WINE

桶裝威士忌

成為投資新潮流？ ARE WHISKY BARRELS THE LATEST INVESTMENT TREND?

Text / 唐維怡 Eva Tang Photo / Ravenel International Art Group

上個週末與朋友相約威士忌酒吧小酌，

許久未能盡情放風的新手媽媽 K 面對架上琳瑯滿目、各式花俏的 酒標瞠目結舌：「怎麼會有這麼多沒看過的酒 ? 難道生個孩子禁酒兩年 多就多了這麼多新酒廠 ?」

是了，即便是經驗老道的老饕，如今走進任何一間菸酒專賣店，也 不一定能夠認出全部的品牌。而這些，絕大部分就是所謂的獨立裝瓶威 士忌 Independent Bottling ( 簡稱 IB)。

過去曾在〈IB 與 OB 的愛恨糾葛〉一文中跟大家介紹過，所謂的 IB，與原廠裝瓶威士忌 Official Bottling ( 簡稱 OB) 最大的不同在於， 獨立裝瓶廠一般不自行蒸餾生產威士忌，而是向擁有蒸餾器的酒廠購買 原酒，自行裝瓶貼標販售。

OB 的核心系列產品強調的是酒廠一貫的精神，酒質穩定且風格經 典不變；IB 則沒有這樣的包袱，他們更重視的是讓每一桶酒展現出最 極致的風格：在存酒倉庫夠大的條件下，他可以將威士忌陳年超乎想像 久的時間、也可以大膽打破經典與傳統，在調和威士忌盛行的年代推出 原桶強度的單一純麥威士忌、把向來只裝填雪莉桶的酒廠蒸餾酒液陳放 在波本桶中等等，這些都讓裝瓶廠的作品多了更多的可能性，對於消費 者，則意味著更多挖掘的樂趣與意外邂逅的驚喜。 「喝 IB 收 OB」－如何挑選值得收藏的 IB 作品？

十多年前有許多威士忌老饕喊出「喝 IB 收 OB」的口號。在當時， IB 的價格往往較 OB 來得便宜，但對於一般消費者而言，IB 不僅相對 陌生，也有著參差不齊的品質，而這點恰恰適合對於各家酒廠經典風味 已然熟稔於心的老饕們挖寶嚐鮮。

然而近十年來，隨著全球消費者對威士忌的認識越來越深，同時威 士忌的價格不斷攀升，許多 IB 的價格開始和 OB 並駕齊驅，IB 許多時 候已經變得和 OB 一樣高不可攀。然而，雖然獨立裝瓶威士忌不乏精彩 作品，若單就投資，當前二手市場中 OB 確實有著較為穩健的成長和較 為明顯的漲幅，那麼作為一般消費者的我們，該如何判定一款 IB 是否 有機會在二手市場中脫穎而出呢？

有信譽的裝瓶商

選擇有信譽的裝瓶商是最關鍵的一點。IB 商品琳瑯滿目，哪一家 裝瓶商或其選桶人有能力穩定地選出高品質的作品，展現的是裝瓶商的 品味和實力，也代表裝瓶商對其品牌永續經營的認真態度。當裝瓶商的 擁護者遍布全世界時，我們甚至可以將其視為一個類似蒸餾廠的獨立品 牌，舉例來說，以挑桶能力享譽全球的義大利獨立裝瓶廠 Samaroli， 其於 1979 年開始的所有系列裝瓶都受到威士忌老饕們的肯定，更在 WhiskyBase 全球威士忌排名的前 10 強中攬下 6 個席次。

酒液來自哪間蒸餾廠

IB 品項裡的酒液來自哪一間酒廠也是一大關鍵。如今二手市場上叱 吒風雲的幾個 OB 品牌如麥卡倫 (The Macallan)，蒸餾廠本身的市場性 也會帶動其 IB 市場，尤其是當 OB 價格漲幅驚人，消費者更願意以相對 親民的價格入手其蒸餾的 IB 作品。

酒評家的高分評價

而 IB 最讓老饕們著迷、卻也最令一般消費者感到困擾的便是：每 一個 IB 品項的表現都是不可預期的。因此，當某些 IB 品項出現酒評家 的高分評價，便讓消費者在入手開瓶前便對其酒質有著基本的認識和信 心，因而使這些品項在眾多的 IB 中脫穎而出，特別容易受到藏家青睞。

