The holy grail of collectible whisky

In 2019, a bottle of The Macallan Fine and Rare 1926 sold for £1.5m at Sotheby’s. This remains the world record for the most expensive bottle of whisky ever sold. 

What is perhaps even more impressive is that the second, third, fourth and fifth most expensive single bottles sold at auction have all been from this same distillery, too.

The Macallan Michael Dillon 1926 60 Year Old; The Macallan The Intrepid 32 Year Old; The Macallan Valerio Adami 1926 60 Year Old; and The Macallan Peter Blake 1926 60 Year Old all sold for more than $1m each.

So what’s the story behind the world’s most collectible whisky brand?

Located in Scotland’s Speyside region close to the river Spey, The Macallan was one of the first legally licenced distilleries in Scotland after the passage of the 1823 Excise Act. 

It was licensed to barley farmer and schoolteacher Alexander Reid in 1824 as the Elchies distillery.

By the 1950s and 1960s, The Macallan had become highly sought after for use in blends – including The Famous Grouse.

But it was really the 1980s where The Macallan sealed its fate, leading the charge in the explosion of the single malt whisky market. 

Shane Cody, Director of Tomoka Fine & Rare, says that during that decade, The Macallan became highly regarded for its “distinctive single malt style: it was oily, creamy and rich and was initially exclusively matured in ex-sherry casks, giving the liquid an oaky, spicy sherried fruit character.”

Since then, The Macallan turned its focus to the luxury whisky market, pioneering the release of limited bottlings, including the Fine & Rare vintage range dating back to 1926, The Red Collection and most recently, the James Bond Decades Collection.

Cody says these vintages are “usually highly limited and sought after among collectors and investors, sometimes appreciating in value way beyond people’s expectations.”

Two hundred years ago, The Macallan started with two stills operating from a wooden shed. Now it has 36 stills with a capacity of 15 million litres of alcohol annually, all housed in an award-winning facility designed by Rogers Stirk Harbour & Partners. It’s fair to say the cream rises to the top.

Investing in The Macallan

Since whisky was named the top luxury asset in the 2018 KFLI report, interest in investing in this popular asset class has skyrocketed, with The Macallan becoming one of the top recipients of these investments.

Arguably the most sought-after brand by collectors, The Macallan is virtually unrivalled, ranking third largest-selling single malt globally and the second largest in value. 

The Macallan’s legendary releases

The Macallan has released a number of iconic vintages and limited-edition series’ over the years. A few worthy mentions include The Masters of Photography, a series featuring an inspiring collection of images capturing different aspects of the Macallan Distillery; Archival, a series commemorating the legendary Macallan advertising campaigns of the 1970s, 1980s and 1990s; and the Exceptional Single Cask Range, featuring some of The Macallan’s rarest single malts.

“For me, the real safe investment in Macallan bottles is that of pre-2015,” Cody explains. “For example, The Macallan Private Eye was originally released in 1996 for £36 – and is now worth £10,000. Or the vintage 25-year sherry oak bottlings; these again go for around £10,000-£12,000, costing a fraction of that in the 1970s and 1980s. They show a steady growth in line with brand reputation and recognition.”

Cody recommends buying older bottlings, “where you can visibly search and see past performance and a steady rate of growth. A growth far better than any bank would give you.”

While no investment can guarantee returns, investing in a bottle or cask from a reputable distillery is a tasty investment opportunity.

Tomoka currently stocks a Macallan 1964 25-year decanter available for purchase for £12,500 at the Tomoka shop, Royal Exchange. If you’d like to peruse Tomoka’s impressive collection of whiskies and spirits, visit Tomoka’s flagship store at 2-3 The Royal Exchange, London, EC3V 3LL; 0207 8461207. For more info, email info@tfandr.com