The new move by Chivas Regal says a lot about the current state of the Scotch whisky market.
From the Editors
Shorts from our editorial team
29 March 2017
That old gag about imitation being the sincerest form of flattery popped into my head the other day when I spotted the latest new Cognac release from Martell. Let’s just say the concept and packaging are eerily familiar to anyone well-versed in the world of single malt Scotch whisky.
Martell VS Single Distillery is an assemblage of eaux-de-vie all made in the same distillery, a departure for a product that is more typically the ultimate blend, using spirit from a multiplicity of sources – vineyards, distilleries, warehouses.
Why do this? Well, while Cognac is a big seller in the US – it’s the largest market in the world in volume terms, although China is more lucrative – single malt Scotch is on fire right now Stateside.
Incidentally, if Martell has been taking marketing lessons on provenance from stablemate The Glenlivet (both are owned by Pernod Ricard), the brand has also been indulging in a little Macallan-esque press release bingo in the missive that accompanies the launch.
Three uses of the word ‘iconic’, two mentions of ‘disrupting’ the category, namechecks for ‘craft’, ‘luxury’ and ‘innovative’ – plus the delightfully ugly phrase ‘pushing the boundaries of the competitive landscape’. Lovely stuff. Utterly meaningless, but lovely stuff.
Eerily familiar: Martell VS Single Distillery aims to exploit the single malt zeitgeist
Smartly packaged and aping the consumer-friendly cues of single malt, it’s a little surprising to see Martell VS Single Distillery priced at US$34.99 a bottle – less than the core Martell VS bottling and closer in price to standard blended Scotch than the single malts to which it pays homage.
But then, for all its size, the Cognac market in the US remains heavily skewed to the cheapest VS price tier – even VSOP struggles to gain much traction here – leaving Martell VS Single Distillery as an opportunistic attempt to tap into a hot trend, rather than an attempt to drive the Cognac category upmarket.
It’s also part of a broader movement that extends across the whisky category. As single malt continues to expand, its growth is modifying the language used to talk about blended (and blended malt) Scotch products.
Last year’s launch of Chivas Regal Ultis – the brand’s first venture into blended malt – was rich with descriptions of the roles played by the five single malts that are its constituents. As was the fanfare surrounding the debut of Royal Salute Union of the Crowns a few weeks earlier.
Meanwhile, the publicity accompanying the recent relaunch of Johnnie Walker Platinum Label as Johnnie Walker Aged 18 Years ticked off four malts (and alluded to more) in master blender Jim Beveridge’s description of its creation – even though the liquid remains unaltered.
Yes, blends continue to dominate Scotch whisky, accounting for more than 90% of export volumes last year; but single malts brought in more than 25% of export revenues, breaking through the £1bn mark for the first time.
And, in the ways that we talk about and communicate Scotch whisky, their contribution is becoming stronger still, with an impact and influence that is felt in blends and beyond – even, now, into the world of Cognac too.
21 March 2017
We were tempted to hold on to last week’s report about the world’s ‘oldest’ Scotch whisky being inserted into an expensive watch for a couple more weeks. After all, it would seem to sit nicely alongside the stories of spaghetti plantations and sightings of the Loch Ness Monster traditionally reserved for that annual celebration of human gullibility, April Fools’ Day.
It’s just bizarre, isn’t it? Take what is reputed to be the world’s oldest Scotch whisky, Old Vatted Glenlivet 1862, and put a drop inside a perfectly good Swiss watch, then charge nearly £40,000 for it (there’s a sub-£15k version if you’re on a budget). I mean… why?
I can only assume either that the idea was borne out of an extremely long lunch, or that it was the result of an Alan Partridge-esque brainstorming session where the ideas became increasingly desperate. For ‘monkey tennis’ and ‘youth hostelling with Chris Eubank’, substitute ‘find the world’s oldest whisky and stick it in a watch’.
