Brora is one of the holy trinity of lost Scotch whisky distilleries that has since been reawakened.


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Brora was founded in 1819, originally under the name Clynelish. Discover rare releases and old vintages on our marketplace. 

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Brora

The Scotch whisky world is a fickle beast. In its 500-year history, the number of distilleries in Scotland has swelled and contracted many times. There have been myriad casualties, and very few have lived through these downturns without shedding stills and stocks to stay afloat.  The less fortunate were shuttered temporarily, mothballed for inordinately long periods of time, or were ghosted with no hopes of revival. In many cases, everything – lock, stock and, quite literally, barrel – was sold to pay off debtors, and the site was razed to the ground. In the years that have followed, these silent or so-called ghost distilleries have taken on an almost mythical new name: lost distilleries. While these producers were invariably unknown while in active production, the allure of what is no more has made them astoundingly popular, sending prices into the tens, and in many cases, hundreds of thousands. In the 40-plus years since the last whisky loch, when a devastating number of distilleries were forced to close, some producers have languished in relative obscurity, with only the most devout knowing of their existence and diligently sourcing their precious nectar. Others have developed a cult-like status and become exceptionally collectable as a consequence. So collectable, in fact, that their owners have moved heaven and earth to bring them back to life. The most famous are those considered the “Holy Trinity” of lost distilleries: Port Ellen, Brora and Rosebank. “They are the lost history of Scotland’s distilling and whisky heritage,” Stephen Rankin, Director of Prestige at independent bottler Gordon & MacPhail, says wistfully. “They are from a time when whisky was made slightly differently from today. It’s a lost character. We cannot go back and make these whiskies like they were originally made. They reflect both the time as well as the people and place in our history,” he adds. When the vast majority of these distilleries were in production, huge quantities of their output was destined for blends. Their young single malts simply were not available, or more accurately, were not widely available, as distillery bottlings. If it hadn’t been for independent bottlers like Gordon & MacPhail, who prudently bought stock and squirreled it away, when distilleries were closing down in their droves, then these whiskies would almost certainly have been consigned to the very dusty history books. “I think the popularity has a lot to do with the mystery of times gone by and what older whiskies used to be,” the newly appointed Rosebank Distillery Manager Malcolm Rennie tells me. “There’s a certain element of the misty-eyed past being better in some way,” he muses. “Not always the case in my opinion – the exception being Rosebank, of course,” Rennie quips. For James Mackay, Head of Rare & Exceptional Spirits at Diageo, which owns Port Ellen, Brora (and Rosebank until 2017), it’s all about the experience. “Due to the very nature of ghost distilleries and their finite stocks, these are whiskies we will never be able to taste again. When you share a whisky from a ghost distillery with a friend, they’ll know that they're being treated to something completely irreplaceable and there is something very special about that.” This special experience is a costly one. Collectors – and flippers – have driven the price of lost distillery bottlings to exorbitant highs. Questions have been raised about what the reawakening of these lost distilleries will do to the prices of existing bottlings and where these new-old whiskies from the likes of Port Ellen, Brora and Rosebank will sit in terms of price and taste profile. On this last point, Mackay says: “This is the big question we’re all asking ourselves.” He continues: “We are confident that the new Brora and Port Ellen whiskies will sit amongst the best in the world, however