Luxury whisky for collectors: Top 10 releases to buy

As 2023 draws to a close, the rare whisky scene continues to make the headlines. Even seasoned auction watchers felt their jaws hit the floor when a bottle of The Macallan 1926 Valerio Adami sold for £2.2m at Sotheby’s a few weeks back – proof once again that, for certain whiskies and certain collectors, money is pretty much no object.

However, standout moments like the Macallan sale shouldn’t disguise the fact that – after years of often stratospheric growth – the market for collectable whisky is softening, and softening considerably.

Hence the recent report from Noble & Co highlighting a decline at the upper end of the pricing spectrum for rare whiskies at auction; the current macroeconomic difficulties have had quite an impact on the fine wine market – and whisky is not immune to the same pressures.

Take a step back, however, and you’ll see that the rare whisky scene remains a highly dynamic and increasingly popular segment, fed by an expanding global consumer base that is still keen to snap up the most sought-after bottlings.

To some extent, high-end whisky has become a victim of its own success. So undervalued for so long, it has seen a remarkable upward surge in value terms over the past decade, outperforming almost every other luxury commodity on the planet. That kind of growth trajectory was never going to last for ever – despite the ridiculous claims to the contrary from some of the less responsibly marketed cask investment schemes out there.

If the market is undergoing an inevitable – and probably only short-lived – correction at the moment, that’s not stopping distillers from continuing to wheel out a succession of long-aged and ambitiously priced launches, either as one-offs or as part of a structured programme of releases.

In Scotch alone this year, we’ve had Diageo’s fourth tranche of Prima & Ultima whiskies – celebrating the ‘first’ and ‘last’ of certain distilleries and cask types. There has also been a remarkable run of ‘ghost’ distillery single malts from blue-chip independent bottler Gordon & MacPhail.

House of Hazelwood has continued to peel back the layers of the Gordon family’s astonishing inventory of esoteric whisky stocks. Dalmore has exhibited yet more of its prowess in Sherry cask maturation; while Laphroaig has teased not one but two 36-year-old whiskies for the new year: The Archive and The Wall Collection: Peat Edition.

But this rarefied part of the whisky scene is no longer the sole province of Scotch. A day before that bottle of The Macallan 1926 sold at Sotheby’s, the auction house put what it billed as ‘the greatest Japanese whisky collection’ under the hammer. Mainly cult bottlings of closed distillery Karuizawa, the sale raised a total of £1.8m in the process.

American whiskey collectors continue to hanker after top names such as Pappy Van Winkle, George T Stagg and William Larue Weller. At Sotheby’s high-profile Festive Spirits and American Classics auction in New York last weekend, a selection of rare American whiskeys exceeded their upper estimates. Star of the show was a bottle of LeNell’s Red Hook Rye 23 Year Old Barrel #1, which sold for $56,250 (£44,814).

Meanwhile recent high-end Irish whiskey launches – Midleton Very Rare’s recent £4,400 Forêt de Tronçais bottling springs to mind – look set to become the auction darlings of the future.

Whisky for collectors: Ten of the best

Dalmore The Cask Curation Series Sherry Edition

£30,000/3x70cl, Hedonism Wines

First in a planned annual series, this set of Dalmores celebrates the Highland distillery’s long association with González Byass, including a 26yo finished in an añada cask, plus a 28yo (Matusalem oloroso dulce) and a 43yo (Apostoles palo cortado). All are supremely indulgent whiskies, but the 26yo’s elegance – jasmine scents, Sherry-soaked raisins and peppy ginger – is the standout. Alcohol 48.2%/55.3%/46.8%

Glen Scotia 48 Years Old

£11,000-13,599.95/70cl, Berry Bros & Rudd, Master of Malt, Glen Scotia website, The Whisky Exchange

Rare to find a Scotia of this age; rarer still to see one that has been so tweaked, moving from ex-Bourbon into oloroso Sherry and then PX casks to deliver layers of sweet, indulgent complexity on top of charred pineapple and savoury herbs. A taste of the Mediterranean sun in chilly Campbeltown. Alc 40.8%