There are other objections too. This is the third similar venture from partners Louis Moinet and Wealth Solutions (the latter sounding uncannily like an Orwellian parody of itself), and each time the spirit in question has been chosen in the same way.
Cognac: Gautier 1762; rum: Harewood 1780. Now Glenlivet 1862 – in each case, the oldest example that could be found. But, unless you subscribe to a wholly Darwinian theory that only the best examples of a particular craft survive through the ages, this is a purely quantitative judgement.
Quantity over quality: This may be the world’s oldest Scotch, but is it any good?
Gautier 1762 may be the oldest Cognac anyone knows about, but the liquid itself might be awful. Ditto for Harewood, ditto for Glenlivet. It’s no different to an unquestioning belief that the oldest (in terms of maturation period) spirits are the best. Well, I’ve tasted 50-year-old rum, and it was bloody awful.
There’s almost an air of obscenity about the indulgence of the ‘whisky watch’; the kind of extravagant stunt they might have pulled during the most louche days of the Roman Empire, while tucking into some stuffed dormice and electing their horses to high public office.
But, underneath the hype and jaw-meets-floor pricing, the crazy whisky watch says something about the way the world now regards this product of malted and milled cereal grains, mixed with water, fermented, distilled and matured in oak.
It’s up there with Lafite and Pétrus, Louis XIII and Richard Hennessy; with Louis Vuitton, Chanel and Rolex (no disrespect to Louis Moinet).
At this level, whisky’s chosen apparel is Lalique crystal and ebony, not thin glass and a cardboard carton. And it deserves to move in those circles, because of the potentially transcendent sensory experience it can impart to the drinker, and the value people are willing to place upon that experience.
But that status comes with a price, and it’s a price that’s likely to extend into five figures, and into sometimes questionable areas of aesthetics. It’s what begins to happen when the world doesn’t undervalue you any more.
08 March 2017
Encounter number one: September 2010. A couple of glorious Indian summer days, when the Corryvreckan whirlpool off Jura was reduced to a millpond and we all blinked into the sunlit dazzle of the waves as Mickey communicated his whisky passion as only Mickey can.
Encounter number two: the Islay half marathon in August 2013, which a bunch of drinks journalists ran in memory of our late colleague Alan Lodge, whose favourite spot (and dram) happened to be Ardbeg.
Post-run, post-lunch, whisky in hand, sunbathing on the shore in front of the distillery. It might not be the approved Mo Farah post-race warmdown, but it worked for us, and Mickey was there to pour the drams.
And encounter number three: Ardbeg Day during last year’s Fèis Ìle, when a semi-tropical slice of summer invaded the changeable Islay spring. Mickey was busy – as are all the distillery staff during Ardbeg Day – and a brief sighting suggested that he may also have been slowly melting, dressed in what appeared to heavy priest’s robes as part of the Ardbeg Night smuggling theme.
This trinity of visits suggests two things to me: one, that the sun always shines at Ardbeg; two, that in Mickey Heads, this world-famous but historically fragile distillery has a manager that it richly merits.
Whisky passion: Over the past decade, Mickey Heads has become inextricably linked to Ardbeg
There’s a pleasing numerical symmetry to Mickey’s tenure at Ardbeg: the 20th manager of the distillery, marking 10 years in 2017, having joined almost exactly 10 years after Glenmorangie bought the distillery.
That acquisition ended an uncertain period during which Ardbeg could have become another Port Ellen after a stop-start period of production (it was silent from 1981-9 and 1996-7, and scarcely running at full speed at other times).
Apt, then, that its management should pass to a true Ileach, one born just a few miles from Ardbeg and whose father (a stillman) and grandfather (head maltman at Port Ellen) were also closely involved in the industry. Arguably all the more important to reinforce those local links when the distillery’s current owner (luxury goods corporation LVMH) has its offices in faraway Paris.
