John Ainsley 1 Investing in Whisky 5 As we expand our Premier Online Database we have included Wines and Spirits and here are thirty examples of whisky in the price range £2,600 down to about £20, which has sold at auction in the last few years. Although not a collector or investor my interest began about 40 years ago, when I was posted to RAF Kinloss, in the north east of , home to the famous Avro Shackleton and later the Nimrod, recently axed by the Government in the defence : Bottle of cuts. The local town of Forres had two distilleries, the famous Dallas Dhu, now a Ballantine’s whisky yielded whisky museum, and Benromach, still in production. I paid a visit to this distillery from the hold of the sunken two years ago and was shown around by the English manager, David, now in love ship, SS Politician, which ran aground off the coast of Bottle of Buchanan's special with his job and the area. The processes of production were fascinating but two in the Outer ‘Red Seal’ whisky, with things stuck in my mind from the visit. The first was how whisky should be tasted. A on Feb. 5th, 1941 and subse- original label. Gorringes, small amount of water is added to the dram. This releases the aroma and the flavour. quently sank, with photo copy Lewes. Jun 11. HP: £380. The amount is critical and shouldn’t be over done. Secondly David told me that of press cutting relating to ABP: £448. unlike wine, whisky does not improve in the bottle with age. Once bottled, its fate discovery of this particular and its flavour is sealed! The value of a bottle will depend on the name. If famous, 6 bottle. This is believed to be such as Dalmore, Macallan or Balvenie, then this affects the value, but ultimately it is the only wreck recovered down to rarity. As the stock of a particular year of any distillery goes down, the price bottle unsullied by sea water. Gorringes, Lewes. Dec 08. goes up. Whisky is an acquired taste, but is also down to the individual palate. My HP: £2,200. ABP: £2,596. favourite single malt is Glenmorangie. It is produced in Tain, Ross-shire, founded in 1843. Its water comes from the Tarlogie Springs in the Tarlogie Hills. It produces a 2 standard original single malt of 10 years and an ‘extra matured range’ of 12, 18 and 25 years. The casks used are ex-bourbon American white oak, subsequently used to store Olorosso sherry, ruby port and sauterne. The distillery has an annual capacity of six million litres. Collecting data from UK auctions in the four years up to 30th June the top twenty distilleries in descending order who have produced collectable whisky Bottle of Glenlivet malt are: Dalmore, Macallan, Balvenie, Glenlivet, , Brora, , whisky, limited bottling No , Mortlach, Ardbeg, Clynelish, Ben Wyvis, Glen Grant, Longrow, Talisker, 286, 25yr old Silver Jubilee , Glenrothes, Laphroaig, Highland Park and Strathisla. In respect of the Reserve, George J & G total value of collectable bottles sold in the last four years, Macallan tops the list with Bowmore over 8 years old, Smith, 75% proof, frosted bottle, in a wooden case £1.2m. The most expensive single collectable bottle sold at a UK auction in the last single malt whisky, four years was a bottle of Glenfiddich, at just under £40,000. The highest average distilled/bottled by Sherriffs’s lined with red velvet. price of a single bottle in the same period goes to at just under £700. Over Ltd., Charterhouse Auctioneers, Islay, 26 2/3 fl. ozs., 70 Sherborne. Feb 10. HP: the same period the highest % increase on a portfolio of bottles goes to Balvenie. degree proof, original carton £360. ABP: £424. I visited the ‘Whisky Highland’ pages online. As with all areas of investment it & booklet. Tennants, Leyburn. warns that putting your money into anything where the expectation is a gain in value, Jun 11. HP: £660. ABP: £778. carries inherent risks. As with shares, arts, wine or anything else the price can go 7 down as well as up. If you are interested in whisky as an investment, understanding 3 the subject - and understanding the investment are the main criteria on which success will hinge. They suggest 3 investment principles. Firstly you have to have a passion for the subject - or should I define this as a passion for whisky? If the market doesn’t always go in the direction you would wish, then you have bought a sophisticated and time proven product which you can enjoy. Then you will need patience. Whisky is a long term investment of 10 or 20 years. Thirdly you should consider where you see whisky in your portfolio ‘pyramid’ of investments. Do not invest what you cannot afford to lose. I found an interesting investment feature on www.thisismoney.co.uk Six bottles of Springbank 16 written in 2009. Toby Walne suggests that whisky should be tried before we invest Bottle of Glenlivet 50 year year old single malt Scotch our money, but this is rarely possible. He says resisting the temptation to open a old Scottish Highland single whisky bottled 1993, special malt whisky, original case, bottling 51% ABV. bottle can be the most challenging aspect of the investment. He lists a 50-year-old certificate. Gorringes, Lewes. Charterhouse Auctioneers, Macallan which sold in that year for £11,750 at auction. It could have been bought in Jun 11. HP: £420. ABP: £495. Sherborne. Feb 11. HP: 1983 for £200, and a previous record, Dalmore which sold for £32,000 in Bagshot in £340. ABP: £401. Surrey in 2005. One of only twelve bottles produced in 1943, it was bought and drunk on the day by a business man with five grateful friends. 4 Andrew Bell is the whisky specialist with McTear’s in . He says “If you want to invest you must first have a love of whisky.... success comes from ‘passion and patience’..... what you are after is simple, fantastic tasting drams... palates vary... some prefer peat or smokey flavours..... others a grassy or sweet taste.” Sukhinder 8 Singh, director of The Whisky Exchange suggests we buy a bottle to enjoy and another for investment. He says “Price tends to reflect quality and age” but older is not necessarily better. “The value is more about rarity and quality.” At 1 a bottle of Ballantine’s from the hold of the sunken ship SS Politician sold at Gorringes in Lewes in 2008 for £2, 596. A rare and historic bottle may be worth a Macallan single highland malt 1950, George J G Smith’s Glenlivet fortune and yet be undrinkable. Check for the level of whisky in a bottle. If high this cased. Charterhouse Whisky 1938. Charterhouse is a good sign, but if the level has shrunk down to the shoulder or the label it may Auctioneers, Sherborne. Aug Auctioneers, Sherborne. Aug have oxidised. Whisky should be kept at a constant temperature directly away from 07. HP: £400. ABP: £472. 07. HP: £260. ABP: £306. sunlight and heat. If corked this should occasionally be wetted to prevent shrinkage. ANTIQUES INFO - September/October 12 Whisky