we’ll have to wait two or three decades before we know for sure!” In terms of taste profile, Rennie says the new Rosebank will be a “very accessible” whisky “on the lighter end of the scale with a typical fresh, fruity smooth character but with an additional dimension of distillery character giving some depth also”. On the question of price, he says “I couldn’t comment.” Adding: “It would depend on age, I’m sure. Safe to say Rosebank will be viewed as a premium whisky.” In many ways, Rosebank was the least likely lost distillery revival, as Diageo offloaded the distillery site to British Waterways in 2002, and the original three pot stills and mash tun were stolen by thieves in 2008. Rennie says it has been a real honour to be entrusted with resurrecting the distillery, which was mothballed in 1993. When we speak, three new copper pot stills are being delivered to the site – a landmark moment in any distillery’s history, old or new. A new distillery team is being assembled and the goal is clear: emulate the original, heavy and oily triple-distilled style of Rosebank spirit. The new Distillery Manager says no expense has been spared on equipment and operating systems to give the team as much control as possible. He acknowledges there will be a lot of trial and error to get the spirit character to where they all want it to be, but he is confident the finished article will be “as good as, if not better, than the original”. “It may take a few goes but we will get it,” Rennie adds determinedly. When asked why he thinks the Lowland distillery has become such an icon, Rennie says: “I think the fact that Rosebank was always a sought-after whisky way back in time says a lot. It was in demand 100 years ago by blenders, so the spirit was always special. It didn’t become special only because it closed, not like some other lost distilleries. “Rosebank has always been seen as the ultimate Lowland whisky and deservedly so. When it was closed in 1993 that reputation was only going to be enhanced and [it was] a real loss to the local area and overall whisky industry.” Rosebank’s location on the banks of the Forth & Clyde Union Canal was integral to its prosperity and eventual closure. In many ways the distillery’s fate was sealed when the canal which connected Scotland’s two main cities, Edinburgh and Glasgow, closed in 1963. When the whisky industry spluttered and stalled in the 1990s, the then-owners made what many believe to be the wrong decision to officially mothball the distillery. To great surprise and delight, Ian Macleod Distillers announced in 2017 that Rosebank would be revived having secured the site from Scottish Canals – a former division of British Waterways – and acquired the remaining stock from Diageo in preparation for the £10 million project to bring Rosebank back to life. The decision to restore Brora and Port Ellen was also made in 2017, 34 years after their closure. Mackay says this was partly a response to the demands from whisky enthusiasts but also as a result of the strong growth in single malt Scotch and the opportunity to create a new generation of whisky consumers. He says the £35 million restoration process – which started at the same time for Brora and Port Ellen – has required enormous support from local communities, teams of highly skilled engineers, whisky noses and the Diageo archives. Brora, in the Highlands, took little under four years to bring back to life and opened in May 2021. Port Ellen on the isle of Islay has taken slightly longer and should begin distilling in spring 2023.
 With an eye to the future, many speculate which ghost distilleries could be earmarked for revival next – Diageo alone owns another 15 of them. Rankin believes there are very few left that could come back, but when pushed suggests there could be one or two, depending on the condition of the buildings, their current broader environment and land use around them, and the financing structure in place of those doing the resurrection. He remains tight-lipped on which. Regardless, there has arguably never been a more exciting time in Scotch whisky, with lost distilleries being brought back to former glory, a glut of new distillery