Scotch whisky auction market enjoys record sales run
The UK auction market for single malt Scotch malt whisky has enjoyed a record breaking three months, with sales surpassing £6 million between April and June.
New data released by broker Rare Whisky 101 shows that sales broke through the £2 million barrier each month.
During the three-month period the average bottle price reached a record high of £286.
In total 21,617 bottles were sold, leaving total sales at £6.18 million. That represents an increase of 121% in value compared to the same period in 2016 and a 71% increase volume of bottles.
Whisky investment analyst and co-founder of Rare Whisky 101, Andy Simpson, said: “Any question as to whether the recent increases in the rare whisky market would begin to plateau can, for now, be summarily dismissed. Even we wondered whether the market could continue to expand at such levels, following another record braking year in 2016. The performance of Scotch malt whisky at auction over the past three months has been nothing short of phenomenal.
“The growing popularity of online auctions, combined with recent moves by traditional rare whisky retailers to set up their own auction sites, continues to drive demand. By joining the secondary market sector, these “bricks n mortar” retailers have finally realised that they can’t afford to lose rare whisky customers to the auction market.
“Anecdotally we have seen growing demand from North America and Asia over recent times. We have also experienced a dramatic increase in enquiries from Asian and USA professional buyers looking to set up new supply agreements to capitalise on this dynamically growing market.”