Wednesday, September 21, 2016

It's Just Whiskey


The Donnington Priory location of Dreweatts.
Dreweatts, a London auction house, is holding a rare 'wine, whisky, and select spirits' auction on Wednesday, October 12, 2016 at 10 AM (London time). The only American whiskey on offer is A. H. Hirsch 16 year old Reserve (gold foil), two bottles. Dreweatts estimates their value at �900-1,000 each ($1,170-$1,300).

It is rare that we get a glimpse of the actual market for such 'unicorns.' In the United States, it is illegal to sell alcohol without a license so virtually the entire secondary market is underground. No one knows how big it is and there is no reliable record of prices paid. Two bottles in a distant auction do not a market make, but it's something.

At this point, the selling price for A. H. Hirsch, Van Winkle, George T. Stagg, and select others has nothing to do with their quality or drinkability. It is based entirely on the economics of scarcity and the willingness of some monied folk to spend outrageous sums to obtain something book writers say they can't have. It is much like the old joke about why dogs lick their own balls.

Because they can.

Speaking as someone who is neither wealthy nor especially limber, but who has tasted most of the rarities, you should not feel too badly if you haven't. All of these extremely desirable whiskeys are good whiskeys, but are they 40-times better than a lot of everyday pops? Not really. It's just whiskey. You're mostly paying for the ego trip.

Incidentally, most of the 80 lots are single malt scotch, many in the �100-120 range ($130-155). Bidding is online but I have no idea if residents of the USA can participate.

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