Value of Whiskey - How to Sell Old Whiskey

Most collectors focus on single malt scotch, and the very rarest single malt scotches can be worth thousands or even tens of thousands. American whiskeys (like bourbon and rye) tend to be much less collectible; the most valuable can go for over $1,000, but even rare American whiskeys tend to go for the low hundreds. Canadian whiskies are of minimal value (there aren't many collectors for it). Blended scotch from about the 1960's on is common and generally worth around $50 at most.

Some bottles from just a few years ago can be worth thousands, when one from 30 years earlier might only command $75. It depends on many variables.

For a friendly valuation of your bottle(s), visit our whiskey appraisals page.

1.2 Where is a list of collectible whiskey values?

There is no current ultimate authority, no "Kelley Blue Book" of old, dusty whiskey.

1.3 How is the value of rare whiskey determined?

The way to arrive at an item's value is to find recent sales of the same or comparable item and balance that against what a seller actually profits in those scenarios. This involves being aware of past auction results, retail sales, private sales, the current state of the market, and private collectors' opinions.

Sellers should also understand that when dealing with any collectible, value can be different than price. At auction, the price might end up at $1,000. But the seller might only go home with $500 after deducting fees and expenses. So the word value is often used to mean what an owner can actually sell his collectible for -- which is not the same as the price that an auctioneer or dealer might get.

Recognize that nobody takes home the "full price." Dealers have to deduct what they first paid for the bottle. Auction sellers have commissions to pay. And private collectors negotiate with this knowledge.

Also keep in mind that the US secondary whiskey market is small and constantly fluctuating, so values are hard to say with certainty until a bottle is actually sold. Any estimate is just an educated guess.

1.4 Does it matter if the seal or tax stamp is broken?

The less it appears that the whiskey inside could've been tampered with, the higher the value. A broken tax stamp is not as bad as broken/torn foil. A missing seal will arouse suspicion and significantly reduce interest.

1.5 Does it matter if the bottle is open?

Unfortunately, that makes the whiskey worthless to collectors.

1.6 Does a low fill level affect value?

Full bottles in great condition are obviously the most desirable. But it's not unusual for some of the contents to have evaporated, particularly on very old bottles, even if the seal is still intact. If that's the case, and the liquid inside is cloudy at room temperature, the bottle is contaminated. If not, the whiskey is still probably fine to drink, although the extra headspace will have affected the flavor (from oxidation, plus whatever might be in that air). Whether that flavor is better or worse than when it was bottled is a matter of personal taste. But the more air that's been allowed into the bottle, the more it affects value. Bottles with fills below shoulder level are typically shunned by serious enthusiasts, unless the bottle is intended as a decoration or historical example rather than for the contents.

1.7 My bottle is super-old, shouldn't it be worth a fortune?

Old and rare doesn't mean something is very valuable. The value is determined by what others are willing to pay for it.

Whiskey doesn't age or improve in the bottle like wine does. Whiskey that was bottled decades ago will taste basically the same as it did the day it was bottled. So a bottle being from the 1950's (or whenever) isn't valuable just because it's old.

Additionally, the secondary (resale) market for whiskey is small and shifting. Since one of the only outlets for selling collectible whiskey in the US is the Bonham's spirits auction in New York, and they only do that twice per year, there are few records of what things are actually selling for (consider that versus collectible vintage wines, which are auctioned every day). That means that the "market value" of a bottle is often hard to know.

Note that bourbon is rarely seen at public auction in quantity. Single Malt Scotch is much more common and easier to price.

1.8 A store online is selling my same bottle for a huge amount!

The pricing of collectible whiskies on retail websites (like The Whisky Exchange) is different from their actual value. Consider this: if they were priced to sell, they wouldn't still be sitting on the shelf!

