Late last year, the financial advisory firm Noble & Co released its annual overview of the whisky industry’s secondary market — and in doing so, offered some warnings about where that market was headed. Now, the same firm has released a new report on the first quarter of 2025, and its analysis of things is — well — sobering.
Early on in the report, the firm notes that “these downturns mark a deeper weakness in the auction market.” Things continue in that vein for many more pages, but there are also reasons for cautious optimism.
One big takeaway? Right now, The Macallan is having its time in the spotlight. Noble & Co’s report zeroes in on bottles sold for more than £10,000 (around $13,400) between October 2024 and January 2025. Of the 18 bottles mentioned, 12 of them came from The Macallan — including the top nine places. The highest price came for a bottle of The Macallan — 60 Year Old, Lalique. That sold at auction in November 2024 for £47,387.10, or around $63,500.
Both the value and volume of whisky sold in the secondary market were significantly down relative to one year ago. The firm revealed that volume dropped by 21%; the value, meanwhile, dropped by a whopping 53% over the same period. Another data point from Noble & Co’s analysis suggests that these issues have been present for a while: they noted that, in terms of prices, “the 3-month rolling average has been in decline since November 2023 (and arguably since peaking in May 2023) and there are no signs of this stopping.”
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Some price categories are faring better than othersWhere are buyers putting their money? The report pointed to a shift, with more people buying bottles under £1,000 ($1,340) than over that amount. Noble & Co described the high end of the market as having “dried up” — and suggesting that “sophisticated collectors” aren’t eager to part with their bottles.
One other bright spot that Noble & Co highlighted in their report: while the market itself might be in flux, buyers are still picking up the whisk(e)y that’s available. “[F]ewer lots are going unsold, which suggests supply is contracting even faster than demand,” the firm explained.
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