A SIMPLE WALLET GAME
There are many factors which decide prices. In the whisky industry, demand and supply are not the only things that affect price, even though these factors are a big part of the equation. Cost of manufacturing, marketing cost, cask prices and logistic costs have a major role to play. Noel Moitra
Whisky is on an upward trend in consumers preferences around the world since 2010. The last ten years had seen tremendous growth in consumers choosing whisky over other kinds of spirits. While there was a period where gin gained traction, it died down pretty quickly with the rise of more whisky choices. With the overwhelming preference from consumers globally, market forces began to act on the prices of whisky.
We saw rapid growth for particular brands of whiskies, especially those which won awards. An excellent example would, of course, be Yamazaki. The brand shot to fame overnight after its Sherry Cask 2014 won the converted award of Best Whisky in the World as did Indri Trini and Grant’s Balvenie. Since then, the prices of all their bottlings have rocketed northwards.
This worldwide phenomenon is seen by some critics as
silly, but others, including investors, are willing to fight for a bottle of
Chichibu for its perceived value. Such whiskies are mainly designed for collections.
Scotch whiskies are steadily increasing in prices. The demand for specific brands also shot the prices of these whiskies skyward, making them harder to find and difficult to afford. Some examples of Scotch whiskies that are getting too expensive include Clynelish, Oban, the LVMH group (Ardbeg and Glenmorangies), Lagavulin and to some extent, Ben Nevis. Nonetheless, the bottles that are going up in prices are mostly independent bottlings. The standard distillery bottles are still affordable, if only just!
Limited release special edition bottles are some of the most prized. They are also some of the most expensive. These in particular are not easy to get your hands on, but there are reasons why they are worth looking at more closely.
Retailers can price their product as they wish. It’s common to find limited edition whiskies selling as much as twice their suggested retail price, if you can find them at all.
HAVE THE MONEY?
Mortlach Midnight Malt 30-YO
The pinnacle of the Mortlach portfolio, this is the boldest, richest and darkest of their malts. A rich, deep, dark whisky to savour slowly in the darker hours.
When day transcends to night, as light changes and shadows emerge, senses are heightened, conversations take an intriguing twist and the deepest darkest secrets are revealed. Mortlach Midnight Malt captures the intensity of this moment; a rare & magnetic invitation into the boldest, deepest and most intriguing expression of their malt. This incredibly rich, full-bodied whisky is distilled in six stills a total of 2.81 times, split and finished in three casks—Bordeaux, Guatemalan rum, and calvados—then married in custom quarter casks. The result is intense, but with complex fruit notes, chocolates, caramel, and a long black pepper finish.
Mortlach bills itself as the “first legal distillery in Dufftown,” dating back to 1823 (with bootlegging rampant on site before that); the whiskies are elegant and complex and reflect their coastal origins with a bold intensity (the Mortlach 20-Year won Double Gold at this year’s New York International Spirits Competition). Only 350 bottles of this extra-aged spirit (49.1% ABV) are released annually. Cost US$5,000.
Appearance: Old gold, dull amber. Excellent beading.
Body: Full.
Nose: Classic Mortlach elements kick the experience off, featuring sultry roasted grains, sherry-like notes of oxidised wines, gentle sandalwood, and — with ample swirling — a spicy cinnamon apple character. A mellow nose with some initial prickle. This settles in time to reveal a savoury and faintly herbal top note, suggesting pork crackling sprinkled with dry sage. Beneath lies a deeper, more vinous note with intriguing and rich notes of dark rum, toffee brittle and drying traces of chocolate.
Palate: A richly winey, apple fruity and mouth-watering start delights the palate, backed by a long spicy intensity with a delicious black pepper note that really persists. Clove and nutmeg are surprisingly lengthy as the finish builds, though as they fade a wood-infused sweetness begins to take hold. Touches of rum-driven molasses are most evident here, with a pinch of black pepper giving the whisky some grip.
Finish: Long, sweet, and deep-flavoured with a light peppery spiciness. With water, still sweet and softer, with the spicy heat joined by a suggestions of mint chocolate in the lingering aftertaste.
