The market for rare and collectible single malt whiskies is at best, a very small niche one in Australia. In fact the market for single malts overall is tiny compared to the big spirit movers and shakers such as vodka, bourbon and the blended whisky brands. But after the 2nd Australian Whisky Convention, times they are certainly a’changing.
Since the inaugural Australian Whisky Convention, held in Canberra in 2003, Australians are starting to wake up to the joys, the intrigues, the complexity and the fascination that spirit of Scotland can offer to both the novice, to informed consumer and the keen collector. In fact, from evidence presented at the 2nd Australian Whisky Convention held last month in Sydney, that Australia in now amongst the leading growth markets for single malts in world.
More consumers and aficionados attended, there was a larger presence of trade representatives from both local and Scottish distilleries than from the 1st Convention and of course, there was far more product to try than 2003. At the Sunday Trade Show alone, there were well over 120 whiskies to be sampled and thought about from both distillery official bottlings from the likes of The Macallan, Glenfarclas and Glenrothes and the continually growing number of private bottlers such as Gordon & MacPhail and Duncan Taylor & Co.
The next two years then have all the makings of a very exciting time for the Australian malt whisky community, as the market is well and truly strengthening, brands are expanding and sales are definitely growing. And with this continued growth, so will the secondary market for malts also move out of its niche status into mainstream auctioning.
Very few specialist whisky auctions have ever taken place in Australia, with the last major one being held in 2001 in Adelaide by Oddbins Wine Auctions. This auction comprised a number of lots from an individual collectors and at the time attracted considerable attention. Due to its uniqueness, it is still in-fact talked about today.
So, as with the overall whisky market, the secondary market certainly came of age at the Convention, as Oddbins on behalf of the Malt Whisky Society of Australia was able to stage Australia’s first Fine & Rare whisky auction. Only 10 lots were on offer, and all were uniquely rare, intriguing and highly collectible, from the famed trio of Bowmore Blacks, to a delectable 1960 Macallan and a duo of first release premium quality Australian whiskies from Yalumba and Bakery Hill.
The auction was held in conjunction with the MWSOA’s Grand Gala Whisky Dinner, hosted by one of the world’s most respected whisky ambassadors, Mr Ronnie Cox of Cutty Sark International, ably assisted by Mr Franz Scheurer of Australian Gourmet Pages and Mr Chuck Hahn, of the Malt Shovel Brewery.
And so the auction was under way with the first lot, comprising the First Releases of Yalumba’s Angaston 7yo and Bakery Hill’s Peated Malt fetching an anticipated $150 per bottle. Lot 2, an offering of a Benromach 21yo Tokaji Finish, saw some keen bidding from the floor, with the hammer finally falling for $280.
The next three lots saw bidders warming to the task ahead of them as a rather unusual official bottling of Glen Mhor fetched a sound $300 ($100 above the guide) and a famed Port Ellen, bottled by Gordon & MacPhail achieving a high hammer price of $420. Next up was a duo of Springbank sherry monster that included the famed “double dark”, which fell for $280/bottle.
Then Lot 6 was up, the Earls of Zetland Macallan 25yo, described by whisky journalist, Jim Murray, as “faultless” which after much spirited biding achieved a final price of $480, well above the price guide, but for the quality of whisky, a fantastic bargain. This lot was then complimented with a Glen Grant 25yo Silver Jubilee Decanter, distilled in 1952, fetching a sound $500.
So it was with a little bit of trepidation that the auctioneer approached Lot 8, a bottle Macallan 1960, a single malt that is the very definition of what a sherried whisky should be. Bidding was keen as it was brisk as it was intense. The price guide was quickly passed, as was the $1,000 mark, but by $1260 it was all over. A truly extraordinary malt, achieving a truly extraordinary price and confirming the status of The Macallan as one of the leading whisky brands in the world.
An offering of a prized Cadenhead bottling of Ladyburn then followed. This distillery is now sadly closed, which was an added attraction to buyers on the night, and its rarity was confirmed with the hammer finally falling for $1350.
And so we finally came to not only the closing lots for the night, but surely one of the major highlights, the sale of three editions of the famed Black Bowmores. And true to their form, these lots attracted considerable attention from both local and overseas buyers. The First Edition achieved $2700, while the Second fetched $2,500 while the Third and final Edition finally fell to a hammer price of $2,500.
And so we have it, the first speciality live whisky auction to be held in over four years, achieving prices in most cases well above initial expectation. The market for rare and collectible single malt whiskies has well and truly come of age.
Cheers,
Graham Wright
graham@oddbins.com.au