is that if the market falters, you have something on hand to ease the pain.
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