builds and collectability at an all-time high. “It is a unique time for whisky lovers,” Rankin agrees. “Scotland shall be seen as the home of single malt and blended whisky. Those overseas are starting with a blank canvas and are making their own history, while those new in Scotland have the legacy of a 500-year-old industry to build upon. “Even if the whisky that draws them in is one distilled in Japan or the USA, India or Switzerland, they will find their way to Scotland and in turn to past bottlings from our history, as well as to new expressions from long-established brands, resurrected ones, or brand new ones. “As my grandfather said: ‘The future is shaped by what you do today, while today reveals what we did in the past.’” As the past and present meet, there will be a keen eye on these formerly lost distilleries and what their resurrection means for those fortunate enough to own bottlings from a bygone era. Five of our favourite lost distilleries Glenury Royal Highland whisky distillery Glenury Royal has a rather ill-fated history. Severe fire, a distillery worker death in a boiler-incident and ultimate closure in 1985 have all befallen the distillery which once stood near Stonehaven in Aberdeenshire. Despite all this, the Glenury Royal name has survived, and very aged bottlings are increasingly scarce and collectable. Diageo has released some remarkable aged Glenury Royal bottlings (including a 50-year-old) as part of its highly sought-after Cask of Distinction series. Gordon & MacPhail has also bottled some rare Glenury Royal single malts. Littlemill Littlemill is the oldest licensed whisky distillery in Scotland. Whisky from the Lowland producer is incredibly rare and is no longer being produced after the distillery was closed, demolished and consumed by fire. Some independent bottlings and very rare own labels have been released. To date, Testament – a 44-year-old limited expression distilled in 1976 – is the oldest single malt from Scotland’s first distillery. Celestial Edition (40 years), Private Cellar (25-, 27- and 29-year-old) and a 1991 vintage have all been released in extremely limited quantities. Port Ellen The  Port Ellen distillery on the south coast of the Hebridean island of Islay is responsible for some of the rarest peated single malts on the market. The distillery, founded in 1825, was a victim of the whisky downturn and eventually shuttered for good in 1983. As stocks decreased, secondary market demand for Port Ellen intensified and bottlings regularly fetched five-figure sums. The distillery is being brought back to life with two copper pot stills that are faithful replicas of the originals, and two smaller stills which will produce more experimental and innovative spirit.  Brora Brora distillery – or Clynelish as it was originally known – was established in 1819 by the Marquis of Stafford, later the Duke of Sutherland. Sadly, Brora was a casualty of the 1980s whisky loch and closed its doors in 1983. In the years that followed, Brora has become one of the most highly sought-after Scotch whiskies. Some of the most expensive bottles ever sold have included the 40-year-old Brora bottlings from 1972 which have sold for upwards of £26,000. Many believe bottlings from the late 1960s and early ‘70s to be the most exciting in Brora’s distilling history. There are some remarkable official and independent bottlings from the early 1970s as part of the Rare Malts series and Douglas Laing & Co’s whiskies. Rosebank Rosebank is a highly sought-after and respected Lowland producer, famed for its triple-distilled whisky, that was mothballed in 1993. In the years that followed, Rosebank joined Port Ellen in Islay and Brora in the Highlands as one of the hallowed, and highly collectable, trinity of lost distilleries. The so-called “King of the Lowlands” developed a cult following for its triple-distilled whisky – a practice that is highly irregular in Scotland as most double distil. With new whisky from the distillery unlikely to appear until 2030, there will be heightened interest in and demand for the last remaining bottles from the original distillery. Browse all Scotch whisky listings or read more Editorial 