高年份與老年份

儘管單就品飲而言，陳年時間多久並不能代表一支酒的好壞，然而 無論是在 OB 還是 IB 的收藏與投資世界當中，高年份絕對是一個不可避 免的關鍵因素，特別是在高年份原酒稀缺、市場充斥著十年以下低年份 作品的現下。此外，我們可以從近年來的拍賣市場觀察到越來越多收藏 家對舊時代風味的追求，特別是在單桶威士忌 (single cask) 蔚為單一麥 芽威士忌主流的現在，IB 是早在八零年代就開始這麼做的箇中翹楚，早 期蒸餾裝瓶的 IB 提供消費者 OB 所無法提供的七零八零年代單桶作品， 這些需求使得 2000 年前裝瓶的 IB 單桶作品變得熾手可熱。

然而，如今的獨立裝瓶商也面臨許多問題。諸如看到單桶原酒的市 場趨勢，越來越多蒸餾酒廠開始加入強調威士忌多變性格的戰局，這些 原廠單桶原酒與小批次單一麥芽威士忌和眾多獨立裝瓶廠作品一樣，以 獨一無二的存在作為其行銷策略，過去壟斷單桶原酒市場的獨立裝瓶廠 開始面臨更加劇烈的競爭；同時，蒸餾廠也開始跨越過去作為仲介商角 色的裝瓶廠，直接提供消費者私人包桶的服務，種種改變都大幅縮減了 獨立裝瓶廠的原酒取得。

我們因而開始見到更多年輕年份的 IB，也看到 IB 大廠們開始 跨足蒸餾作業，例如 Gordon & Mcphail 於 1993 年買下 Benromach Distillery、Signatory 於 2002 年收購 Edradour 酒廠、Adelphi 則買下 Ardnamurchan；確保穩定的原酒來源外，獨立裝瓶商也不斷尋求更多可 能性，從過去的單桶 (single cask)、超高年份，如今的 Duncan Taylor 開 始在不同的木材、桶型與蒸餾物上鑽研，SMWS 也持續在尋找並開發其 它產地的單桶烈酒，企圖以更有趣和不尋常的切入點來吸引消費者。

自己包桶裝瓶是門好生意？

「 IB 這麼好賺，那我們也包一桶來賣 ! 」 K 興奮的大喊 ! 「你現在是為了籌尿布錢，掉進錢眼了吧 ~ 」大夥兒笑道。 有鑒於 IB 市場的飛躍性成長，一些較為進階的消費者開始思考自行 包桶裝瓶的可能性。有些人著迷於過程，喜愛那種從數十到上百個樣品 中挑選出一桶屬於自己風味的成就感；有些人覺得將自己包桶裝瓶的作 品作為贈禮既有趣又別具意義；更有一些人，覺得自行包桶賣 IB 是個好 生意。 然而，包桶除了必須一次性花費一筆為數不小的資金，更有可能遇 到許多潛在的問題，特別是在橡木桶與威士忌原酒供不應求的現下，能 不能拿到好的橡木桶首先考驗的是包桶人的人脈和在有限的樣品內確認 酒質的選酒功力。

再者，一般消費者不太有機會自行接洽蒸餾廠，裝瓶作業一般是透 過仲介於原產地或是橡木桶的儲存地進行作業，裝入玻璃瓶、貼上新標 籤後才送往買家的所在地，這中間的程序冗長，且換上新包裝後，許多 資訊不一定如實且透明，諸如酒瓶裡的酒是否就是當初拿到的樣品、裝 瓶數量是否確實等等，此部分仰賴消費者對仲介的絕對信任。

對於期盼包桶出售 IB 酒款的朋友來說，需要思考的層面又多了一 些。諸如今天包桶主打的是酒質還是顏值？是僅有百來瓶的極限量稀有 性還是一般人難以取得的蒸餾廠單桶作品？又，今天以個人或是企業為 名推出的 IB 酒款，是否具備有足夠的品牌力，一般消費者是否有機會 在全然沒有品飲前，基於對此一裝瓶品牌的信任而掏錢購買？過去確實 有一些小型裝瓶商，以吸睛的酒標做為吸引大眾目光的方式，也有裝瓶 商將其包桶作品送去參加比賽、取得意見領袖和酒評家的評分，這些手 法在最一開始都有取得過不錯的成績，然而在兵家必爭的 IB 戰國時代 如今日，消費者對於此一手法已然感到稀鬆平常。

