Why is single malt whiskey so expensive?

Single Malt whiskey is one of the most revered spirits in the world. It is made exclusively from barley, a fairly inexpensive product. A bottle of 60-year-old The Macallan 1926 recently sold for 1,512,000 at auction, marking the largest ever sale for a bottle. Over the past 50 years, single malts have become increasingly popular. Scottish single malt exports increased by 14.2% in 2017 to almost 1.5 billion.

The Glenfiddich distillery in Scotland is the world's largest exporter of single malt. Established in Dufftown in 1886, it ships 1.2 million 9 liter cases each year.

The production of single malt is a long and difficult process. The barley is crushed and added to spring water. Heated to 64°C, it turns into sugar and dissolves into a thin, sweet and tangy liquid called must. The must is drained, cooled and passed through washes. This is heated and condensed in copper stills for its first distillation, then a second time in spirit stills. This spirit flows into the vault, ready to mature, then is put into barrels with spring water. The casks spend years in storage, maturing into a single malt.

Maturing for 30 years can cause 30 to 40% of the alcohol in the barrel to evaporate, or more than 1% each year of the whiskey's life. This is due to the “Angel’s Share” — the natural evaporation of liquid into the atmosphere over time. Older whiskeys are therefore expensive not because they are old, but because they are rare.

Fashion and the collector market also have something to do with this growing popularity. Christie's wine director Tim Tiptree oversaw the 2018 sale of the Macallan 1926 60 Year Old, which sold for 1,512,000 to a private buyer. According to Tim, the collector market will continue to grow.

India, China and Japan are now the main players in the single malt market. The Yamazaki distillery, in Osaka prefecture, is particularly prosperous. Rare whiskeys from their single malt collection now sell for thousands of dollars.

We tried a 12 year old single malt worth 36, and the 50 year old bottle worth 30,000.

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Why is single malt whiskey so expensive?