Rare whisky sales are thriving, even during a recession, according to The Wall Street Journal. With more wealthy buyers entering the market from Russia and China, the whisky business is booming.
So what's driving the market? Specialists say the market for rare and collectible whiskies has become increasingly global with the entrance of more Asian, Russian and Eastern European buyers. McTear's whiskey specialist, Andrew Bell, says investment in whisky has increased rapidly during the economic crisis, as paper investments lose their charm.
To gain in value, whisky must be from a top distillery, fine and rare. Mr. Bell says collectors primarily want single malts (Single malt Scotch whisky made only from barley comes from a single Scottish distillery and is matured in oak casks in Scotland for at least three years).
On Aug. 5, McTear's sold the most expensive whisky bottle at auction for the year in a single malt from Scottish producer Macallan -- a bottling of three casks distilled between 1926 and 1928, celebrating the distillery's 50th anniversary. Estimated at £8,000-£10,000, it was bought for £11,750 by an anonymous Californian buyer.
That's a lot of money for a bottle of whisky. Analysts say that wealthy buyers are looking to put some money into anything that's not the stock market, so whisky sales are booming.
