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What a Seller Should Know About the Market for Rare Spirits

The market for vintage and collectible whiskey, bourbon, and single malt scotch is stronger than ever.  There are buyers interested in almost any older bottle of whiskey, bourbon, or single malt scotch.  However, finding the right buyer at the best price can be challenging. For those who do not buy and sell rare spirits normally, the market for these collectibles can be confusing.  We would like to provide you with some general information that will help you evaluate any old bourbons and whiskeys you have and are interested in selling from your collection

The Market for Rare and Vintage Spirits

Bourbon was born on the western frontier of the United States in the earliest years of independence.  Early Scots-Irish and German settlers found streams rich with limestone in Kentucky where grain surplus could be made into whiskey which was actually used as money in trade in the territory. 

Corn was plentiful and farmers were able to raise it almost everywhere along the Ohio River Valley. In the early nineteenth century, distilleries in Kentucky begin using the French technique of storing distilled Spirits in charred Oak barrels. One of the most prolific areas for early whiskey production was Bourbon County in the newly formed Commonwealth of Kentucky, and the distilling techniques used in the area gave the name to bourbon whiskey.  Bourbon whiskey has made Kentucky and Tennessee distilleries famous around the world ever since.

Many brands of bourbon have become highly collectible. Some, but not all, of the most collectible brands date to before prohibition. Among the most collectible brands of bourbon is Pappy Van Winkle’s Family Reserve. Pappy Van Winkle has been bottled at the Buffalo Trace Distillery in Frankfort, Kentucky since at least 1812. The Distillery continued to operate even during prohibition, and its labels from that time marked for “medicinal purposes” are especially collectible. The Buffalo Trace Distillery has several other brands that are very collectible and is among the most celebrated bourbon distilleries in the world.

Old Fitzgerald is another highly collectible Kentucky bourbon. The distillery has been in business since 1870. There are several highly collectible varieties of Old Fitzgerald and numerous collectible decanters for this brand. Following Prohibition, the distillery released Very Old Fitzgerald, marking one of the occasions where an item is designed and marked to become collectible and actually does become collectible.

The Willett Distillery was founded in Bardstown, Kentucky in 1936, shortly after the end of Prohibition. The company has produced several very collectible brands of Kentucky bourbon and rye whiskeys.

Other notable brands of Bourbon include Austin Nichols, who produced a phenomenal Bourbon ‘Wild Turkey’. Heaven Hill Brands, Old Prentice, Kentucky Bourbon Distillers (KBD), Brown-Foreman, Black Maple Hill amongst others. If you have nay of the above bottlings in your collection and are interested in selling, please contact one of the acquisition specialists at Whiskey Buyers.

The practice of distilling spirits came to Scotland and Ireland sometime around the 15th century. Originally distilled spirits were produced in Britain for medicinal purposes by monks. Eventually, distillation became a part of the medical arts.  Eventually, secular interest in distilled spirits grew and the monasteries and medical facilities gave way to commercial whiskey production.  With production for the general public increasing, aging became part of the process of making whiskey, producing a much more enjoyable drinking experience.

The old Bushmills Distillery in Northern Ireland is the oldest licensed distillery in the world, dating to 1608.  Throughout the early history of distilling in Scotland and Ireland, high taxes caused many distilleries to operate out of sight of the authorities.  Over time the number of licensed and well-known distilleries in Scotland and Ireland expanded greatly.

There are many brands of collectible whiskeys that are highly popular in today’s market. Among the most collectible are from the Macallan Distillery, which was founded in 1824.  Other individual brands of spirits from Scotland or Ireland should be evaluated on their particular attributes and collectability, and we will be glad to evaluate any vintage or rare whiskey you have. 

Single malt scotch has rapidly become the most popular distilled spirit around the world. Single malt scotch came into prominence in the 20th century, and there are many highly collectible brands and varieties to be found dating from the 1960s.

Single malt scotch is produced in Scotland. To be considered a single malt scotch, the scotch must be distilled in a single distillery. A malted whiskey is made only from barley and must be aged in a single cask for at least 3 years to be considered a single malt scotch.

There are several distillers of single malt scotch that have produced highly collectible brands, including:

Dalmore  The Dalmore Distillery has been in operation in Alness, Scotland since 1839, and has produced some of the most sought after limited edition single malt scotch of the last 60 years.