Talisker Glacial Edge 45-YO 70 Cl 48.9% ABV
Talisker is one of those remote Scottish distilleries known for releasing bold expressions with tons of character. Glacial Edge is the latest release in Talisker’s Xpedition Trilogy. It’s the brand’s first ever 45-year-old bottling, and the third year partnering with Parley for the Oceans, an organisation to documenting and preserving marine ecosystems. Single malt Scotch was aged over four decades, and then finished in “ice-fractured oak casks.” The technique is a first for Talisker: a dozen heavily-chared American oak casks are transported to Canada’s glacial ice fields. The ends are removed and the wood exposed to freezing temperatures and high Arctic winds for four days, creating unique fractures in the wood. The idea is that there is additional surface area in each cracked stave to interact more intensely with the aged whiskey. The result is a dry, deep single malt with bright pepper spices. You’ll get tons of vanilla, oak, hints of stone fruit and green apple, and light smoke and earth. Cost:US$5,000
The distillery’s first-ever release of a 45-year-old Single Malt Scotch whisky, unearths new, resilient depths of the Talisker character. Revealing unexplored richness, complexity and a unique untamed flavour which is attributed to the whisky travelling deeper into the casks to obtain spicier and sweeter aromas from the American Oak ex-Bourbon barrels. Finished in ice-fractured casks to unearth a new depth of flavour, this exquisitely rare new Single Malt Scotch whisky from Talisker is the final release in a series of adventures in wild whisky making. This is not the oldest Talisker ever. A 46 YO was available in the fourth Diageo Prima And Ultima collection just released, a 70 CL bottle at 50.9% ABV.
Appearance: Glowing amber. Exceptional beading.
Body: Full and rich.
Nose: Rich, dry and mellow overall, with a light peppery prickle at first. Clear maritime top notes speak of tide-line seaweed, sand dunes, iodine; their mineral companions suggest slaked lime and salt crystals. Behind them a faint dried fruit complex with hints of fig, sultana, or prune lends body and richness. Light smoke threads the background, touched by aromatic sandalwood. A drop of water tends to close the aromas yet adds richness to the fruity sweetness, with notes of fruit salad coming through.
Palate: The texture is all-enveloping; smooth and mouth-filling. On first sip the taste starts richly sweet, while it becomes delightfully salty, smoky and increasingly peppery mid-palate; even at this age there is still a fine chilli ’catch’. A dash of water reduces the peppery note slightly and there is more attractive saltiness, suggesting salted caramels.
Finish: Very long, with a trace of candle wax in a glorious chilli pepper effect that grows and glows in the aftertaste. Saltier at reduced strength and slightly less peppery, now with faint scented smoke in the aftertaste.
The Dalmore Cask Curations Series: The Sherry Edition
One of the most exciting releases of the year has got to be The Dalmore’s inaugural Cask Curations Series, the first of which highlights and honors the distillery’s longstanding relationship with fifth-generation winemakers González Byass in Jerez de la Frontera—a city in the Andalusian region of southern Spain known for its centuries-long culture of sherry production.
Led by the charismatic master winemaker Antonio Flores and his daughter Silvia, González Byass (which, by the way, is the largest sherry producer in the world) worked with The Dalmore master whisky maker Gregg Glass and master distiller Richard Paterson OBE to select extraordinary sherry casks with which to finish Scotch matured north of twenty years in ex-bourbon American oak casks. In its own way, it’s a genuine collaboration between distillers and winemakers to find the perfect match to yield the best outcomes.
The result? An exceptional trio of collectible age-statement single malt whiskies worthy of any true Scotch aficionado who knows what’s what. First up: The 26-Year, which is the youngest of the bunch. This 48.2% ABV (96.4-proof in the USA), straw-coloured whisky—first distilled in 1996—was finished in a 2002 vintage oloroso sherry cask (cask No. 4, if we want to be precise) that was home to 87% Palo Cortado sherry and 13% Pedro Ximénez for two years, after spending 24 years in ex-bourbon refill barrels. On the palate, the first sip is one of profound sweetness—without being overwhelming—with notes of honey, fruit-forward milk chocolate, and orange rind.