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Talisker Isle of Skye pure Two bottles of 1975 Brora highland malt Scotch whisky single malt whisky, 54.9% Bottle of Macallan malt 1957. Charterhouse whisky, The Golden Jubilee vol. Charterhouse, Sherborne. Bottle of the Ashes Return Auctioneers , Sherborne. Aug of The Queen’s Coronation, Feb 08. HP: £160. ABP: £188. Home Speyside Malt Whisky, 07. HP: £190. ABP: £224. limited edition No 22/50, 15 Bottle of 1970 Hillside single boxed. Charterhouse cl, 47%, bottled for The 15 malt Scotch whisky, aged 25 Auctioneers, Sherborne. Aug Whisky Exchange London, in years, boxed. Charterhouse 09. HP: £25. ABP: £29. Auctioneers, Sherborne. Feb presentation box. 08. HP: £120. ABP: £141. Charterhouse Auctioneers, Sherborne. Aug 09. HP: £80. 20 ABP: £94. 10 24 Three bottles of Springbank 9 Macallan single highland year old malt whisky, private malt Scotch whisky 1964, distillery bottling, 57%, 28 boxed. Charterhouse matured in bourbon then sherry wood. Charterhouse Bottle of the Spirit of Robyn Auctioneers, Sherborne. Aug Bottle of Springback 12 year Auctioneers, Sherborne. Aug Hoode Single Malt Whisky in 07. HP: £180. ABP: £212. old single malt scotch whisky, 09. HP: £160. ABP: £188. a porcelain decanter, boxed. in original box with a bottle Golding Young Ltd, Lincoln. of Royal Salute 21 year old May 12. HP: £24. ABP: £28. Chivas Brothers whisky. Gorringes, Lewes. Jun 11. 29 11 HP: £100. ABP: £118.

The prices quoted are actual Bottle of 1972 Linkwood 16 Hammer Prices (HP) single malt whisky, 59.3% followed by the Approximate vol, limited edition No. 2757. Buyer’s Price (ABP) which Charterhouse Auctioneers, Pride of Strathspey all malt Bottle of 1968 Special includes an average buyer’s Sherborne. Feb 08. HP: £75. Old Highland Scotch Whisky Reserve Knockando whisky. premium of 15% + VAT. ABP: £88. 1938. Charterhouse Charterhouse Auctioneers, Auctioneers, Sherborne. Aug Sherborne. Feb 09. HP: 25 Chivas Regal 21 Yr Old 07. HP: £180. ABP: £212. £140. ABP: £165. Whisky, in ceramic decanter. Charterhouse Auctioneers, 17 Sherborne. Aug 07. HP: £20. ABP: £23.

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Bottle of Black and White Signed bottle of Ardbeg Scotch Whisky, with clip cap, Committee Reserve single probably 1930s. Bottle of 1980 Knockando malt whisky, 55.3%, boxed. Bottle of Highland Park 25 Charterhouse Auctioneers, single malt whisky, 40% vol, Charterhouse Auctioneers, year old malt whisky, 51.5%, Sherborne. Aug 11. HP: in wooden box. Charterhouse Sherborne. Aug 09. HP: in wooden box. Charterhouse £100. ABP: £118. Auctioneers, Sherborne. Feb £180. ABP: £212. Auctioneers, Sherborne. Aug 08. HP: £45. ABP: £53. 09. HP: £130. ABP: £153. Bottle ‘The House of 13 18 Commons Whisky’ signed by 26 Hugh Robertson MP. Kent Auction Galleries, Folkestone. Aug 06. HP: £10. ABP: £11. 22

31 Three bottles of Springbank 12 year old malt whisky, Bottle of Langs select Scotch private distillery bottling, Bottle of Macallan malt Whisky, limited edition 530 of 56.5%, matured in bourbon whisky, 1861 replica, 42.7%, Bottle of Gay Boy whisky. 4000 made to commemorate Three Bells Whisky commem- then sherry wood. boxed. Charterhouse Charterhouse Auctioneers, the Chinese year of the dog. orative decanters. Gorringes, Charterhouse, Sherborne. Aug Auctioneers, Sherborne. Aug Sherborne. Feb 09. HP: £90. Golding Young Ltd, Lincoln. Bexhill. Dec 04. HP: £25. 09. HP: £160. ABP: £188. 09. HP: £130. ABP: £153. ABP: £106. May 12. HP: £38. ABP: £44. ABP: £29. ANTIQUES INFO - September/October 12 ANTIQUES INFO - January/February 06 00 ANTIQUES INFO - January/February 06 00