Springbank  The Springbank Distillery produces single malt scotch in three collectible brands, Springbank, Longrow, and Hazelburn.  This family-owned distillery has been in operation since 1828. 

Laphroaig  The Laphroaig Distillery originated in 1815, and is famous for the unique flavor of its single malt scotch.  There are several highly collectible Laphroaig single malts, and collectors of the brand are well known as very dedicated single malt scotch experts.

Bowmore  The Bowmore Distillery is one of the oldest in Scotland, and uses barley from the Isle of Islay, where it is located, to produce its single malt scotch.  There are a number of highly sought for limited edition Bowmore whiskeys.  Bowmore uses a wide variety of woods for the casks for its single malts, including the Japanese Mizunara cask edition. 

Macallan- Perhaps the most collectible of all single malt scotches, the Macallan has set record prices at auction almost every month for the last 5 years! No other distillery even comes close.

The market for collectible rare spirits has been growing and remains strong in recent years. Single malt scotch whiskeys have certainly become more dominant in the collectible market, but the demand for older and rare bourbon and whiskeys remains strong among dedicated collectors.

Any rare whiskey or bourbon’s value is generally determined by its provenance–that is, the ability to verify its authenticity.  Collectors and buyers will always want to know that bottles they consider buying can be authoritatively identified and traced back to their distilleries.  Discontinued and rare releases are certainly more valuable, and often require additional evidence to establish authenticity and confirmed provenance.  The condition of a bottle’s label is important in establishing the authenticity of the spirit contained in the bottle.  The overall condition of the bottle and how well it remains sealed is certainly also important. 

In short, if your vintage whiskey or bourbon can be authenticated, it probably has some value to someone.  Let’s examine how that value is determined. 

What to Know About How Rare Whiskey and Bourbon is Valued?

Even though there are stores out there for collectible items (books and antiques, for example), the asking prices at those stores are not indicative of the real values of the items that they sell.  The same is true for the upscale liquor store with vintage and rare whiskeys and bourbons on display or for sale.  This is especially true for online sellers of collectible spirits. 

The prices at stores are generally the full retail price–in other words, a seller’s absolute best-case scenario price.  Virtually no one is willing to pay the full retail price for an expensive collectible.  Also, many retailers intentionally overprice their most rare items, as they have more value as a leader for the store’s image and brand in the display case than they would going out the door. 

Even if you were in a position to somehow open up a retail store for rare spirits, you would not reasonably expect to get the full retail asking price for what you have to sell.  Sophisticated sellers who are ready, willing, and able to do business do not pay full retail anywhere.  In order to find the real value of your rare whiskeys or bourbons, you will need help looking deeper into how pricing for these collectible items actually works

Everyone is familiar with the rule of supply and demand.  The more an item is in demand, and the lower the supply of that item, the more expensive it will be.  Likewise, if demand is not strong for an item, or there is plenty of it available, the less expensive it will be.

These rules apply with great force in the market for rare spirits.  With collectible whiskey and bourbon, the day-to-day shifts in buyer preferences can greatly affect price.  The recent upsurge in the popularity of single malt scotch has shifted prices upward for those brands compared to bourbon and blended whiskeys.  However, certain rare bourbons have enjoyed a recent spike in popularity.  The point here is that you normally are going to need some expert information regarding the demand side of the market, in addition to some hard data on the supply of your particular item, in order to understand the current value

Appraisals are more art than science, and even the most sophisticated appraisal eventually boils down to being an educated guess. An appraisal is only an estimate of value.  The quality of that estimate is supported by the quality of the data that goes into the process. 

Rare spirits appraisals consider comparative sales of similar bottles along with the general demand for a particular variant and the condition of the individual bottle being examined.  Comparative sales information can be very difficult to find, especially for rare brands.  Often, the only public sales information comes from auctions, which are notorious for wide variations based on where the auction occurs, what buyers are present, and untold other subjective and impossible to classify factors.  If you or someone you know has come across a vintage collection of Bourbon or Scotch, and are looking for the most accurate assessment along with maximum return on your asset, Whiskey Buyers is here to help. Contact Us Here

The most important aspects of an old bottle’s condition is the whiskey inside the bottle, along with the condition of the tax-strip and labels.  If there is any evidence that the contents of a bottle have been disturbed, its value can be greatly impaired or destroyed.  The best indicators of intact contents are fill levels, unbroken tax strips, and seals.