Some of the most collectable whiskies are those from distilleries that no longer exist. These ghost or lost distilleries hold a unique allure – but as attempts to revive Scotland’s so-called “Holy Trinity” get underway, Holly Motion explores whether it’s really possible to turn back the clock

We explore how Scotland’s most coveted and iconic distilleries have come back to life, including the Holy Trinity of Brora, Port Ellen and Rosebank. 

Haunting the present: ghost whisky distilleries

Haunting the present: ghost distilleries

Serge Valentin has been one of the few truly independent voices in the Scotch whisky world since the early 2000s. For two decades and counting, the Alsace-native has published his tasting notes and scores to an astoundingly large and loyal audience with his characteristically good humour and impartiality in what can be a deafening echo chamber.   Despite being one of the most well-respected authorities in the industry, Valentin has always written about whisky in his spare time, very much considering it a pastime that he dabbles in for fun. This is somewhat of a surprise, given the many people who part with thousands of pounds based on his views alone.  “Contrary to what many believe, I’ve never been a pro and have never actually worked in whisky,” the jaunty Valentin is quick to tell me. “It is all a kind of super-hobby to me and if you ever see me doing gigs, for example at whisky festivals, it is always for free, for fun and for friends.”   Valentin’s “proper work”, as he calls it, is in advertising and marketing, where he owns two agencies which employ around 2,000 people. These agencies, he says glibly, are “supposed to pay for my whiskies…luckily, they do”. It was a very different landscape when Valentin started writing about Scotch in 2002. Single malts had been marketed for 30-plus years but there wasn’t the seemingly insatiable demand and record-breaking prices that are commonplace today. It all began when Valentin, armed with bottles of his favourite Old Clynelish and Brora, sat down and shared his musings on his aptly named website WhiskyFun. This wasn’t a vanity project or a vehicle for freebies, this was a man writing about the whiskies he loved, just because he wanted to. From humble beginnings, WhiskyFun has become one of the most well-respected hubs for commentary on Scotch. Valentin follows a 100-point scoring system, like some of the great critics in the world of wine. For Valentin, however, 80/100 is a good score. His methodology is largely unchanged. He will spend an average of 30 minutes tasting a whisky (he does, on occasion, score rums and other spirits) – this can increase up to an hour if it’s a “good one” and take nearer 10 minutes if it is a “bad one”. He always compares several similar spirits, almost always from the same distillery, and never scores “out of the blue”. He tastes “alone, using the same parameters” (place, time of day, glassware, water etc.) and always writes as he tries, and then publishes once a day.  His write-ups are always short, honest, and unmistakably him. After all these years, it’s dumbfounding that he has the time or inclination to produce the near-constant stream of reviews that appear on his website.    It’s fascinating to see which liquids he scores – and, sometimes more intriguingly, the ones he doesn’t. “The choices rather depend on what I get and what I source, but my sample library is much larger than my tasting capacity,” he explains.   This all started as a passion project for Valentin and it’s abundantly clear that that fire burns just as bright today. He never takes himself too seriously and is evidently ill at ease with any comparison between himself and the greatly respected critics in the world of wine.    This is, in part, because the role of a critic in spirits is nowhere near as established as it is in wine. There are leading voices in the Scotch whisky world who undoubtedly carry considerable clout, but they aren’t critics in the traditional sense. While they might be prolific in their output and have seemingly healthy book retainers, they rarely score spirits and if they do, their tasting notes will be almost entirely positive (often because they are in a producer’s employ). The closest the spirits world has to a Robert Parker or Jancis Robinson MW is probably Valentin – although, he wouldn’t agree.   “I would say the roles are more and more the same in wine and spirits,” Valentin says, “even if there are fewer actual ‘critics’ in spirits. But it is coming in whisky.”  Valentin does feel there is a need for scores in collectable spirits, as – like wine – there isn’t always the opportunity for people to try before they buy. But the issue is not black and white, as is true of many things Valentin and I discuss.   “I see that scores [in whisky] become more like stock market recommendations these days,” he says.“I’m not too happy about that but that wouldn’t be the case if spirits, especially whisky, had remained a reasonably priced commodity,” he says, before adding: “But the cardinal sins are what they are.” It’s clear whisky drinkers respect Valentin’s voice, as they flock to his site in droves. What’s less clear, however – as an outsider looking in – is how producers feel about Valentin’s refusal to kowtow and sugar-coat his reviews.  “Producers have never quite known how to deal with independent voices,” he explains. “In general, they prefer influencers that they can pay and control, even if their audiences are smaller and less ‘on target’,” he adds, “for which I can’t blame them. Fortunately,” he continues, “not all distillers are the same. Some corporations are smarter than others and that often depends on the people within.”   When asked why he thinks people return to his site, which doesn’t have any of the bells and whistles you might expect from an ad man and is as no-frills today as it was two decades ago, Valentin says, as self-deprecatingly as ever: “I’m not really aware of everything that’s happening in the reviewing landscape, I have to say. If indeed people keep coming back to my assessment, that’s partly, I believe, because I started early and simply because they trust me. Trust is number one.”   In many ways, Valentin’s website is a collection. It’s a receptacle for his innermost thoughts and feelings about the things that matter most to him. Valentin has always been collector at heart. With an interest in stamps from childhood, he then graduated onto watches, wine and then whisky. The father of three has a broad and eclectic range of interests, including music (“all kinds”), advertising, motorcycling, wine, watches, food and travel which he has nurtured and indulged. Throughout the years, Valentin has had a front-row seat to the evolutions within these industries and the so-called art of collecting.   “Old-school collectors used to buy what they liked, never what was meant to see its value rise,” he says. “In the old days, you had to travel, to make phone calls, to go to festivals etc. Today,” he says somewhat ruefully, “you can buy anything, as long as you’ve got the money.” Valentin was ahead of the curve when he made the choice many years ago to buy as many different Old Clynelish and Brora single malts as he could, simply because they were his favourites. At the time, and up until 2005 to 2010, all whiskies – even the rarest – remained relatively cheap. After 2010, it was silly season and whiskies you could previously source were nigh on impossible to find or prohibitively expensive for some.  Valentin’s favourite whiskies have become some of the most desirable on the secondary market. Old Clynelish, produced before the distillery was rechristened Brora, have gained a huge following globally as people were charmed by the story and the characterful liquid the two distilleries produced. Now Brora is set to be re-opened, these single malts will only become more valuable. While his collection is no-doubt impressive – exact bottlings are not disclosed – there are some unicorns which still elude Valentin.   “Rather bizarrely and inexplicably, I prefer fatter spirits and fresher wines,” Valentin says, “in both cases with as little straight oak influence as possible. So, fat distillates, such as some coastal malts, some Jamaican rums etc. In wine, that would be the bright whites, Jura, Savoie, Rueda, Pacherenc, Irouleguy, Alsace, Wachau and Andalusia.”    “I know oak is crucial,” he adds, “you just shouldn’t feel it as such, according to my personal taste. But I insist, that’s personal.” Oak is a topic Valentin returns to several times. He feels it is the low-hanging fruit when it comes to innovation in the Scotch whisky industry.   “Sure, there are a few innovations around the casks,” he says, “but all makers use more or less the same.” The woods used are usually more active, which allows producers to sell much younger whisky for a good price while widening the ranges at the same time, he says.   “I’m not saying that’s bad,” he quickly adds, “but not many people are talking about the distilling regimes, the stills and so on, which was the number one topic 20 years ago.” He continues: “It is now all about wood. But, when we talk about wood that includes their flavouring with other spirits, wines, or even whiskies from other distilleries such as some peated ones, which is the latest trend, to peat single malts by doing some in-cask blending rather than bother with brewing and distilling some peated malt. “So, cutting corners for sure but on the other hand, I believe the average quality has risen pretty sharply. So, all remains good and well…”  This seems to be Valentin’s baseline. The whisky world might have changed but he believes it is the same at its core. There is an increase in branding and marketing (which is likely a source of joy and consternation for an ad man), there are more malts, and for the past five or six years, more distilleries from almost all countries.   “I’m not bored yet,” he says in his frank way, “and in general, whisky has got better on average, even if there are fewer utter glories and fewer total duds.”  If a man with Valentin’s reputation of no-holds-barred honesty is broadly happy, then we probably all should be too.   Browse all Scotch whisky  or  read more Editorial 