Then there’s the 28-Year that clocks in at 55.3% ABV having rested for an extensive 19 years in a 30-year-old Matusalem sherry cask that once held 75% oloroso sherry; with 25% Pedro Ximénez added midlife. As you can imagine, this particular expression brings on different waves and depths of flavor ranging from dried stone fruit and dark cacao nibs to manuka honey. Add a drop or two of water and it opens up with some flourishing tropical notes.
Lastly, the final and oldest whisky in the collection: a 46.8& ABV (93.6-proof in the USA), 43-Year that’s remarkably light in colour and on the palate, which was finished for 12 years in a 30-year-old Apostoles vinum optimum rare signatum (VORS) cask. Shorter in finish than the 28-Year, this four-decade-old expression is sophisticated in its lightness and is reminiscent of shortbread—with a hint of leather and salinity at the back palate.
The trio — magnificent as individual bottlings— can only be purchased as a complete collection, replete with a bespoke bright red leather travel case handcrafted in Florence. And competition will be fierce if you’re looking to get your hands on one: There are only 150 sets available globally and each one will set you back $37,000. (Pro tip: London-based Whisky Exchange may have some on hand.)
And if you’re not able to get your hands on this edition, The Dalmore will be releasing the second iteration of its Cask Curations Series next year—this time spotlighting its partnership with a well-respected Port producer.
The Macallan Colour Collection
Released in Autumn of 2023, The Macallan’s Colour Collection—which is sold solely a as travel exclusive in major airports around the world and The Macallan Global Boutiques in London, New York, Taipei, and Dubai—celebrates the brand’s dedication to the sherry-seasoned oak casks it’s so well known for.
Predominantly made with American oak casks and a “subtle touch” of European oak, the new line includes five age statement whiskies in varying price points: 12-Year ($80), 15-Year ($165), 18-Year ($350), 21-Year ($1,100), and 30-Year ($4,455). And as the collection’s name implies, each of expressions is the meant to illustrate how maturation in The Macallan’s choice casks strongly influences not just the flavour profile of its single malts, but its colours as well—from the light amber of the 12-Year to the deep ochre of the 30-year.
The Macallan Colour Collection is a visual celebration of commitment to natural colour and sherry seasoning, with each of the five distinctive whiskies taking travelers through a compelling sensory journey of the remarkable spectrum of natural hues derived from maturation in The Macallan’s sherry seasoned oak casks. It is these exceptional oak casks which are the single greatest contributor to the quality, flavours, and distinctive aromas at the heart of their single malts. Deepening in colour with age, each expression tells its own story and is a prism through which consumers can explore the unique characteristics which underpin the exceptional craftsmanship, renowned quality and rich character of their single malt whisky.
After a good 13 years of biding their time, the distillery now has a robust supply of aged whiskies to allow age statement Macallans back in airports. This isn’t a limited edition to be clear – in fact this range will become a familiar sight in many major airports in the years to come. This is a major overhaul of the brand's Global Travel Retail offerings, with the Colour Collection permanently replacing The Macallan Quest range, a series of non-age statement whiskies that have been a staple in Macallan’s GTR channels since 2017. The new range with its five age-statement single malts is a treat for those who habitually purchase The Macallan whisky at airport duty free stores, since it marks the return of age-statement Macallan whisky to such outlets after more than a decade; age statement Macallan whiskies had largely vanished from their repertoire since 2009.
The GlenDronach Annual Grandeur release — Batch 12— 2023
Every year since its inception in 2010, each limited edition batch of The GlenDronach Grandeur series has been highly anticipated and acclaimed, revered by connoisseurs, Gen Next and malt whisky aficionados all over the world for its character and full-bodied style and this is one of its most luxurious expressions to date… Rachel Barrie
This limited-edition sherried expression is an annual ode to the brand’s signature sherry-imbued style. Grandeur Batch 12 hosts a 29-year age statement and is made of sherry casks hand-chosen by Master Blender Rachel Barrie. The whisky is bottled at 49.2% ABV, matured in Oloroso sherry casks and hit the shelves in select markets for the price of $830.