對於收藏家來說，在選擇收藏與投資的標的時，還是必須非常現實 地回歸到其酒質、稀有性、和於二手市場的變現能力。

▲ Signatory獨立裝瓶廠於1988年成立於蘇格蘭愛丁堡。不同於其他裝瓶廠常運用不同蒸 餾廠的威士忌來進行調和的優勢，Signatory向來僅挑選最佳的桶，以單一桶原酒裝瓶， 並清楚標明桶號與瓶號，即每一批次都極為限量。想品嚐佳作，往往一瓶難求。

▲ Ian Macleod創立於1933年，自Russell家族於1963年接手後，便與J&G Grant於愛丁堡Broxburn成立了一間大型裝瓶廠，如今，Ian Macleod已成為全蘇格蘭數一數二的威士忌大廠，年產 量超過1500萬瓶，且仍不斷進行原酒、橡木桶和威士忌酒廠的收購，除了知名的調和威士忌如Isle of Skye外，也於2011年將Glengoyne與Tamdhu納入版圖，Macleod's、The Chieftain's、 Smokehead Islay Single Malt等皆為旗下知名的裝瓶系列。

買桶投資蔚為風潮，隱藏成本和風險高

「既然現在的年份威士忌那麼值錢，那我乾脆買個年輕的桶，先不 裝瓶，等到他五六十年再來裝瓶，或就跟買房地產一樣，中途轉手，應 該會有不錯的投資回報率吧？」另一位在投資銀行上班的友人 R 問到。

確實，基於威士忌市場過去十年來的熱絡、價格的水漲船高、以及 高年份威士忌受到收藏市場的異常青睞，許多人開始思考買賣橡木桶作 為投資的可能性。

目前市面上以買賣橡木桶作為投資的方法很多元，從真實的購買一 個橡木桶、存放於酒廠或是保稅倉內，到證券化的購買一個橡木桶的一 部分價值、或是購買一個多顆橡木桶的投資組合……等，這類型的投資 主打的不外乎是威士忌原酒放越久越值錢的特性。

然而，買賣橡木桶投資伴隨的，是比包桶裝瓶威士忌更高的風險。

價格不透明，利潤不可期

首先，不像房地產有實價登錄資訊、股票可以參考公司財報，威士 忌的單桶價格幾乎沒有任何一般消費者可以調閱的參考資料，也無清晰 的估值體系。

再者，相較於一般金融投資，由於橡木桶投資是個相對新興的產 業，目前並不存在任何可以量化衡量這項投資產業業績的方式。單桶威 士忌的升值週期稍長，流通性較弱，變現率相較單瓶威士忌來得更低， 交易也非一般消費者有辦法親自經手處理，因此變現時間與利潤往往是 不可預期的。 所有權模糊

購買一個橡木桶，在裝瓶或是整桶轉手前，必須存放在原產地的倉 儲或是保稅倉內，經過數年甚至數十年的等待。如何在遠端確保此一橡 木桶的所有權確實有發生移轉，是投資橡木桶極為關鍵的一點。然而，國 家認證的登記與移轉作業極為繁瑣，大部分的中小型仲介交易商不會設立 這樣的程序，然而公司內部印發給買家的所有權證明文件實際上並不具 法律效益。因此，若仲介公司不幸在橡木桶尚未易主的期間破產或倒閉， 消費者極有可能發生追討不回資產的可能。買橡木桶一部分的價值與證 券化的橡木桶投資組合也是，若沒有如金融市場上經政府核定認可的有 價證券等確實的所有權證明文件、或是依法成立的私募，投資的錢是否 真正用來購買橡木桶、以及這些投資是否如實，需要非常注意。

橡木桶的投資需要更長時間的等待與更多的耐性，作為一個制度相 對灰色的新興產業而言，找到值得信任的仲介和投資單位是最為關鍵的。 拿這著單瓶威士忌投報數據來宣傳橡木桶投資的，其文宣往往包含過多不 真實的資訊；而打著保證回報旗幟募集投資者，消費者更應該提高警覺。 市場上充斥著各式陷阱與騙局，這種需要長時間才能變現獲利了結的商 品更是，買家往往要多年後才會發覺受騙，這是誰都不希望見到的狀況。