Serge Valentin is one of the most well-respected people in the fine spirits world. For decades, whisky enthusiasts have parted with thousands of pounds based on his reviews alone. Holly Motion asks him how it all began – and how the industry has evolved since he started writing about whisky for fun

Serge Valentin on the art of collecting, the role of the critic, and the changes he’s witnessed in the Scotch whisky industry over the past 20 years

Serge Valentin – the Joker in the pack

Serge Valentin: the Joker in the pack

There are myriad fascinating twists and turns in Scotch whisky’s long and storied past. From dizzying boom times to disastrous downturns, the distilling landscape – and the major players within it – has been redrawn countless times. 
There's one era, however, that is legendary – whisky's "golden age". Between the 1950s and '80s, some of the industry's most nuanced single malts were crafted. These are now widely regarded as the greatest ever released, which is reflected in the eyewatering secondary market prices – should they ever appear on the auction block. 
These perfectly imperfect, characterful and wonderfully unique liquids, produced at distilleries that no longer exist, or exist in a very different way today, will never be bottled again – making them real unicorns for whisky collectors. 
To understand what makes them so special, it is important to first appreciate just how little liquid exists from this time. The single malt whisky market was unfathomably small before and during this period and entirely dwarfed by blends. A mere fraction of a distiller’s finest liquid would be bottled as a single malt. These minuscule quantities were also made via practices that are now lost in the annals of history, making them more desirable for collectors. 
For context, Scotch whisky was largely made as it always had been until the 1950s, drawing on traditional methods that had been passed down for centuries. Distillers would use their sight, smell and taste to determine when a liquid was ready to cask, and later, bottle. Whisky-making took mastery and patience – something producers could ill afford when demands on the industry intensified and there was a concerted push to produce more for less during the 1970s. While many producers made these changes around the same time, they didn’t all happen at once, creating a wonderfully varied time capsule of whiskies. 
The 1960s – when some of these great bottlings were produced – was sandwiched in between two vastly different decades. Production in the ‘50s was steady but small. By the 1970s, however, distillers – both large and small – were forced to increase their output by almost double, and names that had fallen silent were reawakened once more as global demand for Scotch whisky grew. 
Sadly, by the mid-1970s, the tide started to turn. The bountiful supply of whisky was not met by demand, resulting in a devastating whisky loch in the 1980s and some of the most difficult years the Scotch whisky industry has ever endured. Swathes of distilleries were forced to close, including the now-legendary Port Ellen and Brora – both of which shut their doors in 1983. This depression continued well into the 1990s with a further 20 casualties (of these, only three ever reopened), before the pendulum finally swung back in the early 2000s when the seemingly unquenchable thirst for single malt whiskies, that is still in full force today, began. 
From the 1950s onwards, holders of the increasingly frayed purse strings sought to reduce inefficiencies in the traditional, labour-intensive practice of whisky-making – which defined the golden age. With the introduction of modern, more mechanised, safer processes, it was a new dawn for Scotch whisky.  During this period in history, every single stage of whisky production was “streamlined”. The money men closed floor maltings, introduced distillers’ yeast, reduced fermentation times, installed semi-lauter tuns, made the switch to indirect-fired stills, replaced worm tubs with shell-and-tube condensers, and introduced ex-Bourbon barrels. By the end of the 1970s, you could almost count on one hand the number of distillers who retained traditional methods. 
It’s important to remember that tweaking one of these processes can alter the entire flavour profile of a whisky – just ask Glenfarclas who reverted back to direct-firing their stills after their new-make spirit lost its characteristically heavy and oily profile during their ill-fated flirtation with steam in 1981. And yet, in many instances, producers permanently changed many of these processes. Traditional practices and know-how that varied slightly at every distillery began to be outsourced as they turned to professional maltsters and installed modern, industrial-scale equipment that increased efficiencies and consistency but in some cases compromised the craft and character of the final spirit profile. 
“Every distillery has its own story and evolution of style,” whisky authority Serge Valentin explains, “their own ups and its downs.” 
Valentin was ahead of his time when he started collecting single malt Scotch, almost exclusively from Old Clynelish and Brora. He couldn’t possibly have predicted what his passion project of buying as many different bottlings as he could “simply because they were [his] favourites”  would become. 
Both Clynelish and Brora – as it would be known – produced heavily peated malt during the late 1960s and early ’70s. Bottlings from this time until 1983, when Brora became a victim of the whisky loch and fell silent, have become highly collectable in recent years. Old Clynelish bottlings, (Valentin’s favourites), which are robustly distinctive with aromas of scented wax and heather, are astonishingly rare and modern collectors clamber over one another to get their hands on these golden-age gems for many times the price Valentin would have paid. 
Stephen Rankin has been fortunate to sample whiskies from one of the most remarkable single malt libraries in the world at Gordon & MacPhail. His team is able to pull out liquids from what he calls “pre-evolutions within distilleries” thanks to his family’s foresight to buy barrels from cash-strapped producers who were selling their stocks for survival. The Elgin-based independent bottler had the luxury and fortitude to bide their time and store casks that would otherwise have been bottled young or blended. He has a particular affection for single malts from what was Milton Distillery, known since 1951 as Strathisla, which he describes as a “great example of a whisky that has the flavours of this past era.” 
Independent bottlers like Gordon & MacPhail played a vital role in bringing many of these now-legendary whiskies into the world. One man in particular, Silvano Samaroli, was responsible for bottling single malts that are now widely regarded as some of the greatest ever released.  
Rome-based Samaroli released his first Scotch whisky series in 1968 in the form of the now-iconic, dumpy Cadenhead bottlings – making him the first independent Scotch whisky bottler outside the United Kingdom. Today, Samaroli’s Bowmore, Glen Garioch, and  Springbank releases are held in especially high regard and his  Laphroaig single malts from 1967 and 1970 are in a league of their own. 
“The late 1960s to the ’80s is definitely one of the most remarkable periods,” Samaroli’s Daniele Liberati says, “largely due to the appearance of certain expressions for the first time.”  
“We started to propose different bottlings, moving away from the classic blends and official distillery releases,” Liberati adds. These included single-cask expressions, numbered bottlings and cask-strength releases, all of which are commonplace today but were revolutionary at the time.
 