The GlenDronach’s commitment to creating Single Malts using time-honored methods passed down through the generations for almost two centuries, is encapsulated in this hand-crafted limited release, with each individual bottle sealed with wax and numbered by hand to reflect its rarity. Having matured slowly and deeply in Oloroso sherry casks for nearly three decades, this expression from one of the oldest licensed distilleries in Scotland epitomises the richest rewards bestowed from the finest Spanish oak sherry casks.
Oloroso sherry is a nutty and slightly oxidative style of sherry. Oloroso sherries are aged primarily without flor. They go directly into the solera system with a higher alcohol content—a level at which flor does not grow—and are sweeter and fuller-bodied than other expressions like Fino. Oloroso means "fragrant," and, true to their name, these sherries are bursting with aromas and flavours that range from dried fruit to leather, tobacco, and wood. Though less dry than the Fino and Amontillado varieties, Olorosos are still dry overall, but with a rounder mouthfeel and light sweetness.
The GlenDronach Grandeur Batch 12 Official Tasting Notes
Appearance: Dark mahogany.
Nose: Intensely nutty with overtones of coffee, rich and leathery with its enduring toasty, woody, vaguely floral qualities. Rich sherry aromatics with cocoa, damson plum and glazed cherry. Aromas of spiced bramble and luscious dates with walnuts and coffee.
Palate: the whisky is surprisingly gentle and mild, all of the above notes well-represented — and beautifully integrated. There’s more baking spice here than expected, with ginger and cinnamon particularly prominent. A sensuous blend of raisin and dark plum, with cocoa and dessert characteristics. Cherry brandy and espresso are interlaced throughout. The ABV of 49.2% feels just about perfect, tempering any sense of heat and leaving room for smoldering but elegant notes in the finish.
Finish: Rich with tobacco and sherry-soaked walnuts.
Bowmore Aston Martin Masters Selection 3
For decades, both Bowmore & Aston Martin have endeavoured to craft, create and curate, bringing beautiful whiskies and breath-taking cars to life. A perfect collaboration, each limited edition single malt is created by the Master Blender at Bowmore distillery and the Chief Creative Officer of Aston Martin. By bringing these two worlds and these two creators together, they call on their shared experience and skills to create a whisky which tells the story of the synergy between the two iconic British brands.
Early in October 2023, Islay Scotch Whisky distillery Bowmore and luxury car company Aston Martin announced the latest whisky in their partnership: Bowmore Masters’ Selection Third Edition. The release hosts a suggested retail price of $400 in a global rollout. The 22-year-old single malt whisky was double-matured in European Oak casks seasoned with Oloroso Sherry and a mixture of American Oak hogsheads.
In the creation of every individual Bowmore, their Master Blender undertakes an endless search for depth; of character, of flavour and with every step they capture the very essence of the past 240 years. This unique whisky celebrates this defining constant which drives, inspires and immerses participants in this quest. The impressive Islay single malt pays homage to the definitive and constant character of Bowmore, presented at 51.0% ABV.
The brands have held a partnership since 2020, and several high-profile whiskies have been released throughout it. Some have fetched eye-watering prices at auction. In May, the companies released a unique decanter of whisky that went up for auction at Sotheby’s and sold for nearly $300,000.
The quest is without compromise and could be called obsessive, but that is what makes the team relentless in their approach. They push the bespoke nature of their craft to the limits in pursuit of perfection. They never stop short or settle for anything but the best to achieve the beauty which defines the brand. This whisky is a testament to their passion, talent and human skill.
Marking the fifth bottle collaboration in a series of releases since 2020, Masters’ Selection Third Edition represents a partnership driven by a consistency, inherent in each of the Masters’ own approach that comes to life, informed by beauty, knowledge, and inspiration. Strength and depth unite, just as sweetness and intensity combine to create a powerfully rich and captivating symphony of flavours.
Crafted with consideration over 240 years, Bowmore has an inherent appreciation as to how each moment comes to bear on the character of the whisky, and how time past has shaped today. Rooted in intentionality, Bowmore’s whiskies are made with purpose, shaping every drop, adding depth and distinction of flavour to shape each single malt. It is this precise ethos which drives the collaboration: sharing the intention to manifest beautiful, timeless creations that define a collaborative legacy, with a firm eye on the future, inspiring what comes next.
