Although single malts did not achieve broad popularity in the United States until the 1970s, some vintage whiskies—primarily in Europe—have been hoarded for generations. Most of these earlier bottles remained unopened for emotional reasons (the vintage year, for instance, might be a child’s birth date) or simply awaited a special occasion that never arrived. Only when these pioneer whisky collectors began dying off did their dusty bottles begin surfacing.

"We have a lot of collectors who will buy two bottles of a rare whisky, one to drink and one to keep for investment."

The first real auctions of vintage single took place in the mid-1980s, with these bottles being tacked onto already-established wine auctions. But prices were encouraging enough to warrant further whisky auctions, most of which took place in the United Kingdom. Today, McTear’s Fine Art Auctioneers in Glasgow is one of the most productive hunting grounds for those sleuthing out rare or desirable single malts. The Internet also has become a lucrative resource for determining prices and availabilities. Well-stocked or well-connected malt whisky retail specialists such as The Whisky Exchange and Milroy’s in London, and Gordon & MacPhails in Elgin, Scotland, also reward collectors. In the United States, Park Avenue Liquors in New York, Sam’s Wine & Spirits in Chicago and Wine & Liquor Depot in Van Nuys, Calif., hold out the greatest promise to seekers of limited edition releases and older rarities.

"We have a lot of collectors who will buy two bottles of a rare whisky, one to drink and one to keep for investment," says Howard Meister, owner of Wine & Liquor Depot, which boasts a selection of more than 600 single malts, making it the largest retail source in the United States. "Some of our customers just never open the bottle. If you get the right thing at the right time, it’s better than the stock market."

But like stocks, knowing what and when to buy can be perplexing. Just as one becomes reconciled to the fees for a financial advisor, one should get advice on whiskies from reputable retail sources and simply regard the sometimes-higher prices as a broker’s commission. Nevertheless, some bargains can be found at European duty-free shops, frequent outlets for whiskies too limited in production for the mass market. Laphroaig 30 Year Old—a rarity in the United States—is often available at Heathrow. And while those desirous of an original bottle of 1930 The Macallan comb the catalogs and dealers, the more impatient can find the distillery’s recreation of that vintage in many duty-free stores; though the original bottle will always bear a heftier price, the replica may appreciate, percentagewise, just as well over the years. But one must be wary: Collectors eagerly snatched up the Aberlour a’bunadh— a recreation of that distillery’s 19th-century cask-strength whisky initially available in duty-free stores—only to see the exclusivity diminish as its very popularity prompted importation to the United States.

Rare Conditions
Considering the burgeoning interest in single-malt whiskies, few collectors’ clubs exist. Most consist of informal groups of whisky aficionados who simply enjoy sharing their thoughts on a good dram with fellow imbibers. The largest of these organizations, boasting 36,000 members worldwide, is the Scotch Malt Whisky Society, with offices in the United Kingdom and the United States. The society offers special cask-strength whiskies (undiluted and bottled straight from the barrel) that are only available to club members, placing a priority value on them, though no secondary market has yet been established.

"Many of our members are collectors of society bottles as well as other whiskies," says Alan Shayne, president and CEO of the Scotch Malt Whisky Society of America. "However, as a rule, our members do not collect for monetary gain; the whisky is more for their own use. Besides, once that bottle has been opened, it’s lost its value as a collectible."

To garner top price at auction, a whisky’s seal and cork must be intact, and labels must be free of any stains or tears. Any original case or box should accompany the bottle, as should any papers or certificates. In those rare instances when a number of vintage whiskies from the same distillery have been assembled chronologically by year, the high value of such a vertical can prove a barrier to resale. Consequently, bottles in vertical collections often sell individually.

The industry classifies collectible whisky as either an original bottling (bottled by the distillery) or as an independent bottling (from a barrel purchased by broker from the distillery, then aged and bottled under the broker’s label). Some of the best-known independent bottlers are Adelphi, Gordon & MacPhail’s, Hart Brothers, Douglas Laing and Cadenhead’s. Most of these independently bottled whiskies are cask strength. Interestingly, classification does not affect collectibility: The primary criteria are desirability, condition and rarity.

While a whisky’s taste normally plays a part in its value, it is not always a factor. A few years ago, Loch Dhu—a black, syrupy 10-year-old single malt—often languished on retailer’s shelves at $20 a bottle. Now that the whisky is unavailable, existing bottles are being snatched up by -collectors for 10 times that amount; a bottle recently sold on WhiskyAuction.com for $234.

