Photo: Mark Littler
When you hear the words ” collectors convention, ” you first think of standing in a conference center hall and watching hobbyists pour through sports cards, records, or comics. You picture the attendees decked out in community-appropriate garb that pays tribute to their favorite heroes from their favorite collections.
The phrase “collectors convention,” however, can just as easily be applied to a different collector base—one that is at times more sophisticated. Picture people standing in a smoke-filled cigar lounge and sipping from small drinking glasses or seated around a campfire with a bottle, pouring samplings around the assembly. This image is whiskey collecting, which, like comics and sports, has a sizeable collector base.
From the aficionado to the novice, whiskey is one of the few delights that can be universally approved (as long as you can handle its fiery aftertaste). From country to rock and roll and from cultured elite to blue-collar grinder, whiskey has a well-sized fanbase that rivals professional sports or movie franchises.
Starting a whiskey collection is pretty simple overall, but there are some complexities, not the least of which is knowing that the label does not necessarily reflect production.
“Entering the whiskey collecting market is deceptively straightforward, but this accessibility presents significant risks,” explains Mark Littler, a whiskey broker, market analyst, and consultant. “Newcomers with limited market knowledge can easily fall prey to marketing hype surrounding limited-edition releases.”
This knowledge is vital for collectors, but your understanding must go beyond just the bottle if you aim for financial growth. Speaking exclusively with WorthPoint, Littler, who also owns the most visited whiskey website online, The Whiskey Wash, explains that knowledge is power for new buyers. “For investment purposes, rather than pleasure, a deep understanding of the product is essential. The most challenging aspect is determining fair market value.”
This value, as Littler describes, has five factors:
- Distillery reputation and heritage
- Production volume
- Bottle condition and provenance
- Label quality and packaging integrity
- Market demand and trends
But as in so many hobbies, one facet stands above the others on a bottle-by-bottle basis:
“Condition significantly impacts value, with two critical factors. The absence of the original box can decrease value by 20 to 30 percent.” Littler adds that “poor fill levels can dramatically affect value, with anything below neck level raising concerns depending on the age of the bottle.”
Littler continues, “Label condition is assessed differently for vintage and modern bottles. Pre-1970s releases typically show some label degradation, which collectors expect and accept. These early labels were paper-based, attached with basic adhesives, and were never designed for long-term preservation.
“In stark contrast,” he continues, “condition flaws on modern bottles carry severe penalties. Even minor scuffs can halve a bottle’s value, reflecting the market’s expectation of pristine condition for contemporary releases.”
A Declining Market
Entering the whiskey collector market now may work to an investor’s advantage.
In October 2024, Noble and Co., in its quarterly Whisky Intelligence Report, identified a softening auction market even more significant than it anticipated. The company’s opening statement said, “In our eighth report on the fine and rare whiskey market at auction, we analyze Q2 2024 data and review what happened in July 2024. Following a tough Q1, we predicted a consistent decline, but the decrease in volume and values was greater than expected.”
Perhaps, as expected, the decline is partly attributed to the current economic climate. “The anticipated macroeconomic improvement was weaker than we expected. Inflation dropped slowly, rates remained flat, and while the US stock market surged, the gains had been largely driven by tech stocks (primarily the FAANGs). By mid-July, the market hit new highs before declining again into a mini-slump,” Noble and Co. stated.
The company further found that this downturn impacted the older product market the most. “The number of unsold bottles at auction has improved slightly, with the overall percentage decreasing to 6.7% in Q2 from 6.9% in Q1. However, the bottles aged over fifty years saw the highest increase in unsold rates compared to both Q1 2024 and previous years. In Q2 this year, 37% of bottles older than 50 years remained unsold, a significant rise from 16% in Q2 last year and 7% in Q2 2022.”
So, what does this mean for the new investor? Simply put, getting in on the ground floor when demand is lower means more upward potential, and Littler identifies a trend that should help you get your first bottle or two:
“Paradoxically, many genuine old and rare bottles are undervalued, while the market often gravitates towards modern releases, particularly those featuring collaborations with luxury brands or artists,” he explains.
Added Touches
Like in other markets, celebrity names in the whiskey industry often come from within the industry itself.
Go to a whiskey tasting with an expert or brewmaster, and you’ll see those in the know flock to the individual to get a rare moment with the masterminds of the industry. Likening this type of celebrity to a favorite comic book artist is certainly not a stretch—these are crafters of their art form.
It’s not uncommon to obtain a signed bottle or whiskey glass from these personalities, especially celebrities affiliated with a whiskey brand. For example, names like Terry Bradshaw from football and former Hootie and The Blowfish frontman Darius Rucker are involved in the industry.
It’s important to note, however, that autographs from these personalities do not impact a bottle’s value, and as Littler describes, the signature can negatively impact interest.
“Celebrity signatures typically add no value to whiskey bottles and may, paradoxically, detract from their worth in the serious collecting market,” he explains. “This reflects a fundamental characteristic of whiskey collectors: their primary focus is on the liquid itself rather than peripheral factors. Even signatures from renowned distillers, such as Jim McEwan’s frequent signatures on Bruichladdich bottles, rarely enhance value significantly.”
Littler further explains that the masters of the bottle sign so frequently—and inexpensively—that their John or Jane Hancock doesn’t retain much value. “This is partly because such signatures were often freely given and are relatively common in the market,” he explains.
In summary, Littler perfectly defines what makes one bottle more desired than another: “True value derives from the whiskey’s inherent qualities—its age, distillery, rarity, and condition.”
Jon Waldman is a Winnipeg-based writer. He has written for Beckett, Go GTS, Canadian Sports Collector, and several other hobby outlets over his two decades in the hobby. His experience also includes two books on sports cards and memorabilia. Connect with Jon on Twitter at @jonwaldman.
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