That said, Mickey’s career path – or ‘meander’ as he has modestly described it – appeared at first to be taking him further away from Ardbeg, rather than closer to it. From cutting peat for Laphroaig to becoming the distillery’s brewer (during which time he also helped out at Ardbeg, then owned by the same company), then hopping across to run Jura between 1999 and 2007.
But then came the call back to Islay, and Ardbeg. And now, 10 years on, Ardbeggians all over the world are being encouraged to raise a glass, and three cheers, to Mickey.
In a whisky world where hype and marketing cliché all too often overwhelm the truth of an essentially local product, it’s not hard to celebrate someone so down-to-earth, hard-working and humble, and someone whose connection to what he makes is so powerful.
Corryvreckan in my glass, to recall that first Indian summer visit. Sláinte, Mickey.
23 January 2017
On his first visit to Islay, Professor Steven Mithen was a penniless young archaeologist who had to sleep in his car because even the local B&Bs were beyond his meagre budget.
It wasn’t whisky that drew him to the island, but its vast array of historical sites, from evidence of the first Ice Age explorers 12,000 years ago to the deserted townships of the 19th century.
As Prof Mithen continued his investigations, he needed funding – but who better to ask for a few hundred quid than the distillers who had brought Islay its modern-day fame?
He wrote to them all. None replied. This was the 1980s, and a less than buoyant Scotch whisky industry had bigger things to worry about than helping an academic to dig holes in the ground.
Much has changed since then. Prof Mithen is now an acclaimed authority on the origins of the first hunter-gatherers and farmers (among many other subjects), and is Professor of Archaeology and Deputy Vice-Chancellor at the University of Reading.
His work has taken him, notably, to southern Jordan – but he has also returned regularly to Islay, where he now has a home. And, three decades on, he has finally secured some cash from a distiller: £310,000, to be precise, out of the proceeds of Lagavulin’s 1991 Single Cask release, the last of the expressions released to mark the distillery’s bicentenary last year.
The money is going to Islay Heritage, the organisation of which Prof Mithen is a trustee, and into which he has channeled his personal research. The grant will be spent on the creation of an Islay Heritage Trail – Islay’s historic sites can be hard to access and there’s little to tell you what you’re looking at when you do find them – as well as the first detailed investigation of Dunyvaig Castle in Lagavulin Bay.
Remarkable ruins: Dunyvaig Castle watches over the entry to Lagavulin Bay
Most of what Prof Mithen and his colleagues are investigating predates Scotch whisky, but don’t for a moment imagine there’s no connection here – or, for that matter, with his researches in the Middle East.
What were our ancestors doing in Jordan 12,000 years ago? Among other things, domesticating barley. Then look at a site such as the Giant’s Grave Neolithic burial cairn on the Rinns of Islay – what did those early settlers bring with them? Barley again.
Then there’s the peat. The primal substance that gives Lagavulin and other Islay single malts their distinctive character also preserves many of the finds unearthed by archaeologists. From pre-history to today’s golden age of Islay whisky, the links run deep.
This almost symbiotic relationship is implicitly recognised in the way that Islay Heritage is going about its work. This will be no tourist trail imposed on the local community, but a co-operative effort to identify and recognise the ‘Islay 100’ – the 100 most significant archaeological sites and monuments on the island.
That number – 100 – is a sign both of the ambition of the initiative and the sheer depth of Islay’s history and heritage. And that heritage, says Prof Mithen, resounds far beyond the island’s shores, with a significance for the whole of north-western Europe.
Whisky lovers don’t need to be told that Islay is a special place. Those lucky enough to have visited the island will know that that status extends beyond whisky to its culture, landscape and people. Now it seems that we’ve just barely touched the surface of what this small Hebridean paradise has to offer.
Anyone interested in buying one of 520 bottles of Lagavulin 1991 available for purchase, priced at £1,494 each, can enter a special ballot on The Whisky Exchange website. This closes on 12 February and bottles will be allocated at random. By late last week, more than 6,000 people had registered their interest.
