Whisky Takes a Beating at Auction

The whisky market has been under pressure all year. That’s evident not only in retail, but also on the secondary market, including auctions. The latest Whiskystats update shows heavy hits for both Japanese and Scotch whisky.

The secondary whisky market has been unpredictable all year, and November was no exception. Suddenly it became a busy month for auctions and marketplace platforms. More than 35,000 bottles were listed at auction, making it busier than in recent years.

Even so, much remained unsold and prices did not outperform previous levels. In fact, prices for Japanese and Scotch whisky have fallen further.

The decline in the value of Japanese whisky has reached historic proportions. According to Whiskystats, the market peaked in April 2022, then slid into a prolonged downturn.

Over the past few years, more than 70 percent of value has been wiped out, and November delivered another sharp blow. Japanese whisky has fallen in value harder than ever on the secondary market.

Prices dropped by more than 10% across all brands. Chichibu, Hakushu, Karuizawa, and Yamazaki all took significant hits, while Hibiki reached its lowest value on record. Bottles from that brand fell 8.5 percent in value.

Where Japanese whisky once practically guaranteed appreciation, that’s no longer the case. There is a bright spot, though: Yoichi did not decline. Bottles from that brand edged up by a fraction of a percent.

While Japanese whisky is tumbling in value at auctions and on marketplaces, Scotch isn’t faring all that well either. Collectors are cautious and no longer pounce on every opportunity.

As a result, many Scotch bottles remain unsold or change hands at low prices. The Macallan does show a hint of stabilization after months of declines. The Scotch distillery’s bottles didn’t drop in value in November, but they didn’t rise notably either.

Even though the numbers for The Macallan are encouraging and those for Japanese whisky less so, that’s no predictor for the coming year. Prices have swung wildly all year, with declines dominating.

The tide may turn next year at auction and in retail. Before that, Whiskystats will undoubtedly publish a December update in early 2026. With a bit of luck, the figures for both Scotch and Japanese whisky will look brighter.