「包桶裝瓶也有風險，買桶子投資也有風險，看來我們還是踏實一 點賺錢喝酒吧 !」新手媽媽 K 垂頭喪氣地乾了手上的威士忌表示。

相較於一般金融商品，威士忌是有著生活態度的另類投資。每一瓶 酒、甚或每一桶酒的市場不盡相同，必須將它們當作獨立的個體來研究， 這增加了投資的難度，但同時也增添了收藏的樂趣。

撇除威士忌本身，所有投資都是有風險的，必須廣納專業人士的看 法，但自己也需要做足功課，祝福所有人都能在威士忌的市場中找到屬 於自己的投資心法，享受威士忌的美好，亦能享受它所帶來的投資價值。

Last weekend, I went out with friends to a whisky bar for a drink.

K, a new mother who hadn't had much me-time recently, was tongue-tied when faced with the plethora of whisky labels on the shelf. "How can there be so many new brands I've never seen before? I've only refrained from drinking for the last two years. Are there this many new distilleries?"

Well, yes and no. Nowadays, even experienced collectors may not be able to identify all the brands listed at a liquor store because of so-called independent bottlings (IB).

In a previous article, "Torn between Independent Bottling and Official Bottling,"we have introduced how IB differs from official bottling (OB) in that IB factories usually do not distill and produce whisky; rather, they purchase whisky from distilleries and bottle the whisky then paste on their own labels for sale.

OB's core range products emphasize the true spirit of a distillery; consistent and classic. IBs do not share such a burden. They focus on allowing each barrel of whisky to express its own unique style and provided with a large enough warehouse to store whisky. IB producers can both store whisky for an unimaginably long time and break longheld traditions. In a time when blended whisky are fashionable, they can launch a single malt whisky of the original intensity or place the distilled spirit into a bourbon cask that once only served for containing sherry. These trials allow even more possibilities for whisky as well as greater fun and surprises for consumers to discover and to encounter.

"DRINK IB, COLLECT OB": HOW DOES ONE PICK AN IB THAT IS WORTH COLLECTING?

A decade ago, several collectors raised the slogan, "Drink IB, Collect OB." At that time, IBs were typically cheaper than OBs. However, general consumers were unfamiliar with IBs and because of its uneven qualities. This, however, suited collectors who are familiar with the classic tastes of individual distilleries very well. Searching for IBs to them are digging for treasures.

However, in the recent decade, consumers worldwide have increased their understanding of whisky. Moreover, as whisky prices continue to rise, IB prices have begun to catch up with OB's. On more than one occasion, IBs have become as out of reach as OBs due to its rising prices. However, although IBs have excellent products, when considering investing in whisky, we have to admit that in the present-day of secondhand market, the price of OBs are obviously more stable and shows a more steady growth than IBs. As a general consumer, how can we tell if an IB has the potential to increase its value?

Reputable Bottlers

The most critical key is to select reputable bottlers. Among miscellaneous IB products, bottlers who are able to consistently select high-quality products showcase their taste and power as well as their devotion towards sustainably managing their brand. When bottlers gain supporters worldwide, they can even come to be viewed as an independent brand like a distillery. For example, the Italian Independent Bottler Samaroli became well-known worldwide because of his exceptional ability in selecting high-quality whisky. It has won the affirmation of whisky collectors ever since 1979. On Whiskybase, a global whisky information website, 6 of its bottles are ranked in the top 10.

▲ 1939年出生於義大利的Silvano Samaroli是歷史上第一位非英國籍的威士忌業內人士， 1968年成立Samaroli公司，一開始以進口作業為主，1979年推出第一個dumpy Cadenhead bottlings系列酒款，精湛的眼光和嚴格的挑桶程序自此開創了屬於Samaroli 的威士忌界傳奇，旗下所有系列酒款都受到威士忌老饕們的肯定，在WhiskyBase全球威 士忌排名的前10強中Samaroli更攬下6個席次，選酒功力無庸置疑。

From which distillery did the liquor come from?