In recent years, a handful of new distillers have turned to old whisky-making practices in an attempt to recapture some of its magic. Fledgling Speyside distiller Dunphail, for instance, has faithfully – and at great cost – installed traditional floor maltings, direct-fired stills and wooden, open washbacks where fermentation times are considerably longer than the industry average, to produce a fruit-forward, oily, medium-bodied Speyside whisky. Today, however, these traditional methods are always adopted in conjunction with modern practices in order to achieve all the desirable characteristics of yore in a more efficient way.   While there is the temptation to look back on this era with a rose-tinted view, as there are undeniably some exceptional bottlings from this time, it is wrong to believe that all whisky produced in the golden age was of the same standard. Whisky-making 40 to 50 years ago was imperfect, there was very little consistency in quality and for one good cask, a distiller would likely have 10 or 20 bad ones that never saw the light of day.  It’s also important to appreciate that many of these modernisations were vital to guarantee the safety of distillery workers as several stages in production were unstable. These advancements have also resulted in unprecedented consistency. While nuance and singularity might have been sacrificed, it’s now incredibly hard to find a bad dram.   As times evolve – as they inevitably do – it’s highly unlikely whisky from Scotland’s golden age will ever not be considered precious.    Browse all Scotch whisky or read more Editorial

Some of the most exceptional single malts ever released were produced in an era affectionately known as “the golden age”. Bottlings from this time are painfully scarce and have gained near-mythic status among whisky enthusiasts. Holly Motion explores why whiskies from this age are so precious

Exploring the golden age of malt whisky and its most coveted bottlings that are widely considered some of the greatest single malts ever released.

