MONTHLY UPDATE

The Whiskystats Price Update for March 2021

14. April 2021 | 3.4K Views | 3 Comments

We get a first glimpse at the consequences of Brexit. The market keeps up its momentum but also continues to deliver examples for its immaturity. Rosebank leads the way, and many follow. Here is the Whiskystats Price Update for March 2021! 

Another sixteen thousand prices found their way into our database as the March 2021 round of remarkable auction results comes in. Remarkable because our major market indices continue to do what they do for a couple of months now, and that is going up. Both the Whiskystats Whisky Index (WWI) and our Fabulous Fifty Collection (Fab50) increased by more than 3%. Thereby both continue to break new records as the WWI now stands at 281 index points and our fifty fabulous single malts are now worth 143 thousand Euros.
Fab50 and WWI by 2021-03 On a distillery level it is Rosebank that extends its lead on the top of our distillery ranking. The most-traded Rosebank releases gained more than 9% in value last month. Yamazaki (+8,2%) overtook Macallan (-2,3%) and Hanyu (+1,7%) to now take third place again. It was also a very strong month for Bowmore (+6,3%) and Aberlour (+5,8%), both gaining a place. Worth noting is that Springbank overtook Port Ellen as this Campbeltown distillery continues its upward momentum. Since June 2020, our Springbank index climbed by no less than 27%!

Hello Brexit

So Brexit is here and the secondary whisky market has to deal with the consequences too. Apart from side effects like additional paperwork and longer shipping times, the main obstacle is of course the additional tax. For most countries, this will be roughly 20% that are now added on top. In a nutshell, EU bidders face significant monetary disadvantages on UK auctions and vice-versa. Quantifying the effect of this market separation apart from observing the overall market movements is tricky, since, for obvious privacy reasons, we do not know the residence of the bidders.
 
What we can do is comparing those lots which were sold at a UK auction to those at the one EU-based auction house we track (WhiskyAuction.com). However, this always meant that other parameters, like the different audiences of the platforms, would add some noise to the analysis. But now, WhiskyAuctioneer.com started to sell lots either through their UK or their EU offices. So same auction platform, same audience, but different tax implications. In the March 2021 auction, we found that 1400 out of the roughly 4000 lots that we processed from WhiskyAuctioneer.com were sold from their EU office. And there we identified 223 different whiskies of which at least one bottle was sold from both offices, and for which we compare the average UK/EU prices on a logarithmic scale in the visualization below.
UK vs. EU prices on WhiskyAuctioneer 2021-03 On average, the EU prices were 1,5% below their UK counterparts and the median price difference was -0,7%. There were even twelve bottles that sold for exactly the same price, like the Compass Box Tobias and the Angel which achieved 590 Euros in both offices. For some bottles, the difference was not so subtle though. The Benrinnes 20yo (2000) Sherry Cask from Cadenhead fetched 280 Euros in the UK but only 170 Euros in the EU. Or the other way around, like the Glendronach Grandeur Batch 6 which sold for 1090 Euros in the EU and only 830 Euros in the UK. So some of these differences even exceeded the additional tax, assuming that the winning bidders were from the UK or EU, respectively.
UK vs. EU prices on WhiskyAuctioneer Speyside vs. Islay Also very interesting is a look at these price deviations by the different whisky regions. On average, the 15 Japanese whiskies that were sold from both offices, were 5% cheaper in the EU. The same is true for the 17 English whiskies (Bimber). Above we see the comparison of the price differences for the two major regions, Speyside and Islay, from the UK perspective. Apparently, there was a bulk of Speyside whiskies that were 20% cheaper in the EU. On the other side, there were quite some Islay releases that sold for 20% more than they did in the UK. So obviously, the EU market has a tendency towards Islay whiskies. Something, that we already noticed in our Auctioneer Comparison.

What the Stats?

