The secondary market for whisky has settled “into a new rhythm” following the sharp swings and consolidation of recent years, Noble & Co’s latest report has said, with the “one-way increases” in asset classes firmly over.
Volumes of sales fell by 26% year-on-year (a loss of around 23k bottles), with values down 40% to £17.126 million, from £32.913million in the same period the preceding year, the quarterly whisky intelligence report by Noble & Co found. Despite the year-on-year figures remaining “grim”, it argued that the figures weren’t “any worse than the rolling 12 months… so suggests an element of stabilisation in the market”.
For example, activity rose during the second quarter (moreso than the seasonal norm) and the average lot price also rose, reaching £286 per lot, up from £258 in the first quarter. This wasn’t only attributed to the “handful of high-profile trophies’ but suggested “broach pricing stabilising”.
“If this continues into quarter 3, there will be a clear positive trend that the market has turned,” it noted.
Overall, there had been a “reappraisal” of the returns required from an alternative asset class such as whisky due to the macro-economic landscape and geo-political tensions, while revelations around the potential mis-selling, fraud and exploitative behaviours among “at least a fringe of the whisky investment cask companies” had compounded this behaviour.
As a result, the “the flipper and the consumer” had largely withdrawn from the secondary whisky market leaving only investors and collectors still in the game – with the latter being more selective, and the former more prudent.
“The overall picture is one of a market holding steady rather than accelerating,” the report said, noting that bottles at the top end (“The Macallans, closed distillery releases, and culturally iconic bottlings”) were still finding global buyers.
Brands in value
The Macallan remained the dominant brand by value and volume in the secondary market – almost in its own league, accounting for around £12m of transactions between January and July 2025 and 19,000 bottles traded. This compares to £3m for the next closest brand, Springbank (with 15,000 bottles) and £2m for Bowmore (on smaller volumes, taking it into eight place in volume terms). Below that Ardbeg (third by volume at 5,000 bottles), Glenfarclas, The Balvenie, The Dalmore, Glendronach, Lagavulin, and Glenfiddich made up the top ten transactions by value, with Port Ellen, Highland Park and Brora just below.
However, it is worth noting that while “showpiece lots” set the ceiling in the second quarter, “some of the prestige names – The Macallan in particular – were trading below the highs achieved earlier in 2025 or in the prior year, suggesting that while demand for iconic releases remains strong, the market is applying firmer discipline to valuations as well as a broader market decline,” it said.
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