Storing for the Ages
Distilleries have begun acknowledging the growing coterie of whisky collectors, as evidenced by The Macallan’s current offering of its Fine & Rare Collection, an assortment of vintage whiskies from 1856 to 1972 from its legendary stocks. Springbank created a vertical set of collectible single malts by releasing six different bottlings, ranging in age from 25 to 50 years, during a six-year period, the final offering being a 50-year-old priced at $2,200. William Grant & Sons created its Rare Whisky Collection, single-cask limited editions which include Glenfiddich 1937—each of the 61 bottles in existence priced at $14,000.

Rare releases such as these require proper storage. Whiskies are not as susceptible to temperature as wines, but once bottled, they will no longer age. Older bottles and newer purchases to be stored long term should lie on their sides to prevent their corks from drying out. Air is whisky’s biggest enemy because it evaporates the fluid; shrink-wrapping bottles offers further protection, as does a dark cellar, which also keeps labels from fading.

Although investment potential may be the rationale, most collectors hold bottles in reserve not for their appreciation in value, but for their appreciation in taste. A single malt’s flavor is surprisingly durable; whiskies from the 1930s and 1940s often still exhibit full of body and strength. Those who succumb to temptation take note: An open bottle of vintage single malt will keep for three to four years if tightly corked.

Resources
• Scotch Malt Whisky Society (U.S.): www.smwsa.com

• One of largest collector whisky Web sites in world: www.thewhiskyexchange.com

• The Whisky Shop, Princes Square, Glasgow and Edinburgh: www.whiskyshop.com

• United Kingdom’s leading whisky auctioneer: www.mctears.com

A Distinguished Mélange of Malts
• Bowmore Black 1964. A heavily sherried, darkly hued Islay whisky, only 99 bottles were produced. Back in 1993, it sold for about $245. Today, this bottle fetches between $2,000 and $4,000, depending on the market.

• Dalmore 150th Anniversary 30 Year Old. Only 20 bottlings were made for the workers at the distillery. A few unopened teardrop-shaped decanters are still known to exist.

• Highland Park 1958. This whisky from Scotland’s northernmost distillery was released in October 2003. Each of the 665 bottles, in individually numbered, hand-blown, hand-engraved Caithness glass decanters encased in wood, is accompanied by a book signed by Jim Robertson, Highland Park’s previous distillery manager, that celebrates both the whisky and the Orkney islands.

• Port Ellen. The distillery, named after Islay’s famous port, closed in 1998, thus, remaining bottles are highly collectible. Collector interest centers on the 21 years and older cask-strength whiskies.

• Springbank. This is one of the last three remaining family-owned distilleries in Scotland. Anything 25 years or older is not only highly drinkable, but also collectible. None of these whiskies has ever been sold for blends. The 1966 Local Barley has become a cult favorite. Distilled with locally grown barley, only seven barrels were produced of this particular vintage.

• Mortlach. Knowledgeable collectors seek the older vintages, which are highly regarded. Int-erest in cask-strength samples bottled by Gordon & MacPhail also abounds.

• The Macallan 1841 Replica. This is a recreation by the distillery of one of the oldest surviving whiskies, right down to the irregularly shaped, hand-blown bottle. Many of the 12,000 bottles, priced at $190—along with those of the previously-issued 1861 bottles at $180—will no doubt be opened out of curiosity’s sake, boosting the appreciation of sealed bottles over the long term. The highly sherried The Macallan Gran Reservas from 1979 through 1982 are also worthy of note.

• Signatory. A highly respected independent bottler, any of its 21 years and older cask-strength whiskies are worth acquiring.

• Ardbeg. This once-dormant distillery, which produces the smokiest of all Islay whiskies, was reopened in 1998. Although newer vintages are now being aged, the 1975, 1977 and 1978 vintages were bottled from the older barrels, when the distillery was doing its own maltings. In time, demand for these vintages may grow, as most of the bottles purchased have been consumed. Still available: Ardbeg Provenance, released in 1997, a cask-strength bottling of the oldest barrels (1974) found in the warehouse. This release comes in a wooden box with certificate. Also worth noting: Ardbeg 1976 Manager’s Choice, a sherry-barrel-aged, cask-strength whisky only available at the distillery.

• Glenmorangie. The distillery’s earlier, one-time offerings garner the most attention by collectors, especially the 1963 (first vintage bottling) and 1971 vintages. The 1977 vintage and the 21 Year Old Elegance, which comes in a crystal decanter shaped like a pot, are both still available.

Art by Jonathan Barkat