From Rare Whisky to Return - 18% Yield on High-End Spirits Since 2023

The trend is driven by rising global demand, limited supply, and the growing cultural cachet of owning bottles like The Macallan 1926, Yamazaki 55, and Dalmore’s Constellation Series. In April 2025, a bottle of The Macallan Adami 1926 sold for $2.7 million at Sotheby’s, reaffirming whisky’s place among the top-tier luxury collectibles.

“We’ve had bottles appreciate faster than property,” said Jonny Fowle, Head of Whisky at Sotheby’s, in a March press release. “Rarity, provenance, and perfect condition create exponential value.”

At WAX Collect, rare spirits are gaining momentum as more clients digitize and insure their liquid assets. Over the past year, we’ve seen a 40% increase in high-value bottle uploads, particularly from clients in New York and California. Many are pairing bottle images with provenance documents, auction receipts, and storage certifications.

One Vaulted Voice — a private WAX client and restaurateur — shared: “I used to buy these bottles for my cellar. Now I treat them like art.”

Platforms like WhiskyInvestDirect and Rare Whisky 101 have made valuation data more transparent, encouraging collectors to treat their holdings more like a portfolio than a passion project. This has influenced behavior: bottles are being stored offsite, moved to bonded warehouses, and — increasingly — insured like fine art or jewelry.

Risk remains, particularly around counterfeit bottles and volatile auction cycles. But WAX clients can now tag bottles by release year, distillery, edition number, and storage conditions, making it easier to substantiate value in underwriting.

We’ve also seen an increase in commercial policies tied to whisky, particularly for hospitality clients and private clubs where high-end spirits are both an asset and an experience.

The market's growth is also being shaped by generational demand. Millennials and Gen Z collectors are buying younger-aged Japanese whisky and limited Scotch releases at unprecedented rates. The same way sneakerheads once transitioned to watches, they’re now discovering spirits with similar cultural and collectible appeal.

For WAX Collect users curating liquid portfolios, the message is clear: rare whisky isn’t just for drinking anymore. It’s for documenting, insuring, and yes — appreciating.