With the total value sold at auction surpassing £2 million during the last three months, the secondary market for rare Scotch malt whisky is said to have achieved its highest ever average price per bottle of £286.
|Rare Whisky 101 Founders: Andy Simpson and David Robertson|
21,617 bottles were sold on the secondary market during the months of April, May and June, versus 12,638 in the same period in 2016, a 71% increase. Resulting in a cumulative total of £6.18M spent on rare whisky at auction compared to £2.80M in the same period in 2016, an increase of 121%.
The figures are said to underline the continued trend of value growth exceeding volume growth. In the past month (June) alone, RW101 has noted a 54% increase in volume and a 94% increase in value of Scotch malt whisky sold at auction, compared to June last year.
Commenting on the news, Andy Simpson, Co-Founder of Rare Whisky 101, said: “Any question as to whether the recent increases in the rare whisky market would begin to plateau can, for now, be summarily dismissed. Even we wondered whether the market could continue to expand at such levels, following another record braking year in 2016. The performance of Scotch malt whisky at auction over the past three months has been nothing short of phenomenal.”
He went onto say: “The growing popularity of online auctions, combined with recent moves by traditional rare whisky retailers to set up their own auction sites, continues to drive demand. By joining the secondary market sector, these “bricks n mortar” retailers have finally realised that they can’t afford to lose rare whisky customers to the auction market.”
He concluded by saying: “Anecdotally we have seen growing demand from North America and Asia over recent times. We have also experienced a dramatic increase in enquiries from Asian and USA professional buyers looking to set up new supply agreements to capitalise on this dynamically growing market.”
Rare Whisky 101, will be publishing their half year report later this Summer.
Posted by Steve Rush