Whiskey retailers' profits mainly come from modern, recently-released whiskies. The other "Trophy Bottles" are there to look great in their shops, add overall prestige to their name, and attract web traffic. They don't need to sell those bottles to support their business. So, they put an exorbitant price on them. If someone actually does pay that, then the dealer is thrilled. But in reality, the retailer will field offers that are much lower. Think about it, you could list your old tennis shoes on Ebay for $10,000 -- but that doesn't mean they're worth a dime.

This is why even though a whiskey may have an asking price of $1,000 on a whiskey website, it doesn't always mean it's "worth" that much. If you were to sell your collectible bottle to those retailers, they usually pay about 30% - 40% of their retail price.

Just to be clear, the people operating those whiskey businesses are honorable, respectable folks. They make low offers because they're running a business.

1.9 Why is bourbon not as collectible as single malt scotch?

Single Malt Scotch has a huge following and collectors all over the world, and is viewed by many as an investment. There are a number of UK and EU auctioneers. But bourbon doesn't have much of a secondary market, particularly because US laws make it difficult on a practical scale. And American whiskey is not currently viewed by most whisky collectors as having investment potential.

Also consider that, stereotypically, bourbon drinkers are not as well-funded as scotch collectors. Think of the image of scotch vs. bourbon. There aren't a lot of rich CEO-types who chase after vintage bourbon the way it's done with scotch.

1.10 Bonhams New York, what's the deal with their whiskey auction and appraisals?

Bonhams is a premiere venue for selling rare whiskey in the US. Their auctions are twice per year. You can contact them for information on how to consign.

Many people in the whiskey community have ridiculed Bonhams' expertise, including us. We've written about the ignorance of their "whiskey experts" and their shockingly bad estimates and botched identifications in past auctions.

Bonhams' fees, premiums, and taxes are explained in 2.2 below.

Keep in mind that "expert appraisers" are salesmen who represent the auctioneer. Their job is to get you to sell your property in their auction, so that they can make money off your stuff. Considering that higher appraisals/estimates entice people to sell in their auctions -- but that the auction house can't be bound by those estimates -- we feel that's a conflict of interest.

1.11 What is the value of my whiskey collection?

We appraise the value of complete whiskey collections and can educate you on options for selling. Please email us and we'll be in touch with you.

HOW TO SELL RARE WHISKEY

Keep in mind that laws concerning liquor sales vary from country to country and state to state.

2.1 How do I sell the bottle I found/have?

In the US, Bonhams New York has whiskey auctions twice per year (make sure to be fully educated about auctions if you pursue that route) and Christies will sometimes feature whiskey. Some other states permit spirits auctions, but they happen infrequently without much publicity. Other than that, some whisky sales take place privately between collectors.

There are no "rare whiskey dealers" that operate like antique brokers or pawn shops. That's not legal in the US. Retail liquor stores may only sell bottles obtained through wholesale liquor distributors.

Ebay used to tolerate the sale of collectible liquor, but that was stopped in September 2012.

2.2 What do you mean "be educated" about whiskey auctions?

Many sellers at Bonhams end up disappointed. Revew sites like Yelp reveal sellers who profited as little as 12% of the final price (yes, twelve percent).

As of April 2013 Bonhams' New York tells us that they asses exacty the following fees in their whiskey auction, which should be deducted from the final price:

19% Sellers Premium

15% Buyers Premium

1% Loss & Damage Warranty

Shipping at seller's expense and risk

Fees are also assessed on unsold items, including storage fees that are reassessed until the item is retreived. When an item doesn't meet the reserve price (the minimum price the seller specifies they'll accept), those expenses plus the logistical problems of reclaiming the item often result in the seller accepting a low price.

See 1.10 above for more information on Bonhams NY Whisky Auctions.

2.3 What are these websites I see in the UK that buy rare whiskey?

Places like The Whisky Exchange and Whisky-Online are legitimate. The money they'll offer for a bottle is typically around 30% - 40% of the retail price for that same bottle. (They're not out to rip anyone off, they're just running a business).

