The highly anticipated but ‘worst kept secret in malts’ is revealed months ahead of release.
9.21pm, Wednesday, 21 September, One Marylebone, London; Diageo Special Releases tasting:
‘Have you done the maths?... I’m sure you have.’
The last question I was asked at Diageo’s Special Releases tasting was also the most perplexing (but, when you’ve just tasted 10 cask strength whiskies, perhaps that’s not surprising).
Had I done the maths? Well, I’d worked out that the nine age-stated whiskies among this year’s 10 Special Releases (barring Cragganmore) had a collective minimum age of 250 years-plus. Was that what my fellow taster meant?
‘No no no. The Port Ellen. Less than 3,000 bottles for £2,500 a pop. That’s nearly £7.5m!’
As Oscar Wilde once wrote, a cynic is a man who knows the price of everything and the value of nothing. So – for just a moment – let’s be cynical.
If we strip out Caol Ila and Lagavulin from this year’s Special Releases (unknown, but ‘limited’, quantities available), we have eight whiskies, 32,618 bottles, worth £22,551,020. Average price per bottle? £691.37.
Lucrative line-up: Secondary market trends have forced up Special Releases pricing
How did we get here? Simple. If you sell a product for a few hundred quid, then see the person who buys it flip it shortly afterwards for a few thousand, you might want to rethink your pricing strategy. This year’s Port Ellen takes a bit longer to sell out? So be it.
I get that. The confusion kicks in when I taste the whisky. Not because it’s bad. Not because it’s anything other than excellent, in fact. It is, indeed, special, in almost every case. But that beguiling Auchroisk 25-year-old that wouldn’t let me go? It’s £280 and it’s my bargain of the tasting. I still can’t afford it.
At the end of the room, the salivating masses jostling for a drop of the latest four-figure Brora and Port Ellen might have been queuing for a thimbleful of the latest en primeur Lafite or Latour.
And why shouldn’t it? If we can agree that the finest Scotch offers a transformative, transcendent sensory experience, why would the monetary value placed on it differ from fine wine, designer fashion, classic cars or luxury watches?
I left Brora and Port Ellen, and went back to the near-deserted Auchroisk table, and was happy. But it’s still £280, and I have a toddler, a house that needs work and a mortgage, so I’ll buy the Lagavulin – or, more likely, nothing at all.
11.58am, Tuesday, 20 September, The Union Club, Soho, London; White Horse retrospective tasting:
‘How good is that? Seriously, how good is that?’
Spirits entrepreneur Marcin Miller has the air of a proud father as he contemplates the glass in his hand. We’re not sure quite how old this whisky of his is, but best guess is it’s a pre-war bottling of White Horse. And it is, on its own terms, without even a thought of its age and provenance, stunning.
Tasting old bottlings is a hugely entertaining (when they’re not yours) game of Russian roulette. Of the six on show, three are at various stages of decrepitude thanks to closure imperfections; three, including this pre-war bottling, are simply beautiful.
Russian roulette: Tasting old bottlings is a fascinating and entertaining exercise
Their combined value, at current prices, is roughly equivalent to a bottle of the 2016 Special Release Brora. When they were purchased… Well, they were somewhat cheaper. And, even when they’re not perfect, they are huge fun to open.
So yes, I have done the maths. I loved the Special Releases, and it was a privilege to taste them, but that particular market has left me, and most people I know, behind. I’m a little sad about that, but not bitter or angry, because I’ve seen fine Bordeaux and Burgundy do the same in my lifetime, and these whiskies deserve that kind of billing.
And yes, I could go back again to that near-deserted Auchroisk table, and be happy. But: £280; toddler; house; mortgage. So I’ll buy some early 1980s White Horse instead. And be happier still.
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Special Releases pricing has soared in recent years – but how and why? Let’s crunch some numbers…