Glendronach 29 Years Old Grandeur Batch 12

£849.95-875/70cl, Barrels & Botanicals, Royal Mile Whiskies, The Whisky Exchange

Glendronach’s weighty spirit was made for ex-Sherry casks, and this annual release from the Highland distillery celebrates that association in opulent, hedonistic style. Juicy damsons and black cherries dipped in dark chocolate, rich treacle tart and coffee grinder, plus a savoury hazelnut element that stops it all becoming too cloying. Alc 49.2%

Gordon & MacPhail 1973 from Glen Mhor Distillery (Recollection Series)

£6,000/70cl, Aberdeen Whisky Shop, Gordon & MacPhail, The Whisky Exchange, The Whisky Vault, The Whisky World

The stocks held in Gordon & MacPhail’s Elgin warehouses are legendary – and here’s yet another example. It’s 40 years since this Inverness distillery closed down, so it’s hard to escape a feeling of loss when you taste this punchy single malt, marrying sweet, cinnamon-dusted fruit salad to dark chocolate, cigar humidor and highly polished antique furniture. Alc 47.2%

House of Hazelwood The Huntsman Blend, 50 Years Old

£5,900/70cl, House of Hazelwood, Fine + Rare

Bottled to mark the 175th anniversary of Savile Row tailor Huntsman (there’s a new ‘House of Hazelwood’ tweed fabric too), this is another remarkable find from the Grant family whisky archives. Richly spiced, it bears the unmistakable hallmark of long American oak maturation, balanced with dark honey, ripe cassis and damson. Alc 43.8%

Littlemill 45 Years Old The Vanguards Collection No 1 Robert Muir

£12,500-14,199.95/70cl + 5cl miniature, Berry Bros & Rudd, Master of Malt, The Whisky Exchange

Lowland distillery Littlemill endured a succession of owners before closing in the mid-1990s and burning down a decade later, but this bottling – dedicated to the man reputed to have pioneered its whisky-making in the late 18th century – belies that with a vibrant mix of rose, honeysuckle, juicy green apples and a pinch of nutmeg. Alc 50.5%

Port Ellen 1978, 43 Years Old (Prima & Ultima)

£15,000/70cl, The Whisky Exchange

As the new Port Ellen prepares to open in 2024, here’s a reminder of what all the fuss is about, taken from the last of the American oak hogsheads laid down in 1978. Beyond the signature flavours of freshly swept chimney and coal tar soap, there’s an elusive salt-and-pepper edginess, creamy vanilla toffee and, carrying it all, a gloriously oily mouthfeel. As good as it gets. Alc 53.4%

The Scotch Malt Whisky Society Cask 12.79, 40 Years Old

£3,000/70cl, The Scotch Malt Whisky Society

Now this is how to celebrate your birthday… It’s 40 years since whisky members club the SMWS was formed, prompting this Bourbon-matured, Sherry-finished release from the distillery bearing the SMWS code number 12 (it’s BenRiach, to save you Googling). A surprisingly delicate, elegant whisky with beguiling notes of poached pear, incense, mint choc chip ice cream and blonde tobacco. Alcohol 43.7%

Talisker Glacial Edge 45 Years Old

£4,450/70cl, House of Malt, Master of Malt, The Whisky Shop, The Whisky Exchange

If the premise here is a touch gimmicky – leaving 12 casks out in Canada’s ice fields for four days – the result is a fabulously expressive evocation of what makes Talisker great. Salt and pepper, a prickle of chilli, then zesty lime and darker, figgy notes – and, overlaying it all, aromas of tidal pools with a catch of freshly snuffed candle. Alcohol 49.8%

Tomatin 45 Years Old

£7,500/70cl, travel retail exclusive

If you’re passing through an airport, keep an eye out for this belter of a single malt from Highland distillery Tomatin. It’s spent more than 45 years in an ex-oloroso Sherry cask, but you wouldn’t know it from the juicy fruit flavours (morello cherry, blood orange) and sweet-savoury salted caramel lick. A seamless and highly indulgent tasting experience. Alcohol 41.5%