Who's Buying All These $10,000-Plus Whiskies—and Why?

On September 24, The Glenlivet celebrated its 200th anniversary in style with the release of The Glenlivet Eternal Collection, First Edition, a 55-year-old single malt priced at $55,000. 

A week later, on October 3, The House of Suntory announced the release of Hibiki 40-Year-Old, priced at $35,000. These back-to-back, five-figure releases showcased that the market for super-aged, super-premium whisky is perhaps stronger than ever. 

But is anybody even buying the stuff? Or is it all going to be displayed along the top shelf of glitzy hotel bars, see-and-be-seen members clubs, and Las Vegas steakhouses, bound only for the occasional expense account splurge? We have the answer to those questions and more below.

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Who's Buying Luxury Whisky?

“We're still seeing the wealthy spend big money,” says Monique Huston, spirits portfolio vice president at Winebow, an importer and distributor of fine wine and spirits. 

Perhaps one unexpected reason why, is that many people decided to pop the tops from the prized bottles in their collection as a result of a post-pandemic you-only-live-once mentality.

“People cracked quite a few of those bottles, especially in 2020,” Huston says. “And now they're replacing them.”

In the years since, there has continued to be an overall shift towards collecting to consume rather than collecting to build a museum-like stash. Huston has seen more independent bottlers gain traction at auctions, while big brands are slowing down price-wise. In turn, that's created some buying opportunities for thirsty purchasers seeking relative deals. 

“I think the auction prices are collapsing, so that's beginning to bring the investment and resale down, so the drinkers will keep buying and get better deals,” she says.

The Glenlivet and Hibiki aren't the only two players in the game. Super-aged releases are all the rage right now, a feather in the cap for producers with the capabilities to do so—just as acquiring one of the bottles is a feather in the cap for buyers with the means for it.

This summer, Ardbeg released The Abyss, a 34-year-old expression priced at $27,500, and Glenglassaugh unveiled The Serpentine Coastal Cask Collection, a trio of bottlings ranging between 48 and 51 years old, priced between $7,700 and $11,000. 

Brands such as The Macallan and Bowmore, among others, are always in the mix with super-premium expressions. Most recently, in October, Dewar's just dropped in with Double Double, a 38-year-old blended malt priced at $2,200 for a 375ml half bottle.

For instance, each bottle of The Glenlivet Eternal Collection comes in a rose-gold plated jesmonite sculpture designed by Michael Hansmeyer. The Hibiki 40 box features 12 varieties of Japanese wood with mother-of-pearl inlays and gold lacquer, with a crystal glass bottle featuring a hand-crafted washi label by artist Eriko Horiki. 

“This type of release is ideal for whisky connoisseurs and collectors, and those interested in Japanese craftsmanship and art,” says Nobuyuki Akiyama, the managing director for The House of Suntory.

Why Do Brands Make Luxury Whisky?

According to global marketing director Jayne Murphy, the Glenlivet Eternal Collection is an opportunity to change perceptions of the brand which is the best selling single malt in the U.S. on the strength of its younger, core expressions, but as a result, isn't as well known for premium or rare offerings. 

“It was a huge opportunity for us to kind of have a moment, as we haven't been known traditionally as an ultra-premium, prestige single malt,” she says.

For brands like The Glenlivet, it's about prestige and reputation, pushing the limits of what's possible with whisky production, and staking their claim as the best or most expensive of this, or the oldest or rarest of that. 

“But we have this huge, incredible inventory of beautiful, well-aged whiskies,” Murphy continues.” It's hugely important to show that we have this amazing aged whiskey here and I think we need to be talking about that more.”

It's not about selling bottles, which the 200-year-old distillery does by the millions. It's about sparking a conversation and flipping a switch in the minds of consumers so they associate The Glenlivet with more than bulk availability, but also excellence at the highest levels.

“The intent of all of our releases at The House of Suntory circles back to honoring Japanese craftsmanship and the expertise of our generations of distillers, but Hibiki 40 specifically is the paragon of Japanese whisky, and naturally highlights the brands reputation as one of Japan’s leading luxury spirits,” Akiyama says.

The Future of Luxury Whisky

For consumers, it shouldn't be about investing in whisky or putting a bottle away in some dank cellar and never looking at it again. Indeed, whether or not they perform as actual investment vehicles, as many buyers now assume, is up for debate. 

“The branded releases will continue to move, but I do think pricing [at retail] will decline in the next year as they decline at auction and folks see that as a lower return investment,” Huston says.

For those who can afford to snag one of these offerings, the smart play is to actually enjoy it in the not too distant future. Host the party your friends will never stop talking about. Be the talk of the town with a one-of-a-kind toast poured for the table that took four or five decades to patiently mature before coming of age.

For those that can afford it, it's the type of drinking experience that pays for itself. And for those who can't, c'est la vie. Ultra-premium bottlings aren't showing any signs of disappearing. We'll have to get used to them as they tempt and tease us from behind glass enclosures, just like luxury watches and supercars.

Related: I've Tested Dozens of Bottles of the Hottest Trend in Whiskey. Don't Believe the Hype