Acquire
COLLECTING
Words Nathan Chadwick
While certain brands dominate the whisky market, collectability is spread much further and wider
THE POST-FESTIVE PERIOD might be an unfortunate time to think about whisky – even with ‘dry January’, your liver may flinch at the mere mention of the word ‘malt’. But as the collective hangover fades, why not pop a paracetamol and focus on the collectable whisky market? There’s been a sea change in demand over the past year, says Sotheby’s head of whisky, Jonny Fowle: “We used to sell 80 percent to Asia. The swing is coming back to the West. America is starting to play a bigger role, and we’re seeing more European bidders.” According to him, the profile of collectors is somewhat different to what you might imagine: “A lot of people think of whisky as being drunk by an old man with a beard, or a suave, dapper type. Sixty percent of our bidders are in their 40s and under, and the biggest uptake in new bidders is from people in their 30s and under.” While the sands are shifting in terms of buying power, there are some constants – and one brand dominates the market: Macallan. “Prices aren’t always on the up,” Jonny says. “But it’s the most actively traded distillery by some margin – we traded 700 bottles last month – and it’s the main thing
that drives the secondary market.” He puts this popularity down to the firm’s use of sherry maturation. “This gives a dark colour and rich flavour,” he explains. “Macallan generally doesn’t use peaty malt, so it’s not smoky, which makes the flavour of the whisky generally more approachable.” Jonny defines the secondary market as the collectable market – driven by high quality, low supply and thus high demand – compared with the primary market, which is determined by new limited editions. While the wine market works off vintages determined by the weather, for the secondary whisky market the value is tied to history or production milestones. “During World War Two, there wasn’t much whisky produced, so they’re quite rare,” he says. “In the 1960s-70s, whiskies were produced with sherry barrels as being the old style of sherry maturation, reflecting the legislative changes in shipping barrels of sherry. It’s what we describe as ‘old-style’ whisky.” In terms of ‘new’ whisky – the primary market – Jonny makes a key distinction: “There are limited releases and Limited Releases,” he smiles. It is something car manufacturers have latched on to. “Bowmore has got a partnership with Aston Martin. The DB5 edition uses a piston from the car, remodelled into a bottle that holds the final edition of its 1964 whisky release.” You’ll pay £150k-£200k for one of those – but what about a more palatable way to enter the whisky-collecting world? “Good value is becoming a tricky thing, because the market has gone up so much,” Jonny says. “My top
‘Sixty percent of bidders are in their 40s and under; the biggest new uptake is from people in their 30s and under’
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To sip or to tip?
Magneto
ABOVE Bowmore’s Aston Martin DB5 whisky has an actual piston head incorporated into the bottle. recommendation is Glendronach – it’s the best heavily ‘sherried’ whisky at the moment. It’s a similar style to some of Macallan’s more valuable bottlings, but at a fraction of the price. Glengoyne, similarly, does a very good job.” For those with a taste for more peaty flavour, try Kilchoman: “It’s Scotland’s most underrated whisky. It’s remarkably cheap; high-proof,
limited bottlings are £100, but I think they should be £400-£600.” However, Jonny has a word of warning before committing to anything: “Find out a bit about what you like, then bid based on your own preferences. Whether you’re bidding on a bottle to drink, collect or speculate on, you want to like it. If there’s no passion behind the project, you’re not going to be as invested as your money may make you think you are.” Now that’s something to raise a glass to. www.sothebys.com