Another key is from which distillery did the liquor in the IBs come from. Regarding several popular OB brands on the second-hand market, such as the Macallan, the marketability of the distillery also affects their IB market. Specifically, when OB prices skyrocket, consumers are more willing to purchase their IB products at a comparatively friendly price.

High rating from whisky critics

What fascinates collectors yet troubles general consumers about IBs is that each IB has an unpredictable performance. Therefore, when whisky critics rate certain IB products high, consumers have a basic understanding and confidence in those products prior to purchasing and tasting. Thus, these products will stand out among other IB products and become more favorable of collectors.

Age and Whisky from early age

When discussing drinking and tasting, the age of a bottle does not directly relate to its quality. However, from the view of collecting

and investing, age is absolutely a key factor for both OBs and IBs. Especially higher-age whisky are comparatively rare now and the market is flush with products less than 10 years of age. Besides, we can observe that there is an increasing demand for whisky that distilled in 1970s and 1980s. We have to understand that although single malt whisky and single cask whisky seem to be the mainstreams now, IBs have already become expert of single malt and single cask in the 1980s. Therefore, it is possible to find single cask Independent Bottling products distilled from 1970s or even earlier that OBs can no longer offer. These demands made single cask IB products bottled before 2000 extremely popular at present.

However, individual bottlers also face tons of problems nowaday. For example, noticing the single cask market trend, an increasing number of distillers have entered the competition with an emphasis on whisky variations. Similar to products of numerous independent bottlers, these single-barrel products and small-batch single malt whisky have marketed their uniqueness as a selling point. Independent Bottler that previously monopolized the single cask market are facing frustratingly fierce competition. In the meantime, distillers have started to neglect Independent Bottler they used as agents in the past and have begun to directly provide consumers with service option of buying entire barrel or bottling for consumers. These changes have substantially reduced the opportunities for Independent Bottler to obtain barrels of whisky.

As a result, we are seeing an increasing number of young IBs and large Independent Bottler crossing over into distil business. For example, in 1993, Gordon & Mcphail purchased Benromach Distillery. In 2002, Signatory acquired Edradour winery, and Adelphi acquired Ardnamurchan. Besides ensuring a stable source of whisky, Independent Bottlers also continue searching for more possibilities. In the past, they sought single cask and super high aged whisky. Nowadays, Duncan Taylor experiments with different woods, cask shapes, and distillates, whereas SMWS keeps searching for and developing single barrel liquor from other countries, hoping to find more interesting and unusual features to attract consumers.

IS IT GOOD BUSINESS FOR ONE TO GET AN ENTIRE BARREL AND THEN BOTTLE THE CONTENTS?

"IBs make so much money. Why don't we get a barrel and sell it ourselves?"K exclaimed excitedly. "You're blinded by the need for diaper money,"the rest of us laughed.

In light of the drastic growth of the IB market, some experienced consumers have considered the possibility of getting a barrel and bottling the contents themselves. Some people are fascinated by the process, enamored of the idea and sense of achievement from selecting a cask from dozens or hundreds of samples, and of the thought of establishing their own unique style of whisky. Some people believe that gifting whisky bottled from a barrel they themselves selected is interesting and meaningful. Some think that obtaining a barrel, bottling the contents, and selling the product makes for good business.

However, getting a barrel involves investing a lump sum of money all in one go and hidden problems are abound. Specifically, when barrels whisky are in high demand at present, whether one can obtain good quality barrels requires connections and the ability to select outstanding whisky from limited samples.

▼ 成立於1895年的Gordon & McPhail原為食品雜貨行，是蘇格蘭獨立裝瓶廠的先驅之一，以超過萬桶且跨越蘇格蘭各產區的驚人原酒藏量最為人所津津樂道。與其他裝瓶廠最不一樣的是， Gordon & McPhail不僅強調其選桶能力，更主打自行入桶陳年的技術與實力，打從二十世紀初便開始收購具有特色的橡木桶，並向各個酒廠購買剛剛蒸餾出來的新酒自行入桶陳年，因此常能 有跳脫蒸餾酒廠思維的大膽創新之作的產生，每一位威士忌愛好者都能從Gordon & McPhail多元的產品中尋到自己的心頭好。

In addition, consumers normally do not have the opportunity to contact distillers directly. Therefore, bottling operations typically require an agent at the production site or at the storage site to supervise the operation of pouring the whisky into bottles, attaching a label, and shipping to buyers. The process is long and tedious. Moreover, it is hard to tell if all the information is accurate and transparent during bottling and labeling. For example, whether the whisky inside the bottle is exactly the same as the sample you selected, and whether the number of final bottles is accurate can be questionable. This requires absolute trust in the agent.