Sometimes partial evaporation will affect the level of the contents of a bottle.  Evaporation can occur over time even with bottles that have never been disturbed, as corks can have very small imperfections that allow some air to enter the bottle.  Evaporation can have an impact on the value of a bottle, but this is an extremely subjective issue that varies from bottle to bottle and expert inspection is necessary when bottles are not at full fill levels. 

For very old bottles that pre-date tax stamps, seals, or foil wrappings, expert evaluation of bottle is needed to be sure that the contents of the bottle have not been disturbed.    

The age of a bottle alone is not an indication of its value.  Some very old bottles have low demand among collectors, while some more recent vintages are highly sought.  Unlike wine, whiskeys and bourbons do not age or mature once they are bottled–their aging occurs in the cask before they are bottled. The hope is that a whiskey remains sealed and intact once bottled. Therefore, age alone does not tip the scale regarding value. 

Everything always goes back to the demand in the market of collectors for a particular bottle, based on everything there is to know about the bottle.

Whiskey Buyers monitors the current market supply, as well as the demand from auctions every month. Prices can change drastically from month to month without notice. It is the most important tool for the use in buying and selling Bourbon and Scotch today.

Brand popularity can be important to the value of a bottle of vintage whiskey or bourbon.  Certain brands have such high recognition in the market that they can be depended on for a certain value, even in depressed markets. 

However, do not discount the value of a vintage bottle just because a brand is not well known or if you do not immediately find information about it through a web search.  Obviously, rarity can often greatly increase the demand for certain brands and offerings.  This is another area where an expert opinion about a bottle’s provenance and rarity makes all the difference

As we have discussed, the value of a given bottle is dependent on what a ready, willing, and able buyer will pay for it.  This implies, of course, that any buyers are available.  We will discuss access to buyers and markets a bit further along, but for now, it should suffice to say that if you do not have a buyer available for your rare whiskey or bourbon, it is not possible to really know what its real-world value to you is. 

The best way to maximize the value of your rare whiskeys and bourbons is to locate the best buyer who is ready, willing, and able to offer you a price based on the totality of the circumstances regarding your collection. We can help you with this. Whiskey Buyers has private buyers in all corners of the world. From Asia to Australia, the U.K, and South America. Clients who are always looking to further add to their portfolios and private collections

Why Retail and Auction Prices Do Not Reflect Actual Value

As we discussed above, the retail market for all collectible items does not really operate with full retail pricing, and the market for collectible spirits is no different.  When selling directly to a collectible retailer, prices usually wind up as low as 30% or less of the retail price the collector will put on the item.

The key to maimizing value is finding a buyer who understands the private market for collectible whiskeys and bourbons and where viable secondary market buyers are located. Honest and transparent valuation advice and solid offers based on market realities are the hallmarks of quality buyers who are truly interested in helping sellers maximize value. 

Of course, a buyer of collectible whiskey and bourbon wants to make a profit in order to stay in business.  More important than that, however, is the reputation that a buyer earns by treating sellers fairly and providing quality information. 

Auctions can be attractive; they offer a hands-off way to sell collectibles, and the more publicized auctions are those that produce impressive prices.  There are costs involved that can easily make auctions counterproductive.

Vintage spirits are like all collectibles, the market can shift abruptly and without warning.  There is no way that a seller can guarantee that motivated buyers will appear at an auction, and there is no way of knowing what the interest on any given day will be for a particular bottle or collection. 

Auctions also involve significant fees and expenses.  Auction fees include buyers’ premiums, sellers’ premiums, warranties and insurance, appraisal fees, storage fees, and other advertising costs and expenses.   Sometimes taxes are assessed at the time of the auction, regardless of other filing considerations a seller may have available with private sales. 

Why Retail Prices Found at Stores or Online Do Not Reflect Actual Value

As we discussed above, the retail market for all collectible items does not really operate with full retail pricing, and the market for collectible spirits is no different.  When selling directly to a collectible retailer, prices usually wind up as low as 30% or less of the retail price the collector will put on the item.

The key to maximizing value is finding a buyer who understands the private market for collectible whiskeys and bourbons and where viable secondary market buyers are located. Honest and transparent valuation advice and solid offers based on market realities are the hallmarks of quality buyers who are truly interested in helping sellers maximize value. 

Of course, a buyer of collectible whiskey and bourbon wants to make a profit in order to stay in business.  More important than that, however, is the reputation that a buyer earns by treating sellers fairly and providing quality information. 

