December’s Whisky Market: Tough on Scotch, Strong for Japanese Whisky

December remained challenging for the international whisky market, including the secondary market. According to recent data from Whiskystats, auction prices for whisky bottles fell again in December. The Macallan shed the most value, leaving the whisky down by more than 10 percent by year’s end.

The Whiskystats Index, which tracks the 500 most traded bottles at online auctions, posted a 1.5% decline in December. That brings the total loss for 2025 to just under 10%. In other words, whisky on the secondary market lost roughly 10% in value over the past year. That may not sound dramatic, but it’s significant.

One of December’s biggest losers was The Macallan. The Speyside distillery saw its index value fall by 6.6%. That’s notable, given the brand’s whiskies have long been viewed as highly valuable among collectors. That trend now seems to be tapering off.

Across all of 2025, Macallan bottles are down 11%, putting the Scotch below the market average. Popular releases like the Macallan 10-Year-Old Full Proof and Macallan Edition No. 1 fetched lower prices at auction.

While Scotch is under pressure, Japanese single malts are staging a striking rebound. November wasn’t a great month for the spirit from the Land of the Rising Sun, but December was better. Japanese whisky gained 5.3% in value.

Rare bottles from Karuizawa and Hanyu performed exceptionally well and sold for much higher prices than before. For instance, the Karuizawa Noh Cask #8529 climbed from under 3,000 euros in November to 4,800 euros in December.

Whiskystats concludes that while price declines in 2025 have eased, there is still no sign of a structural recovery. At the same time, the market offers opportunities. For enthusiasts and investors alike, this could be the moment to acquire desirable, high-quality bottles at realistic prices.