The world of luxury collecting has broadened in recent years, far beyond the traditional art, jewelry, and high-end automobiles. Today, discerning collectors are turning their focus to a new category of collectible: premium spirits. From scarce whiskies to limited-run cognacs, these premium drinks are on the radar of collectors worldwide because of their fusion of flavor, craftsmanship, and investment value.
The growing value placed on handcrafted production was one factor that had contributed to this trend. Whereas mass-produced liquors cut many corners, quality spirits are made with painstaking detail. Distilleries may use the best ingredients, old-world processes, and aging that can last decades. It’s the craftsmanship that art collectors increasingly gravitate towards, as collectors increasingly pay attention not just to the end product but to the story and effort behind it. Each bottle takes on a life of more than just a drink; it becomes a work of art, a marker of history, and a physical connection to the story of spirits.
An offering shortage is also a major force working in favor of luxury spirits. Limited editions, single-cask editions, and vintage bottles are typically few and thus in great demand. Scarcity can drive prices upward, particularly if combined with strong brand recognition. For collectors, the very possession of such a rare bottle represents the status of an exclusive individual who has a taste and ability to get his hands on something difficult to find. The rarity factor has turned some bottles into collectors’ items and investment assets, as certain whiskies and cognacs have increased significantly in value over the years.
A second reason that premium brands have developed to become must-have spirits in high-end portfolios is the importance they have as a social or experiential component. Collectors increasingly want more than just ownership. The events that result from hosting tastings, sharing bottles that are not widely available to members and or friends/fellow enthusiasts, and going through events would provide community, and if executed correctly, an aura of exclusivity. This sort of thing makes collecting a pleasure and is worth an uncountable sum beyond its list price. In that respect, a premium spirit is a happening possession, one that can deliver not only a sensory dividend but also a social one—an unusual and perhaps even unique quality in the world of collectibles.
Then there is also the investment potential in premium spirits. When alternative investments are enjoying more attention, high-end libations are being considered as a new asset class. The global appetite for rare whiskies, for example, has been growing by double digits, according to auction houses, with record-breaking sales being routinely reported. Unlike many types of investments, where value can vary so widely with demand and lack of supply, top-end spirits will hold their value. This makes them an appealing component in diversified luxury portfolios for those who crave to (literally) drool over something that is satisfyingly pretty and satisfyingly valuable.
There’s high-end spirits, and then there’s craft, and then there’s branding storytelling that makes premium spirits so appealing. Distilleries at the high end lovingly curate stories that they spin again and again: stories that focus on (largely) made-up heritage, origin, and process. Such branding adds perceived value and has a powerful appeal to collectors who value provenance and heritage. Every bottle tells a story, not just a story of what it contains, but one a collector can admire, display, and perhaps even share with the company.
In summary, the trend towards collectivist values being accorded to luxury collections of premium spirits mirrors a more widespread shift in how collectors perceive value. These days, it is no longer just about traditional luxury goods but also about experiences, craftsmanship, and investment potential. Flawed examples exist in any burgeoning market, but as the market for spirit collectibles has evolved (and yes, it even developed before them), they’ve shown that items in high demand, which are rare, of high quality, and rich in social significance, are not only far from played out, they’re increasingly demanding a premium. Whether for pleasure, to socialize, or for investment, these coveted spirits are reinventing the contemporary luxury portfolio, offering a best-of taste that can also make for a shrewd asset.