Practical Considerations and Ways to Maximize the Value of Your Rare Whiskeys and Bourbons

Auctions can be attractive; they offer a hands-off way to sell collectibles, and the more publicized auctions are those that produce impressive prices.  There are costs involved that can easily make auctions counterproductive.

Vintage spirits are like all collectibles, the market can shift abruptly and without warning.  There is no way that a seller can guarantee that motivated buyers will appear at an auction, and there is no way of knowing what the interest on any given day will be for a particular bottle or collection. 

Auctions also involve significant fees and expenses.  Auction fees include buyers’ premiums, sellers’ premiums, warranties and insurance, appraisal fees, storage fees, and other advertising costs and expenses.   Some auctioneers must obtain special licensing to sell alcohol, and that premium is typically passed on to the seller. Sometimes taxes are assessed at the time of the auction, regardless of other filing considerations a seller may have available with private sales. 

We will be glad to discuss the advantages of private sales of rare whiskeys and bourbons over the uncertainty and expense involved with auctions. 

There are significant restrictions on the sale of any liquor online, including all collectible spirits.  The rules and prohibitions vary greatly across national, state, and local jurisdictions.  The rules that cropped up across the United States following Prohibition have created a crazy quilt of tax laws, restrictions, and outright prohibitions against selling any form of alcohol.

Private companies also retain the right to prohibit the sale of liquor on their platforms.  Etsy and eBay have not allowed the sale of any liquor products for several years.  Shipping regulations are another layer of regulatory and legal risk for any liquor product. 

A safe, legal, and effective way to sell vintage alcohol products is to deal directly with a professional buyer.  Our company can purchase your rare spirits legally and with no overhead costs to you. Get in touch with a buyer today!

Estate sales are always great resources for collectibles of all kinds.  We have worked with many buyers who came across significant collections of rare spirits in the estates of family members or at estate auctions and sales. 

Many people received gifts of fine spirits in years past but did not open the bottles for any number of reasons.  Even though they might not have wanted to drink the alcohol, they appreciated the gift enough to keep it around, or just could not stand the thought of throwing away a gift or something of value.

Many antique hunters and estate sale aficionados have come to us over the years with amazing finds of rare and vintage bottles with great value.  If you have come across any old spirits that look interesting, we would be very happy to discuss their value with you

As we have discussed, condition can mean everything when it comes to the value of a rare bottle of vintage whiskey or bourbon.  If you have a collection, or have come across potentially valuable bottles at a sale or auction, it is important that you preserve the condition of your collection.

If you have a bottle that is packed in a box or other container, leave it sealed until you have it looked at for an appraisal or to get an offer on the bottle.  An appraiser or potential buyer is almost certainly going to need to open the container to inspect the bottle inside, but that should be left up to the person responsible for the appraisal or who may make an offer to buy the bottle.

Keep your bottles upright at all times and store them in a dry, cool place.  People often store their bottles horizontally, which seems to make sense based on the way we see wine cellars laid out and bottles racked in stores for sale.  However, constant contact between the contents of a bottle and its cork can damage the cork. 

Now on the other side of the coin, it is important that corks get some moisture so they do not dry out.  Dry corks can allow oxygen to enter the bottle, causing evaporation and chemical changes to the contents.  Laying a bottle on its side for an hour or two every few months should provide all the moisture an old cork should need.

Always keep your bottles away from any direct sunlight, or preferably, away from any light at all. 

For More Information

Whiskey Buyers is here for all of your questions and needs related to selling your rare or vintage spirits.  We move quickly to provide you with professional and courteous service based on our many years of expertise and current knowledge of the world-wide market for fine and rare whiskey, bourbon, and single malt scotch. 

Auctions can take months.  While you wait, the market for your collection can move in any direction without warning.  We are always ready to talk with you at your convenience for a free initial evaluation of your collection.  We work with sellers of collections of all sizes, and we buy both single bottles from individuals and entire store inventories of collectible items. 

When we have an agreed price, we send you a contract and shipping instructions.  We provide shipping materials and handle the logistics so that your shipment to us is fully insured and we are legally responsible for the shipment.  If you have a large collection, we will come to you to complete the contract. 

When we receive your shipment, we inspect it and issue certified funds or a bank wire in payment within twenty-four hours. 

Let Whiskey Buyers take all the stress and uncertainty out of the process of determining an accurate and fair market value for your rare spirits and provide you an immediate cash payment. 

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