Things to consider for people who wish to get their personal bottlings in the market are a bit more. For example, do you want to focus on the quality of the whisky or its label? Also, does the individual or the company that bottled the whisky have enough brand power for consumer to make a purchase without having to taste it first? Some small bottlers have used eye-catching labels to attract public's attention. Some bottlers have submitted their products in competitions to gain rating from opinion leaders and whisky critics. These approaches have yielded favorable results in the past. However, in today's fiercely competitive market, consumers have found those approaches banal.

For collectors, when choosing a bottle for collection and investment, they must realistically consider the whisky's quality, scarcity, and monetization ability on the second-hand market.

ALTHOUGH BUYING A BARREL AS AN INVESTMENT HAS BECOME A TREND, ITS HIDDEN COSTS AND RISKS ARE HIGH

"Given that aged whisky is so valuable nowadays, how about I buy a young cask, store it for some 50 or 60 years, and then bottle it? Much like purchasing real estate, I can sell it sometime in the future. The ROI should be good,"asked R, a friend who works at an investment bank.

Indeed. Considering the booming whisky market in the past decade, with whisky prices skyrocketing, and aged whisky receiving special attention from collectors, many people have wondered about the possibility of buying barrels as investments.

To date, the methods of buying and selling whisky barrels as investment are diverse, ranging from buying an actual barrel and storing it in the distillery or a bonded warehouse, to purchasing part of the value of an whisky barrel or purchasing the investment portfolio of several barrels…etc.. These methods of investment emphasize the idea of whisky becoming increasingly valuable with time.

However, the risk involved with purchasing oak barrels is even higher than simply buying a barrel and bottling them right away.

Pricing system is not Transparent and Profit is Unpredictable

First of all, unlike real estate, which has actual price registration information, or stocks which one can refer to their company's financial reports, the price of single barrel whisky lacks references that the general consumers can obtain. It also lacks a clear evaluation and pricing system.

Also, compared to general financial investments, because whisky barrel investment is a relatively new industry, there is no existing method to measure its ROI. Barrel whisky compared to bottle whisky has a relatively weak liquidity and a longer cycle. Moreover, the transaction cannot be handled by general consumers themselves. Consequently, the time for realization and the profit are unpredictable.

Ambiguity of Ownership

Before the whisky barrel invested bottled or sold, it must be stored in the warehouse of the production site or at a bonded warehouse for several years to several decades. The transfer of ownership of the barrels and transactions must undergo comprehensive and nationally licensed registration and transfer operations. The ownership transfer certificate provided by the agent company usually is not legally binding. Thus, to be able to ensure from a distance, that the ownership of a barrel is indeed transferred, is a key point in investing in barrels. However, this process is extremely tedious. Most small or intermediate dealers do not involve this transfer process in their procedure. If unfortunately, before this barrel sold and made profit, the dealer declares bankruptcy, consumers may not be able to regain their assets due to ambiguity of ownership.

Investing in whisky barrels requires a long period of time and a lot of patience. As an emerging industry with relatively vague regulations, it is paramount to find a trustworthy agent and investment company. Agents using bottle whisky ROI data to promote barrel investment often advertise untruthful information. And for those agents who recruit investors by promising a certain amount of return, consumers should be alarmed. The market is full of traps and scams, and products that require a long time to realize and to gain profit are especially so. Buyers often take years to realize that they were scammed and that´s the situation no one wishes to fall victim to.

"Buying a cask and selling the bottle is risky. Buying a barrel as an investment is also risky. Guess we'll just have to be pragmatic, work to earn our money and just enjoy drinking!"said the disheartened K as she tossed back the whisky in her hand.

Compared to normal financial products, whisky is an interesting alternative investment. Each bottle and each cask have different markets

and has to be viewed as independent individuals. This increases the difficulty in investment, as well as the fun in collection.

Whisky aside, all investments involve risks. Investors must consider opinions from professionals, and they must do their own study. Hope everyone can enjoy the beauty of whisky while the investment value it brings.