UK: Value of rare Scotch whiskies up more than a fifth this year
News General news
The value of rare Scotch whiskies has climbed by more than a fifth this year as younger investors sought tangible assets amid volatile financial markets, the Financial Times reported.
Volumes have jumped by almost a quarter, the FT said, citing a report by Scottish investment bank Noble & Co. The increase in auction sales was mainly driven by bottles priced between £100 and £1,000, with that category seeing values rising 40% and volumes 30% in the first three quarters.
The report was conducted with data science company Brainnwave and tracked more than half a million auction transactions over the past decade. Choppy markets have bolstered demand for rare whiskies as alternative investments, the FT cited Noble as saying. Sales at investment firm Elite Wine & Whisky highlight that trend.
Elite saw demand spike after the UK’s “mini-budget” in September roiled markets, and its turnover has risen 70% so far this year to £17 million, the newspaper reported.
Scotch made up three-quarters of Scottish food and drink exports last year and more than a fifth of all UK food and drink shipments, the FT said, citing the Scotch Whisky Association.