2.4 What's that whisky auction site in Germany? Can I sell my bottle there?

WhiskyAuction.com is legitimate. If you can get your bottle there, they'll take a 20% commission, and you cannot set a reserve price. If you pursue this route, be cautious since German Customs sometimes doesn't allow incoming alcohol shipments (for unclear reasons), and because Deutsche Post is known to damage and/or lose liquor packages.

2.5 Hey a***holes, I sold my bottle for $1200 and you said it was worth $500. (Actual email).

Good for you! Like any collectible field, there are always newbies without much experience or knowledge yet. The quickest way for them to get started is to get anything they can find at whatever price it takes. And of course, there are also buyers out there who are simply price insensitive. When they throw money, we applaud you if you're there to catch it.

2.6 Do you guys sell whiskey?

Nope.

INFORMATION ON FOUND/OLD WHISKEY BOTTLES

3.1 Is the whiskey inside an old bottle still safe to drink?

If the bottle is still safely sealed, from a verifiable name brand, and the liquid inside is clear at room temperature, then yes. However, if you have an old crystal decanter, this is thought to be risky because the lead can leach into the spirit. Also, since many whiskeys during US Prohibition were adulterated, caution is required with those. Additionally, if you're lucky enough to have a bottle from before 1906, be cautious as whiskey was commonly subject to adulteration then. If for any reason you feel your whiskey is not safe to drink, don't drink it!

3.2 Does whiskey change or age in the bottle?

Basically, no. (But technically yes, in very tiny ways over very long periods of time). It will taste the same as the day it was bottled, or extremely similar. The age statement on a whiskey bottle (like "18 Years Old") refers to the time that whiskey spent aging in an oak barrel before it was bottled. An 8-year-old bourbon bottled in 1958 is still an 8-year-old bourbon.

3.3 My bottle is sealed but it's missing whiskey. Why?

Evaporation and/or leakage. It can happen even though the bottle is unopened.

3.4 How should I store whiskey?

Upright, away from sunlight, in a generally stable environment.

3.5 My cork broke/disintegrated when I opened my bottle.

That's typical for old bottles. There is no great solution to prevent this.

3.6 Are empty bottles worth anything?

Some, but that's outside our focus. Try Pre-pro.com for empties that seem to date from before Prohibition.

3.7 What should I do with my bottle?

Your basic options are to sell it, keep it, or donate it. Selling it turns you a profit and gets the bottle to a connoisseur who can appreciate it best. Reasons to keep it would be to drink it yourself, or to hold onto it for sentimental value. And if the bottle is very rare and important, you could consider donating it to the Getz Museum in Bardstown, KY.

ABOUT OUR INFORMATION AND VALUATIONS

4.1 Why do you do this?

We know it's rare these days to provide free information and services, but it's fun for us, and sometimes we get to feel like the Indiana Jones of Whiskey. It's amazing to recieve high-definition photos of forgotten relics -- and then to be able to piece together the significance of the bottles, when and where they were sold, and the actual people who made the whiskey in them. Prohibition-era and Pre-Prohibition bottles can be especially fascinating.

4.2 Who is the LA Whiskey Society?

We're a small group of whiskey aficionados in Los Angeles. We taste collectible whiskies in our group meetings. (How our whiskey club runs). The Society makes no money and we are not a business.

Since 2006, we've become what's perhaps the best-known and most-respected whiskey club in the US. We're also known in the worldwide whiskey community for our expertise in dating old and collectible bottles, particularly anything once sold in the US. We've even had to correct the "expert whiskey appraisers" at major auction houses over a dozen times.

4.3 How did you gain all this knowledge?

Years of experience, enthusiasm, networking, and endless amounts of research. Nearly all whiskey experts are amateurs, as are we. In fact, there is only one professional bourbon historian in the US, and he works for a philanthropically-supported historical society.

PLEASE FEEL FREE TO ASK QUESTIONS!

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Rare and Collectible Whiskey Bottles How to Determine Value - How to Sell Rare Whiskey

Rare and Collectible Whiskey Bottles
How to Determine Value - How to Sell Rare Whiskey