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<\/p>\nThe secondary market for whisky has settled \u201cinto a new rhythm\u201d following the sharp swings and consolidation of recent years, Noble & Co\u2019s latest report has said, with the \u201cone-way increases\u201d in asset classes firmly over. \u00a0<\/p>\n
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Volumes of sales fell by 26% year-on-year (a loss of around 23k bottles), with values down 40% to \u00a317.126 million, from \u00a332.913million in the same period the preceding year, the quarterly whisky intelligence report by Noble & Co found. Despite the year-on-year figures remaining \u201cgrim\u201d, it argued that the figures weren\u2019t \u201cany worse than the rolling 12 months\u2026 so suggests an element of stabilisation in the market\u201d.<\/p>\n
For example, activity rose during the second quarter (moreso than the seasonal norm) and the average lot price also rose, reaching \u00a3286 per lot, up from \u00a3258 in the first quarter. This wasn\u2019t only attributed to the \u201chandful of high-profile trophies\u2019 but suggested \u201cbroach pricing stabilising\u201d.<\/p>\n
\u201cIf this continues into quarter 3, there will be a clear positive trend that the market has turned,\u201d it noted.<\/p>\n
Overall, there had been a \u201creappraisal\u201d 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 \u201cat least a fringe of the whisky investment cask companies\u201d had compounded this behaviour.<\/p>\n
As a result, the \u201cthe flipper and the consumer\u201d had largely withdrawn from the secondary whisky market leaving only investors and collectors still in the game \u2013 with the latter being more selective, and the former more prudent.<\/p>\n
\u201cThe overall picture is one of a market holding steady rather than accelerating,\u201d the report said, noting that bottles at the top end (\u201cThe Macallans, closed distillery releases, and culturally iconic bottlings\u201d) were still finding global buyers.<\/p>\n
Brands in value<\/p>\n
The Macallan remained the dominant brand by value and volume in the secondary market \u2013 almost in its own league, accounting for around \u00a312m of transactions between January and July 2025 and 19,000 bottles traded. This compares to \u00a33m for the next closest brand, Springbank (with 15,000 bottles) and \u00a32m 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.<\/p>\n
However, it is worth noting that while \u201cshowpiece lots\u201d set the ceiling in the second quarter, \u201csome of the prestige names \u2013 The Macallan in particular \u2013 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,\u201d it said.<\/p>\n
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