The secondary whisky market is an intransparent (which we aim to change), inefficient and immature market. And that is not our humble opinion but what our data suggests to us. Take the below displayed Bruichladdich Black Art 3.1. This whisky is quite regularly traded and the prices stabilized at around 300 to 350 Euros over the last couple of months. So one would expect that bidders keep calm if prices get too hot and simply wait for the next opportunity which will definitely come. Or they pay almost 2200 Euros which is roughly six times the common sense. Note that usually, we flag such prices as outliers (and they would not be displayed), but we may keep this one (at least for a while) as a memorial of what can happen if one does not get informed on Whiskystats before placing a bid…
Bruichladdich Black Art 3.1 And the reason for that is that the above example is not the only one. The Bruichladdich Black Art 5.1 doubled in price too. For the Balvenie TUN 1509 Batch 1 we have prices that range from 360 Euros to 830 Euros within the same round of auction. The Talisker 30yo (1970) from Kingsbury jumped from 1700 Euros to 5700 Euros within a single month. And then there is the Caol Ila 12yo London Scottish from James MacArthur. In the January round of auctions this twelve-years-old fetched an imaginative 32000 Euros! Imaginative because now, in March, the price dropped to 7700 Euros.
 
So what about your own whisky bottles? Did you know that you can track the value of your collections on Whiskystats, for free?

 
Found in Shops:
Bruichladdich Organic 2010 Islay Single Malt Scotch Whisky
70cl / 50% / Distillery Bottling - Made exclusively with organic barley grown on Mid Coul Farms in Inverness, Bruichladdich The Organic 2010 is a fruity, sweet Islay whisky with an elegant island character. Aromas of melon, peach and apricot mingle with honey, lemon meringue pie, gorse, heather and tart gooseberries on the nose, atop a backdrop of rich malted barley. The palate initially offers notes of pear drops, vanilla fudge, chocolate and marzipan, before developing toasted rye bread, buttery popcorn, smooth caramel and toas
Fair Priced
71 GBP Shop Price at The Whisky Exchange
75 GBP Estimated Market Value
Bruichladdich Islay Barley 2011 Islay Single Malt Scotch Whisky
70cl / 50% / Distillery Bottling - This whisky was created to show the effect that soil, climate, geographic orientation and natural influences can have on a whisky’s flavour profile. Distilled from barley grown on six farms in both western and central Islay, this whisky has a flavour unique to the island. A sweet and fruity spirit, this single malt also holds a refreshing saline quality that cuts through flavours of apples, gooseberries, vanilla and citrus.
Heavily Underpriced
52 GBP Shop Price at The Whisky Exchange
75 GBP Estimated Market Value
Balvenie Tun 1509 / Batch 7 Speyside Single Malt Scotch Whisky
70cl / 52.4% / Distillery Bottling - The seventh release of Balvenie Tun 1509 is a combination of 21 hand-selected casks - four American oak barrels, 10 sherry butts and seven hogsheads - that have spent three in a traditional marrying tun. Rich aromas of oak, dried fruits, raisins, dates, ground ginger and brown sugar fill the nose. The palate offers notes of tangy candied orange peel, oaky vanilla, golden syrup, honeycomb, toasted hazelnuts, ginger and nutmeg that linger in the finish.
Fair Priced
299 GBP Shop Price at The Whisky Exchange
325 GBP Estimated Market Value

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Board Forums The Whiskystats Price Update for March 2021

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  • #41224
    Avatarpye palm
    Participant

    Hi
    My name is Pye and a small reaction to the march report and the enourmus high sudden prices which seems to be unexplanble. I believe the only way to fine out of this, is to scutenice the bidding history , because sometimes it could be a finger-trouble in the bidding sequence. I mean somebody has suddenly made a quick bid and not found out about it .Maybee it was totaly wrong what he or she expected , and didnt follow up until paying time . Pye

    #41231
    WhiskystatsWhiskystats
    Keymaster

    Hi Pye,
    you are right, there could be all sorts of reasons for such an extreme price That is why we usually flag (and hide) them, which we will do with this one too. It’s interesting though that it happened for the Black Art 3.1 and 5.1 (to some degree)…

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