The Aston-Bowmore brand describes the whisky as “powerfully rich,” and hosting a “captivating symphony of flavours; without doubt the most exhilarating and rewarding of collaborations.”
Laphroaig Honours Passionate Whisky Makers With 36-Year Scotch
On 20 Nov 2023, Laphroaig unveiled the inaugural bottle of The Archive Collection, which boasts a 36-year age statement. The expression was meant to celebrate the whisky makers of Laphroaig, who have been custodians of the scotch for three decades.
The Archive Collection: 36 Years Old was aged in American ex-Bourbon casks before being finished in a second-fill hogshead that once housed oloroso sherry. The scotch hosts an ABV of 40.2% and is bottled at cask strength. This 36 YO is a testament to their master distillers’ skills in ensuring that the peat and smokiness of a 36-year-old single malt is preserved and enhanced by age. In fact, its maturation has been overseen by six different distillery managers!
Just 400 bottles of the expression are available for purchase at a suggested retail price of £3,750 ($4,663).
The bottle for The Archive Collection: 36 Years Old is hand-blown, and meant to serve as a nod to the sea glass found on the beaches near the Beam Suntory-owned distillery. The level of liquid in each bottle may appear to be different, but will be filled to 70cl
As a whisky which has been shaped and rounded over decades, the bottle used to house the liquid is inspired by green Islay sea glass often found swept up on the island's beaches. The unique hand-blown glass design was meant to echo the sea glass with its bright green colour, sculpted curves and a textured neck. Laphroaig have done away with traditional printed labels for this one-of-a-kind collectors’ item, and have chosen to laser etch the text directly onto the bottle.
The whisky offers the distinctive flavour profile of Laphroaig, featuring the familiar peat, smoke and salt. The single malt reveals a surprising fruitiness in the glass, featuring tropical notes underpinned by dark toffee and vanilla. Subsequent releases will follow later in 2024.
Nose: Honey sweet with white peach and mango, creamy dark toffee, vanilla and cedar wood, subtle oil of wintergreen and hints of singed sage and liquorice root peak through.
Palate: Sweet with orange zest and tropical fruit, mouth coating initially then moving to mouth drying.
Finish: Warm and lingering which brings out the peat in the mouth and the salt from the sea on the lips.
Tobermory 23 YO Oloroso Sherry Cask
Mull's only Scotch whisky distillery produces both peated and unpeated whisky for use in the well-known Black Bottle and Scottish Leader blends, as well as for Ledaig and Tobermory single malts.
Island Single Malt Scotch Whisky
Tobermory is an Island distillery located in Scotland’s Inner Hebrides. Founded on the Isle of Mull in 1798, it is one of the country’s oldest distilleries, having been operating for over two centuries. Tobermory is one of very few distilleries that produce more than one whisky, sibling Ledaig itself a wondrous surprise. Yes it is peated, but completely different from its Islay cousins. Ledaig is very much in the Manzanilla mould: bright and fresh, with a wonderful salinity. The peat is a delicate whisper. Tobermory itself is an unpeated malt, delicate and fruity, with a lightly honeyed nuttiness. It is likely that in its earliest incarnation Ledaig was a peated malt, but in more recent times both peated and unpeated whisky has been made and bottled as both Ledaig and Tobermory. Thankfully, this has now been resolved with Ledaig now only being used for the heavily-peated variant. Equal amounts of both styles are currently being made.
This limited edition Tobermory 23-year-old Oloroso sherry finish is the first of five planned annual releases for the distillery's Hebridean Series. The fermentation time is relatively short, but it is the unusually shaped stills which lie at the heart of the Tobermory style. They have both boil bulbs and a strange S-shaped kink in their lyne arms, all of which increases reflux. Today, the single malt bottlings are non-chill-filtered and bottled at a standard 46.3% ABV.
Tobermory draws its water from a nearby private loch. This water is peated, which means they use unpeated barley (unlike the Ledaig, which uses peated barley) to ensure just a subtly smokey character. American oak casks are then used for maturation, with sherry casks often used for finishing. Interestingly, ageing takes place at the Deanston distillery.