Of the remaining two bottles, one will go to the Diageo Archive, and the other will be auctioned at Whisky.Auction from 26 February for 10 days, with the money raised also going to Islay Heritage.
19 January 2017
When Boris Johnson, the supremely gaffe-prone Brexit campaigner, was appointed Foreign Secretary by new UK Prime Minister Theresa May, eyebrows arched heavenward. After all, wasn’t giving ‘bumbling’ Boris the job a bit like entrusting the country’s foreign relations to a combination of a golden retriever puppy and the Duke of Edinburgh?
This week, Johnson has been in India talking up business as the UK contemplates a raft of international trade deals in the brave new post-EU world. In a speech to local business leaders, he decided that there was really only one subject with which to open.
Not a bad idea, given the enormous tariffs on imported whisky which make it so hard for most Indians to be able to afford the likes of Johnnie Walker or Ballantine’s. Time, said the Foreign Secretary, to ‘tear these barriers down’.
Puppy meets Prince Philip: Boris Johnson may need to spend more time on Whiskypedia than Wikipedia
Hard to argue with the thrust of Johnson’s message, but let’s take a look at the detail of his speech and… erm… Well, you be the judge.
‘I have come on several official trips [to India] now, as well as various family weddings, and we always try to remember to bring something for our Sikh relatives who live in both Delhi and Mumbai.
‘Can you guess what it is? That’s right – we tend to bring a bottle of whisky, Black Label whisky, to add to the astonishing 1.5bn litres of whisky that are consumed every year in this country.
‘And why do we bring a bottle of Scotch to our relatives in Mumbai and Delhi (normally Black Label, though I have just bought something called Green Label; I hope it isn’t crème de menthe)?
‘The reason, my friends, is that this wonderful country still sets a tariff of 150% on whisky imports, and I believe this matters.’
‘It is an extraordinary fact that no-one can deny, that even though Scotland is incontestably the home and progenitor of Scotch, the only place in the world where the water trickles through the peaty glen in exactly the right way to turn into liquid fire, even though whisky is itself a Gaelic word, uisge beatha. Does anyone know what it means? H2O – water of life.’
I know, I know. But there’s more. The above is the official Foreign & Commonwealth Office transcript of the speech but, according to STV, the Foreign Secretary – as is his wont – departed slightly from the published text.
‘Uisge’ came out, rather unfortunately, as the Irish variant ‘uisce’, while ‘uisge beatha’ was mangled into ‘uisceaugh’, which more closely resembles a sneeze than the water of life.
Worse still, where did he gain this somewhat flawed knowledge, by his own admission? Wikipedia.
Yes, Wikipedia. The UK’s Foreign Secretary is relying on Wikipedia to provide the technical background to a keynote speech to a vital trading partner.
If only, at times like this, he had someone in his entourage with a detailed knowledge of the subject on whom he could rely. A trusted special advisor. Someone like – oh, I don’t know – former Scotch Whisky Association chief executive David Frost?
19 December 2016
It started with the assertion that gin revenues in the UK would overtake those of blended Scotch whisky by 2020 – a forecast made last week by research company Euromonitor International. Things escalated rather quickly from there.
Within a day or two, UK sales of Scottish gin were about outstrip those of Scotch, according to some headlines. By the time I was asked to comment on the issue on BBC Radio Scotland’s Good Morning Scotland programme last Tuesday, it was Scottish craft distillers who were driving this gin-naissance at the expense of their whisky-making compatriots.
And so an initially compelling headline, propelled by the media equivalent of Chinese whispers, quickly became – depending on your point of view – a source of Scottish national pride, or a betrayal of one of the country’s most lucrative exports.
And the truth? Well, that’s become an over-valued currency in 2016, as global political events have taught us.
A little clarity. Euromonitor reckons gin sales in the UK were worth £1.07bn in 2015, versus blended Scotch at £1.28bn. By 2020, it predicts the respective figures will reach £1.37bn and £1.17bn.
