COLLECTED WORKS

Whisky

ould that dusty bottle of whisky sitting at the back of the drinks cabinet be worth a small fortune? Quite possibly, according to William McNab, wine and whisky cataloguer at Tennants Auctioneers in Leyburn.

“The secondary market for single malts has gone from strength to strength,” he says. “Ten years ago a bottle of 18-year-old Macallan 1966 would have made £200 to £300 at auction. Today, between £2,000 and £3,000.

“Visiting houses as a valuer nowadays I make a point of looking inside sideboards. People often receive bottles of whisky as gifts, put them aside and forget about them. If they’re unusual, or from a ‘silent’ distillery – one that’s no longer operating, for example Rosebank or Port Ellen – they could be highly collectable.

“And it’s not just single malts that make good money. Back in the 1970s when there was a whisky glut, blends such as White Horse were often made using top-quality malts like Macallan, Lagavulin or Glenlivet. Dimple, with its distinctive triform bottle, is another very collectable blended whisky.” A Delightful Dram

Some whisky enthusiasts don’t just buy by the bottle but by the barrel. This September a hogshead cask of Macallan 1989 single malt went under the hammer for a staggering £98,000 – a canny investment for the Yorkshire businessman who bought it 25 years ago for just £1,100.

“In order to have confidence in the sale,” says William, “I had to go up to the Deanston Distillery in Perthshire where it was being stored in bond to taste it, drawing it off from the barrel with a valinch – a big metal tube that fits in the bung-hole.” “It was the first time I’ve had the opportunity to taste a whisky straight from the barrel. Using traditional tools to draw off a dram in an atmospheric old building surrounded by several hundred oak casks was a fantastic experience.

“More often than not when I’m tasting a whisky I’ll add a drop of water to it. This was one I didn’t have to touch – it was absolutely delicious straight from the barrel. Very smooth on the palate, with spicy high notes, warm and fruity aromas, and lingering dry oaky tones to the finish.”

Middleton Very Rare Irish Whiskey, 2004 bottling, 70cl, in original wooden case. Estimate £200–300.

Buyable Bottles

“Although some people collect whisky as an investment, most of the big, important collections of high-end whisky are held by people with a genuine passion for the drink.”

And a real connoisseur definitely won’t want to sit staring at shelves full of expensive whiskies they’ve never tasted. “Most of the time,” says William, “they’ll buy at least two bottles of each type, one to drink and a second to keep. They collect because they’ve fallen in love with whisky, not because they’re trying to make money – which is why large collections seldom come up for sale.” Tennants is one of the few UK auctioneers to hold dedicated wine, whisky and spirits sales; the next is in December. And of course you don’t need thousands of pounds to begin a collection – there will plenty of more affordable lots on offer.

So where might a new collector start? William picks a two-bottle lot consisting of a Scotch Malt Whisky Society Blair Athol 1975 24-yearold Highland malt and a Laphroaig 10-year-old Islay malt, with an auctioneer’s estimate of £100 to £150.

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Lagavulin 16-year-old single Islay malt whisky, bottled by White Horse Distillers, Glasgow, 70cl. Estimate £150–200.

“Although some people collect whisky as an investment, most of the big, important collections of high-end whisky are held by people with a genuine passion for the drink.”

Scotch Malt Whisky Society Blair Athol 1975 24-year-old single Highland malt whisky, bottled 2000, 70cl, and Laphroaig 10-year-old single Islay malt whisky, 70cl. Estimate £100–150.

Macallan 10-year-old single Highland malt whisky, 1980s bottling, 75cl. Estimate £200–300.

“The market for Irish whiskey has been very buoyant recently, celebrity endorsements have established it as a luxury item.”

“The Blair Athol is decent whisky that you can still buy for a reasonable price at auction,” he says, “and Scotch Malt Whisky Society bottlings are very collectable – some people collect nothing else. The majority of the value of the lot is in the Blair Athol. Once you’ve paid buyer’s premium and VAT you’ll effectively be getting the Laphroaig for the same price – maybe even less – than you would pay for it in the shops. So you could drink the Laphroaig and add the Blair Athol to your collection.

“Another lot that will catch the eye of collectors is a Lagavulin 16-year-old Islay malt. It’s not especially old, but what makes it unusual is that it was bottled by White Horse Distillers in Glasgow, and from a collector’s point of view that makes it worth much more than the £40 to £50 you would pay for a 16-year-old Lagavulin in the shops. I’m estimating £150 to £200.

“Then there’s a 1980s bottling of a Macallan 10-year-old single malt. Once again it’s something you can find on the shelves today, but because it was bottled in the ’80s and the label has more of a ‘look’ about it it’s likely to fetch £200 to £300.”

Finally, let’s not forget that Scottish whisky has an Irish cousin. “The market for Irish whiskey has been very buoyant recently,” says William. “Celebrity endorsements have established it as a luxury item. In our upcoming sale we have a 2004 bottle of Midleton Very Rare Irish Whiskey in its original wooden case that I’m expecting to make £200 to £300. Ten years ago you could have bought it for less than £100.” For more information about Tennants Auctioneers, or to arrange a valuation, visit tennants.co.uk or call 01969 623780.