After a two-year hiatus, the Tobermory 12 Year Old was released in 2019. This is the flagship bottling in the range, replacing the 10 Year Old. The distillery also offers a variety of limited edition finishes, as well as their Hebridean Series - which includes the stunning 23 year old single malt.
The ‘return of an old friend’, this spirit was originally the Tobermory 15 Year Old release. They left the whisky in their Oloroso casks for 8 more years to create this delicious new edition with a natural, deep rose gold colour to the core range. The result is an exquisite sherried malt without chill-filtration, which is entwined with numerous flavours and mouthfeel to satiate even the most demanding.
Island Single Malt Scotch Whisky Distillery Bottling 70CL 46.3% ABV
Nose: The nose is sweet and citrussy, with vanilla, ripe oranges, toasted barley and rich fruitcake with a hint of cocoa.
Palate: Obvious sherry influence, salted toffee, vanilla fudge and spicy oak, with candied citrus and floral honey.
Finish: Caramelised walnuts with a subtle salty undercurrent that lingers on. Gorgeous.
Glenmorangie's Limited Super Rare Expression
THE SONOMA CUTRER WINE CASK 25 YO
Dr Bill Lumsden, Head of Distilling & Whisky
Creation at both The Glenmorangie Company and Ardberg, created in 2020 another excellent limited edition whisky finished in Chardonnay casks hailing from
renowned wine producer Sonoma-Cutrer in Sonoma Valley, California, which wines are similar to
Burgundy’s Meursault wines. The 1000 bottles of this expression were released in early 2021.
Glenmorangie’s whisky makers are endlessly creative on their quest to bring delicious single malts to the world. In Scotland’s tallest stills, whose necks are as high as a giraffe, they distill a more delicate spirit, ripe for experimentation. Then they age their whisky in the finest casks, sourced from far and wide. The price tag is certainly not a low figure, either.
Most wine geeks relish Californian Chardonnay and during
a visit there Lumsden persuaded Sonoma-Cutrer to sell him
a few casks for experimentation. They agreed and in 2005, Bill filled those casks with ten year old whisky - some that was distilled in his first days at the
distillery back in February 1995. The casks were then put away to mature and
allow the flavours to mingle together over 15 years.
After numerous tastings, Dr Bill decided when the whisky was ready - and ready it most certainly tasted. The 50.4% ABV whisky is deep ochre in colour and with the same characteristic floral aromas and bready notes Glenmorangie is famous for, there is a wide range of citrus fun from grapefruit and fresh orange peel and to marmalade and lemon balm. A honey and lemon hot toddy as well as marshmallow, smoked pear, earthy biscuits and spicy ginger with a peppery kick on the tongue. It pairs well with a wide variety of dishes, such as pan-seared foie gras with caramelized figs, citrusy salmon tartare, or even a rosemary-infused roast beef.
All in all, it's super smooth and mellow, with a beautiful, buttery, sunshine finish reminiscent of the fruity, golden Chardonnay the casks once held.
This Sonoma-Cutrer Reserve whisky was created as part of an experiment, where only 1000 bottles exist, each one hand-signed by Dr Bill Lumsden himself. They have described it as Glenmorangie’s ‘most rare and unique creations’.
Tasting Notes
Colour: Burnished Bronze
Nose: Fresh and floral, with scents of carnations, roses and narcissi, heightened by a sweet waxy note. Glenmorangie’s hallmark tones of vanilla, pear and peach follow, with a gentle tang of mandarin orange. A splash of water reveals a flinty note and more mouth-watering mandarin, this time rich with Chantilly cream.
Palate: Almost sparkling textures bring a cascade of vanilla and Victoria sponge cake, laced with mandarin segments in syrup, zesty lemon and poached pears. Then a rounded oaky smoothness flows into bold buttery notes, coconut and almond, lifted by hints of pineapple and melon.
Finish: Subtle and honeyed, with final suggestions of cocoa powder, toffee apple and fudge.
The Glenmorangie Sonoma-Cutrer Reserve 25 Year Old Single Malt was released exclusively through the Moët Hennessy Private Client team. RRP £1,750 (US$2,440) per 700ml bottle, 50.4% ABV.