Read that again. Blended Scotch. No mention of single malts, which now account for roughly 15% of Scotch whisky sales by volume in the UK – and considerably more by value. Bring in the likes of Glenfiddich, The Glenlivet and Glenmorangie, and there’s no story.
On-trend: But can gin really overtake Scotch in the UK?
Secondly, the Scottish ‘craft’ angle. Scotland, we’re told, now produces 70% of the gin consumed in the UK. Well… yes. Given that multinational Diageo produces market leader Gordon’s and number four-selling Tanqueray at Cameronbridge in Fife, that’s hardly surprising.
Add in Hendrick’s (made by William Grant at Girvan, south Ayrshire) and Glen’s (Loch Lomond’s Glen Catrine, also Ayrshire) and that’s roughly half the UK gin market taken care of. None of the companies named could realistically lay claim to being ‘craft’ operators, however you define the term. Nor would most people readily identify Gordon’s and Tanqueray with Scotland (they were initially distilled in Southwark and Bloomsbury respectively).
Beyond the hype of the ‘gin overtakes Scotch’ soundbite, however, there’s an underlying truth. Gin is hot in the UK right now, and the ever-expanding army of small-scale craft distillers in Scotland – while not troubling the market leadership of Gordon’s or Bombay Sapphire – are a crucial part of that resurgence.
But there’s another reason why some Scots have taken to infusing neutral grain spirit with bizarre botanicals: in many cases, these same distillers are also making Scotch – and gin is a nice source of short-term revenue while they wait at least three years (and often far longer) for their whisky to mature.
Far from being threatened by the craft spirits zeitgeist, Scotch whisky is, in fact, part of it. Strathearn distillery released a number of gins before recently selling its first bottle of Scotch whisky (aged three years and a day) for an eye-watering £4,150 at auction; demand for immature spirit made by Ardnamurchan has outstripped supply by more than three times.
Euromonitor’s predictions are honest ones, and based on the experience and knowledge of their analysts. But that’s all they are – predictions – and I know of at least one rival company whose forecasts directly contradict them.
In the end, while these figures are a useful generator of (sometimes misleading) headlines, I’d give them as much weight as – to pluck an example out of the air – pre-election opinion polls.
14 December 2016
Brown-Forman, the company that owns Jack Daniel’s, Woodford Reserve Bourbon and, since earlier this year, BenRiach, makes its own barrels. A lot of barrels. About 600,000 barrels a year, to be precise.
Why so many? Because, whether each barrel is filled with new make Jack Daniel’s Tennessee Whiskey, or with Woodford Reserve or any of the company’s other Bourbon brands, it can only be used once. By law.
American whiskey is on fire right now. Spearheaded by Jack, it’s sexier than ever in its home US market, but also finding new fans around the globe, from Berlin to Brisbane. More demand means more production, and more new barrels from the Brown-Forman cooperage.
Both financially and environmentally, it makes obvious sense to recycle these once-used casks and find a fresh purpose for them once they’ve been emptied of Jack, or Woodford: typically, that means selling them on to Scotch whisky distillers to mature their own spirit.
This is a nice extra source of cash for Brown-Forman and other US distillers; nice enough for the sale of used barrels to account for about 2% of the company’s revenues in its last financial year. If my sums are correct, that’s about US$80m.
But there’s a problem: just as Brown-Forman is producing more barrels to surf the whiskey renaissance, the makers of blended Scotch are buying fewer of them because their own market has softened.
Brighter prospect: Falling cask prices offer good news for distillers like Glenmorangie
It’s a lesson in the rigours of supply and demand: more supply of used whiskey barrels coinciding with less demand from the Scotch whisky company. Result? Used barrel prices down more than 10% over the past year, and still falling.
It’s concerning enough for Brown-Forman executives to spend some time discussing the issue at the company’s recent second quarter results announcement – hardly surprising if several million dollars has been wiped off your top line.
