October departed quicker than a bottle of Loch Dhu down a drain. An immensely busy month for RW101 saw our weekly updates turn monthly. There are huge levels of activity in many areas of the market right now, which in itself is exceptionally exciting… Volatility and extended losses for some and immense upwards pressure on values for others.
November’s first dedicated whisky sale saw a bumper 2,800 lots go under the e-hammer at Scotch Whisky Auctions. In last months SWA sale, fifteen out of the top twenty most expensive bottles were from Karuizawa; Scotch took just five. This month, Scotland gained a little ground holding onto seven out of the top twenty. That said, the price difference between the most expensive bottle of Karuizawa and the most expensive bottle of Scotch was vast: £9,000 took the first bottle (of just 50 released) on the open market from Karuizawa’s cask number 3557. Laphroaig’s 1960 vintage 40 year old was capable of just £4,000 – Incidentally, that’s the first time this bottle’s hit £4,000, having a previous record of £3,800.
The second most expensive bottle of Scotch was also a record breaker. One of the ultra-rare 1973 28 year old Talisker’s shot to a record £3,200, comfortably exceeding its previous best of £2,500.
Ardbeg demonstrated the ongoing trend of market polarisation as a bottle of the highly desirable Lord of the Isles took an all-time second best price of £820. Languishing at the other end of the spectrum, the Kildalton Project bottle struggled to fetch its original retail price of £120… After fees and taxes the result is clearly a steep net loss.
Featured in our previous auction update, “buyer beware at these heady prices” was our closing remark about Bowmore’s Mizunara cask finish when the first bottle to hit the market achieved £1,200. One short month later and we’re looking at a 25% auction-to-auction loss following a £900 sale. Still more than its original retail price but classic new-release-curve at play.
Further highlighting bottles released years/decades ago containing legacy-liquid are still hugely sought after, a bottle of early 1980’s bottled Clynelish 12 year old sold for a record £560. Way back in 2009, a paltry £120 would have secured one of these.
From a collector/investor perspective, Dalmore values continue to harden. As much as Dalmore has become famous (infamous) for their recent seemingly excessive pricing, their long extinct bottles and older vintages keep stepping up in value. A bottle of exceptionally rare 12-year-old from the 1970’s at 75 degrees proof achieved £640, way ahead of its £260 Low in 2010. Along with that, a wonderful old bottle of 20-year-old hit £740 – not an outright record (£785) but way ahead of the £450 paid in 2010.
While we didn’t run the numbers, anecdotally, there appeared to be a continuation in the trend for declining stock from silent distilleries. There just isn’t much floating around the auction-ether anymore.
Be it the above mentioned stress on supply or a renewed level of demand, following an extended period of volatility, Brora OB values seem to be settling towards the higher end of their trading range. No outright records were set but there was evident pressure on the prices paid.
Mirroring the above apparent stress in supply, one of just two bottles from silent lowlander, St Magdalene, (a 1965/1993 Connoisseurs Choice) fetched an almost inevitable new record £320. The other, a bottle of the 19-year-old Rare Malts Selection, fetched £520. Not a record but towards the top end of its trading range, especially noting the borderline fill level. In 2008 you’d have picked this bottle up for £100.
All-told, a buoyant start to what it traditionally the highest volume month of the year. Whether that trend continues is anybody’s guess…
Until next time.
All images courtesy of Scotch Whisky Auctions