Liquid Gold
There’s a kind of “liquid relativism” at play when you start discussing the world’s priciest drinks. Just what is it that shapes the stratospheric prices of the world’s most prized bottles?
Related articles
Provenance, rarity, and the hyper-competitive nature of high-end collecting all come into it, so too the unquantifiable value of patience and time. And then the distilled essence of capitalism that says something is worth whatever someone is prepared to pay for it. The upper reaches of the world’s most expensive bottles are dominated by wine and whisky. The priciest wines of the world trade on the fickle blessings of nature to justify the princely sums they attract. They come from sites with provenance proven over generations, and are produced in quantities limited by the fact that the celestial hand deciding where those places might be is notoriously stingy.
The list of record prices for wine are dominated by the mythologised domains of Burgundy and Grand Châteaux of Bordeaux, with a handful of ambitious Napa cabernets snapping at their heels. The fine wine market operates in primary and secondary modes, and the most highly prized wine on earth, Romanée Conti from Domaine de la Romanée Conti, is a good gauge of how they work. If you could actually get the chance to buy one on release, a bottle would set you back more than $20,000. Older bottles from great vintages are the secondary market’s superstars, with the world’s auction houses securing astronomical sums. A 1945 Romanée Conti sold at Sotheby’s New York in 2018 fetched US$558,000 (around $840,000).
As impressive as that is, the really serious money is in whisky. As a secondary-market proposition, malts are a safer bet. Its more robust constitution avoids the spinning chamber of fate that turns buying older wines into a gambler’s game. A wine showing greatness in serious old age is a rare good fortune. In whisky it’s an expectation. The biggest trend of recent years has been the emergence of the “super-luxury” whisky, limited-release bottlings in extravagant packaging carrying price tags more commonly seen on sports cars. But the real big bucks come for the uber-rarities.
Macallan was considered King of the Auction Room for many a year, generating grand numbers with mythical liquid from 1926’s Cask 263. Forty bottles were filled in 1986 for Macallan’s very best customers, and whenever one goes under the hammer, records threaten to tumble. In 2023, one of the 12 bottles from the original 40 given a label by Italian pop artist Valerio Adami, sold at auction at Sotheby’s London for £2.19 million (around $4.19 million).
The record books sometimes feature unique offerings from which the price can be inflated by specially commissioned bottlings; The Craft Irish Whiskey Co. set what was then a new record of more than US$2 million (around $3 million) at auction in 2021, but much of that number was due to the Fabergé Egg that came with it. Still, the same label made headlines at the beginning of this year when a bottle of its triple-distilled single malt, The Emerald Isle, secured $2.8 million (around $4.21 million), narrowly eclipsing Macallan’s landmark 2023 figure. The action, one suspects, is only just beginning.
Subscribe to the Newsletter
Recommended for you
Champagne Bollinger Just Released a Limited-Edition, James Bond–Inspired Bubbly
The Champagne Bollinger 007 Goldfinger Limited Edition comes with its own carrying case and glasses.
By Tori Latham
October 11, 2024
Hibiki 40 Year Old Resets the Bar for One of Whisky’s Most Exalted Names
The legendary blender reasserts itself in the industry’s uppermost pantheon with its oldest and rarest blended release ever.
By Brad Nash
October 4, 2024