It’s also a commentary on the current fragility of the blended Scotch market around the world, thanks to a number of issues including macroeconomic factors and, in some countries, an unhelpful pro-malts, anti-blends prejudice.
But it’s not all doom and gloom. Bad news for Brown-Forman means a brighter prospect for Diageo, Chivas Brothers and the Scotch whisky industry in general. There’s a plentiful supply of casks out there, they don’t cost as much as they did – and it’s a buyer’s market.
Something to be cheerful about at the end of a trying year…
09 November 2016
It’s International Sherry Week this week, so naturally I want to talk about Port – because what’s happening in the spectacular vineyards of the Douro Valley might have resonance for Scotch.
Gripped by misty-eyed nostalgia, Port anoraks will rhapsodise about the superlative vintage Ports made during the early 20th century…
‘Sure, this 1994 is nice, but did you ever taste the 1931? And what about the 1912? Before the big companies took over and standardised everything? They don’t make ’em like that any more…’
Any of this sound familiar?
It’s easy to dismiss such fond remembrances as yearnings for a world that never existed – the Olde England of unlocked doors, affable British bobbies and honey still for tea. But even a cynic like me is beginning to wonder…
Port vineyards are historically anarchic; even today, more than 100 grape varieties are permitted, and the vines planted in the late 19th century, after the phylloxera plague wiped out nearly everything, were done so haphazardly and at high density. And yet these packed, chaotic terraces were the source of some of the greatest wines ever made.
Come the 1970s, rationality and science coughed politely, tapped the anarchic wine farmers on the shoulder and suggested a more logical approach. Focus on the ‘best’ grape varieties (five in particular were identified), plant them in separate blocks, pick them at optimal ripeness and make each one into wine before blending them all together.
The reasoning, it seemed, was faultless: use only the finest ingredients, maximise the potential of those ingredients, then use your blending skills to create the best wine possible. In terms of vineyard management, it was cost-effective too.
A river runs through it: Do the vineyards of the Douro hold a lesson for Scotch?
But, about 10 years ago, some began to question this received wisdom. A new generation making unfortified table wines in the Douro noticed that the neglected old vineyards, in which dozens of different grape varieties were sprinkled at random, were making more characterful, complex, simply better wines.
Now the scent of revisionism is in the air. All but forgotten grape varieties replanted, mixed vineyards acquiring a renewed appreciation, different grapes fermented together. No, not everything will be perfectly ripe when it’s picked – but those imperfections, when moulded with skill and experience, only add to the final wine’s quality.
What’s this got to do with Scotch? Listen to David Guimaraens, head winemaker at The Fladgate Partnership, producer of Taylor’s, Fonseca and Croft Ports. He reckons the changes in the Douro during the 1970s did their job in terms of achieving greater consistency – but at a price.
‘We pulled the bottom up,’ he says. ‘But we also believe that we have pulled the top down… we have lost some of the complexity and we have certainly lost the diversity.’
Did this happen to Scotch? The entirely rational drive for greater efficiency and consistency may well have improved the average quality of blends – ‘pulled the bottom up’, in other words – but in the process, was something precious mislaid?
The chaos of distillery floor maltings, different strains of yeast and manual operation undoubtedly resulted in some pretty inconsistent spirit – but, when the whisky gods conspired, did that chaos also create lasting greatness?
And, if it did, how can we get it back?
02 November 2016
How much would you pay for a bottle of whisky? Nearly US$200 for a 16-year-old Longmorn? More than £7,000 for four single cask single malts from an independent bottler? How about £16,000 for a Black Bowmore 50 Year Old?
The fact of whisky price inflation has become as predictable as the outrage that greets it on the blogosphere. Assessing true value in this age of ‘whisky investment’ and flipping has never been more challenging.
