Whisky: Expenisve + Old = Good?

Expensive' is of course an elastic concept. Compared to other luxury foods and spirits, however, Whisky is obviously located in a comparatively high price segment. To some, this may seem unrealistic, but if you take a closer look, the relatively high price is self-explanatory. There are four aspects of production and distribution that need special attention, and we would like to explain them to you. First, the production of Whisky is very complex and time-consuming. Many different production steps have to happen before a bundle of barley becomes a bottle of Whisky. After cultivation and harvest, the grain is malted, mashed and fermented. These production steps alone take a lot of working time, equipment and raw materials. To achieve the high alcohol content, distillation is then carried out, which in turn takes time and energy. The raw materials needed for Whisky also don't fall from the sky: grain, water and yeast, not to mention the wooden casks, which can cost several hundred euros.

The most time-consuming step is doubtlessly storage: in order to be officially recognized as Whisky in Scotland and many other countries (including Germany), the spirit must be aged in oak casks for at least three years and one day. And even if the maturation happens mostly by itself, it costs a lot of money: casks, warehouse rent and management - all that costs money. Most Whiskies, however, mature significantly longer than the minimum three years required. Standard for good Whiskies are ten to twelve years, up to 18 or 21 years, in special cases even more. And now think how much money you invest over ten to twelve years in rent or a building loan... In addition, there is unfortunately the phenomenon of the so-called 'Angel's Share'. During the years of ageing in casks, a small amount of Whisky evaporates through the pores of the wooden casks. The rule of thumb is that about 1-2% of the liquid evaporates from the cask per year. So, for an 18-year-old, this is between 18% and 36%, which dissolves into thin air from the time of distillation until the Whisky is ready to enjoy.

What is also factored into Whisky prices is the high commercial risk. Imagine if you had invested all that money and work into a bottling and then an accident happens. A spoiled batch, a collapsed warehouse, a Whisky bottling that doesn't sell as well as expected - it's all happened before. Another reason for the sometimes high prices of Whisky is the low demand. As Maltheads and Whisky lovers, our kind lives in a certain bubble, but good Whisky is not as appreciated by everyone as it is by 'us'. And for the small quantities, the amount of work is relatively high.

This question cannot be answered definitively. At auctions, the amounts paid for individual Whisky bottles regularly outdo each other. And the values are rising rapidly, as the trend shows: In 2009, the 'most expensive Whisky' in the Guinness World Records was a Springbank 1919, which passed into the hands of its new owners at an auction for 14,000 pounds (just under 19,000 dollars). Ten years later, Whiskies at auction already achieved a multiple of this value. The amounts are in seven figures, the prices are rising steadily, Whisky is in some cases more valuable than gold! Macallan is regularly among the most expensive Whisky bottles auctioned. Among the highest prices so far were a Fine and Rare 1926 for just under 1.9 million dollars (auctioned in 2019), the Michael Dillon 1926 for just under 1.6 million (auctioned in 2018), or Valerio Adami 1926 and Peter Blake 1926, both auctioned in 2018 for over a million dollar each. In 2020, a bottle of Yamazaki 55 years changed hands for a whole 770,000 dollar - a considerable sum for a Japanese Whisky! The Dalmore also frequently scores a strike at auctions: While in 2011 the 64-year-old Trinitas was sold for just under 160,000 dollar, in 2020 the 62-year-old Dalmore brought a whole 350,000 dollar! Also: Upward trend.

There are also bottlings where tricks are used and instead of the Whisky itself the bottle makes up the high price. Thus, the most expensive Whisky bottle in the world is one called Isabella's Islay for 6.2 million dollars. However, this is not so much due to its contents, a smoky Islay Whisky, but to the bottle itself: the handmade decanter is studded with more than 5,000 diamonds and almost 250 rubies, the value of which is equivalent to that of two bars of white gold, according to the manufacturer. The bottle of The Macallan M, which was auctioned off in 2018 for $628,000, is also more about the size of the bottle: a whole six litres of Whisky fit inside.

We all know 'age is just a number'. With Whisky, however, it's not the number on the bottle that matters, but the quality of the maturation. Older does not necessarily mean better. Rather, it is a matter of harmonious maturation: in fact, this is twofold with a subtractive and an additive maturation. In subtractive maturation, the wood of the cask filters out the unwanted sharp or metallic tastes. Only after seven to eight years, this subtractive ageing is completed. Additive maturation, the absorption of cask flavours into the Whisky, takes place in parallel. Here is a summary of the flavours that different casks impart. So it's not for nothing that many standard bottlings are ten or twelve years old. From this point on, the irritating flavours are so far removed from the distillate that the cask flavours really come into their own. This is not to say that Whisky must be at least this old to be considered good. But experience shows that after ten to twelve years is often a good moment to bottle.

This question is of course very subjective, because all connoisseurs have their own idea of a 'good Whisky'. You can find Horst Luening's thoughts on the subject on this page. We would like to give you a few examples as a guideline and have selected Whiskies that Ben and Horst Luening find particularly good. A classic that many connoisseurs can agree on is Lagavulin 16, which you can have for about 80 dollars. You don't have to pay millions of euros for Macallan; you can get the 12-year-old Macallan Double Cask for as little as 65 dollars. Dalmore also has more affordable bottlings than mentioned at the beginning, such as the NAS King Alexander III for about 220 dollars. Sometimes Ben Lüning also likes a Bourbon: His favorite among them is Elijah Craig, which costs 40 dollars (small batch) to 426 dollars (18 years), depending on the respective age. A special maturation, such as Jack Daniel's No 27 Gold, can be yours for as little as 80 dollars. If you like it particularly smoky, Octomore is the right address, available from 115 dollars. In the eyes of Ben and Horst Luening, there are also good Whiskies in the somewhat lower price segment, even with an age statement: Laphroaig 10 (40 dollars) and Ardbeg TEN (50 dollars) or for those who prefer it less smoky Balvenie Double Wood 12 (60 dollars) and Glenfarclas 15 (63 dollars) are very good Whiskies at affordable prices.