Weekly Auction Watch – 10th March 2015

Yes, I blinked and yes, February was over. I blinked again and we’re on the 10th of March… I started this auction watch on the 2nd!

February was a month which will be favoured as exceptional in terms of the gains in value for collectable Scotch (and Japanese) whisky. With all but one major index showing positive movement, in some cases significantly, can this month take over where the short-but-sweet February left off?

March’s first auction, from Glasgow based Scotch Whisky Auctions, ended on the first of March and brought with it some incredible results.

Ardbeggeddon almost doubles in value
Ardbeggeddon almost doubles in value

Ardbeg’s current trend continued with rarer higher value bottles achieving new records. The Ardbeggeddon 1972 vintage set the pace when it sold for £1,550, hugely exceeding its 2014 price of £825. Another good result was seen by one of just 222 bottles from cask number 1924 (1999 vintage 10 year old) which sold for £430. These younger single cask offerings used to be available from the distillery but were sadly discontinued some years ago.

A set of Arran’s Icons achieved £600, nicely exceeding the £380 paid in 2013. For rarer bottles, Arran seems keen to continue its current bull-run.

Arran's Icons become the iconic Arran collectors set
Icons of Arran. Rapidly becoming an iconic collectors set too

While the bulk of their bottles remained depressed, Bruichladdich’s 1970 vintage (one of the first releases under the then new ownership in 2001) hit £560 way ahead of its 2010 low of £120.

Bunnahabhain’s 1968 vintage Auld Acquaintance peaked at a new record £800, £50 ahead of its previous best in January this year. In 2010 these were being picked up for £220; even further back and just £160 would have secured a bottle in 2008. Steep gains for this bottle are no real surprise… Probably Bunna’s finest?

Older vintages from Bruichladdich and Bunnahabhain see upside
Older vintages from Bruichladdich and Bunnahabhain see upside
Late 1970's bottled Dalmore
Late 1970’s bottled Dalmore

Dalmore’s older discontinued bottles and rarities performed admirably. A bottle of late 1970’s 12 year old (dumpy green bottle with ‘jigger’ cap, lacking its box) fetched £185, comfortably ahead of its 2013 previous best of £85. The 1985 vintage distillery exclusive sold for £360. In 2009 a bottle of this sold for just £55, with a previous record of £205 this is indeed significant movement.

£860 is almost double last years price for a bottle of 1972 39 year old Glendronach. A near doubling in value in just 12 months is incredible (£450 in March 2014). I suspect we’ll see a lot more Glendronach records over the coming months/years.

Older vintage Glenmorangie’s performed well with the (not that old to be fair) Margaux bottling in Perspex case selling for £420. In 2012 values for these had all but collapsed and bottles could be picked up for £90.

Lagavulin prices in general appeared buoyant. The first release 21 year old achieved £880, just slipping past its previous best of £840. A set of three older Lagavulins (the first release 21, the 25 and the 30) now costs a combined £2,500 at auction. With an original retail price of £430 for the three, their growth looks somewhat acceptable.

Lagavulin 21, 25 and 30 year old. 481.4% increase in value over retail prices
Lagavulin 21, 25 and 30 year old. 481.4% increase in value over retail prices

The blue box/label variant of Macallan’s 30 year old sailed up to a massive new record of £2,900. With a 2008 price of £260 this is now one of the few exclusive and illusive ‘ten-baggers’ ever seen on the open market. Conversely the Masters of Photography Leibovitz bottles (Skyline and Bar) hit their lowest prices to date. Skyline sold for £1,050 down from £1,550 in June last year and The Bar achieved £1,100 down from £1,300 in July.

A Macallan rose between two thorns... from a collectors perspective
A Macallan rose between two thorns… from a collectors perspective

Along with Diageo stablemate Lagavulin, Talisker had a great auction. A massive £380 sealed the bidding for the 2007 released distillery exclusive. I do see that as a spike, but an impressive one none the less. The 34 year old ‘in a boat’ achieved £1,650 up from £990 in 2012.

With simply too many other record prices to feature separately, many bottles from silent stills hit new highs. Lochside, Rosebank and St Magdalene all experienced increased demand, as did Port Ellen.

In December 2012 a full-set of Port Ellen official releases (1st release to 12th release incl.) would have cost £6,805 at auction. At this recent SWA sale, that price has risen to a heady £10,390, up 52.7% in a little over two years.

It would also be remiss of me to let this auction pass without mention of the mighty Japanese whisky-value-warlord, Karuizawa. I can’t reference every record but suffice to say virtually every bottle was a new high… Amazing results. I’m looking forward to seeing a 1964 or maybe even a 1960 hit the open market.

Finally, showing how important fill levels are to influencing values, a 1970’s bottled Tamdhu 8 year old with a good fill sold for £190. Exactly the same bottle but with a fill at upper mid shoulder achieved just £80.

£190 with a good fill level. Almost 60% less for a poor fill level
£190 with a good fill level. Almost 60% less for a poor fill level

Until next time.

Slainte,

Andy

Images courtesy of Scotch Whisky Auctions.

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