But, rather than throw up your hands and mutter dark things about ‘capitalism gone crazy’, how about using a bit of old-fashioned common sense?
For two of these three launches – Golden Decanters and Black Bowmore – forget any noble notions of ‘pure’ value based simply on the quality of the liquid.
Releases at this level of the stratosphere are more bets on future monetary value than assessments of current worth; the trick for those selling them is to pitch them at a level low enough to attract buyers, but high enough to maximise returns – rather than seeing the same bottle sold on for twice the original price one month after release.
Getting this right is – to judge from these two examples – not easy. No quarrel with the Black Bowmore 50 Year Old release price of £16,000. Given that the 29-year-old 1st Edition is now offered at £12,000, it seems fair enough (if you’re really happy to spend more on a bottle of whisky than I’ve ever spent on a car).
Last in line: The final Black Bowmore bottling will set you back £16,000
But Golden Decanters? Four single cask single malts, including a Glenlivet 34-year-old, a Bowmore 26-year-old, an Auchentoshan 22-year-old and a Ben Nevis 19-year-old. You have to buy all four, and they’ll set you back £7,250.
Yes, the gorgeously tactile packaging from Scottish design studio Timorous Beasties more than lives up to its luxury brief. But the company’s claim that collectors are now ‘a little tired of tartan and twee’…?
Really? What tartan and twee? At this level of the market, bagpipers yielded the stage long ago to Lalique crystal and handmade oak. And anyway, Golden Decanters’ rejection of Scottish cliché might hold more weight if the company hadn’t identified its whiskies with, er, fishing, shooting, golf and Highland coos. Can the deep-fried Mars bar expression be far away?
Luxury look: But does that make Golden Decanters’ whiskies worth the money?
Single cask whiskies like these also involve more than the usual level of trust on the part of the purchaser. More than £7,000 for four malts is pushing it for an independent bottler with a long and distinguished reputation; for a debut range, it’s frankly astonishing.
However, I’m not remotely angry (unlike a number of people on the internet) about the Golden Decanters release – just utterly bemused by its wild optimism. If it works, and the whiskies sell, it’ll certainly tell us something about the current state of whisky collecting and investing.
But Longmorn? Pricing the 23-year-old north of US$1,000 is ambitious enough. But almost doubling the price of the entry-level (in age stated terms) 16-year-old single malt to US$189 on the pretext that it’s been ‘reinterpreted’ is breathtakingly cheeky. They might at least have had the decency to up it to an 18-year-old (after all, The Age Matters, doesn’t it?).
‘Breathtakingly cheeky’: Longmorn’s 16yo has nearly doubled in price
Rare whiskies aimed at collectors and investors are playing a different game to the Longmorns of this world. Succeed or fail, will Golden Decanters have any significant impact on the overall Scotch whisky market? I seriously doubt it.
But you can’t say the same about a more mainstream whisky such as Longmorn, and the range revamp reads like an exercise in market-led cynicism. Not so long ago, its 15-year-old bottling was replaced by the now ‘old’ 16yo, accompanied by howls of anguish on the internet about the concomitant price rise.
Now the price (but not the age) has gone up again, while the lower bracket has been filled by NAS expression Longmorn The Distiller’s Choice, introduced last January.
Price hikes and NAS whisky… There’s an awful lot of ill-judged, knee-jerk hysteria about both subjects on the internet, but on this occasion I have more than a little sympathy with it. Sometimes this industry does itself no favours at all.
30 September 2016
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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Latest news 03 October 2016
Chivas Regal Ultis combines five Speyside single malts and is priced at US$200 a bottle.
Themed tastings 29 December 2016
In a year of discovery, there were three whiskies that really captivated our street-wise novice.
New Whiskies 04 November 2016
Featuring the first Chivas Regal blended malt plus the 200th anniversary 25-year-old Lagavulin.
From the editors 04 September 2015
Johnnie Walker has a new expression, finished in rye casks. One question, says Dave Broom: why?