The golden age of malt whisky

The golden age of whisky

The spirits market is booming. In October 2019, a bottle of 1926 Macallan FINE+RARE 60-Year Old became the most expensive bottle (of either wine or spirits) ever sold at auction in the world, going for £1.5 million – £300,000 more than the same whisky had sold for a year before.  That record may not have been broken yet, but it’s likely only a matter of time. There was a 33.37% increase in the volume of single malt Scotch whisky sold at auction in 2019, with 143,895 bottles sold, worth close to £58 million – a 41.54% increase on 2018. Over the last 10 years, rare whisky has outperformed every other alternative luxury asset, with 353% growth to 2020 Q2. “The rare whisky market has performed phenomenally well over the last decade, outperforming many other categories. We’ve seen growing demand in premium whisky from clients globally,” says Craig Norton, our Managing Director for the UK and Ireland. In five years, we’ve seen the number of spirits buyers rise by 601%, with spirits sales in the same timeframe growing by 698%.  It’s an exciting time for whisky, with a growing international audience as Scotch whisky exports rise (105% in the last 10 years), especially in developing markets like China (up 323% in 10 years). There are also an increasing number of younger consumers diving into the category nose-first; Sotheby’s first online spirits auction last year saw 42% of buyers aged under 40.  The market has so far been dominated by a handful of the biggest names in single malt Scotch, with The Macallan representing an astonishing 40% of the market by value; however
Japanese whisky isn’t far behind. A bottle of 55-year-old Yamazaki sold for HK$6.2 million (US$795,000) in August last year, setting a new record for the category.  The now-closed Karuizawa has become a cult name among collectors, and had something of a halo effect, as our Head of Spirits David Walters said, “Japanese whisky is still going crazy. We sold the Karuizawa Pearl Geisha 37 Year Old (56.9%) pre-release for £12,500 in bond; just a year later it was going for £24,800. The most expensive single bottle of whisky we’ve sold was a Yamazaki 50-year-old (2011 release), for £170,000.” The last two to three years has, however, seen a shift, with a new focus and interest on not buying just bottles but whole barrels or casks. “The ability to personalise or customise single cask bottling has proven extremely appealing to clients,” Norton says, “However, it’s not simple. Barriers can be a lack of understanding of value, the process of maturation or
reselling, or gaining access to the market.”  “The challenge can be guaranteeing provenance,” explains Walters. “Our preference is always to work directly with the distillery.” The IWSR estimates the value of the Scotch whisky cask market at $40 million – and forecasts a trend for cask sales in other categories, such as Bourbon, rum and other US whiskey. While occasionally we see more mature casks (such as a mature Macallan Sherry butt we sold last year, for £600,000), it is more common to see casks as futures, much like en primeur.  Given the long-term timeframe for producing fine whisky, with the first product often not released for five or 10 years, cask sales have fast become a way for the rising number of new distilleries to build revenue in their early years. It is rare for casks to be sold after the first year of production, however, making them a once-in-a-lifetime opportunity to get in on a new distillery – one that may just be the next big thing. It’s this excitement, Walters says, that should attract buyers who are also in it for the journey. Naturally, “founders’ casks” – as they are known – are finite in supply, adding to their appeal for collectors. The spirits market remains dominated by single malt Scotch – with Brora, Karuizawa, Dalmore, Bowmore and Springbank amongst the most collected names – but consumers are branching out. “We’re beginning to see collectors diversify their portfolios,” says Walters, “discovering premium and collectable rums.” He highlights the popularity of Caroni – a Trinidad distillery, no longer in production, that has parallels with Karuizawa – and Hampden, in particular. Fortunately, Covid seems to be having little impact on sales. Even in the last year, the
market has seen 12% growth; as Knight Frank reports, “Anecdotally, drinkable investment classes have always down well in a downturn, perhaps as their owners have looked to drown their sorrows.” In fact, IWSR data shows that “between 2008 and 2012, global prestige-plus
spirits (generally $100+) grew 82% in volume, and almost 230% in value, [reinforcing]
the resilience of high-end spirits after economic challenges”. Nevertheless, our advice is always to buy only what you are prepared to drink – a worst-case scenario that few wine or spirits lovers find much of a burden. Browse all whiskies or read more Editorial

The spirits market has seen a decade of astounding performance – but what is happening, and what should you be looking to buy? 

The spirits market is booming. We take a closer look at the spirits market and explore what is happening, and what should you be looking to buy 

The spirits market overview 

In high spirits: market overview

Highlands

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About the producer

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