Collecting 101

Since its beginnings in 1824, The Macallan has developed a reputation for producing the finest single-malt whisky. Appreciated for its rare, artisanal craftsmanship, both in taste and design, Macallan whisky has become a highly popular and coveted collectable.

Managing four whisky sales in Edinburgh and Hong Kong each year, Bonhams Head of Whisky, Martin Green, outlines the important history of Macallan, its unique reputation, and how to begin your own collection of some of the world’s finest whiskies. Illustrated by lots coming under the hammer in our upcoming Whisky sale in Hong Kong on 21 January 2022.

1. Origins

Located in the north-east of Scotland in the famous whisky distillery region of Speyside, The Macallan is nestled above the river Spey, boasting a quintessential Highlands aesthetic. It was founded in 1824 by the barley farmer and school-teacher, Alexander Reid, one year after the Scottish Excise Act legalised distilling. From its humble beginnings in a woodshed with two simple pot stills, Macallan now occupies one third of the world’s single-malt whisky market. It is thought that the name Macallan is taken from the Gallic word ‘magh’, meaning fertile ground and ‘Ellan’, a nod to the Monk St. Fillan.

2. Defining Character of The Macallan

Built on heritage, craftsmanship and excellence, The Macallan is the only distillery to have a Master of Wood. Its worldwide reputation is built on distinctive flavours and production methods, at the heart of which are the exceptional oak casks that have been carefully selected by The Master of Wood. Sourcing the timber for over 200,000 barrels from oak trees in Spain and the U.S, the bespoke casks contribute to 80% of the whisky’s final character. Another defining quality of the Macallan is its all-natural colour, which is imparted by the oak during the maturation process.

3. The Macallan and Lalique

The Macallan has become famous, not just for its iconic distilling, but also for its distinctive bottlings. 2004 marked the beginning of a longstanding collaboration between The Macallan and the French crystal house, Lalique – one that celebrates both organisations’ craftsmanship, heritage and innovation. The Macallan admired Lalique for their artistry and elegance and chose them to develop a series of unique decanters representative of the distillery’s Six Pillars: The Spiritual Home, Curiously Small Stills, The Finest Cut, Exceptional Oak Casks, The Natural Colour and Peerless Spirit. Together, the two luxury, high-end brands fused their expertise to create a long line of coveted, collectable releases.

The Golden Age of Travel, created in 2015, marked another successful collaboration with Lalique. Consisting of five unique crystal decanters, sold exclusively at a selection of international airports, the series celebrates traditional modes of transport from the 1930s. Each release is contained within a premium leather presentation box created by Spanish leather masters, Piñavall, and reflects a period of luxury and elegance that was celebrated for its new modes of transport by sea, road and air. While the Six Pillars collection is perhaps the most sought-after of their collaborations, The Macallan and Lalique have also created a number of one-off pieces. These include The Genesis limited edition, which marks the birth of the iconic distillery in a unique partnership with world-renowned architects Rogers Stirk Harbour + Partners. The Macallan has also collaborated with pioneers in other, similar fields. The Macallan Millennium, for example, is housed in a hand-blown decanter made from Caithness Glass, released to commemorate the turn of the millennium.

4. The Macallan On The Market

According to the 2020 Knight Frank Wealth Report, in general, the value of whisky has risen by 564% over the last decade. The Macallan’s global reputation for its distinctly delicious taste and unique decanters has transformed its whiskies into collectibles that transcend the whisky market itself. Whilst the distillery never discloses when they will release a new expression, the recognition and legacy of the brand, combined with a history of substantial increases in value, ensures a strong uptake amongst collectors and fans.

Releases by The Macallan start at a relatively affordable £100, but certain bottlings can reach tens or hundreds of thousands of pounds at auction. The Macallan - 50 year old - 1928 was the first to appear at auction. Bottled in 1986, it was a limited release of 500 bottles for the UK and European market, although a further 500 bottles were subsequently released in North America. Originally retailing for between £100 and £150 in 1986, this specific bottle has recently sold for more than £100,000. It fetched £17,500 in 2012 (inc. premium) at one of Bonhams Edinburgh sales. In 2017, the same bottle was sold for a staggering £54,453 (inc. premium) at Bonhams Hong Kong and in 2019, for £137,800 (inc. premium).

In 2018, Bonhams set two world records for the release of the Macallan- 60-year-old -1926. Bottled in 1986 from a single cask, and yielding just 40 bottles, they were first released onto the market in a sealed bid auction. Twenty-four bottles were released with specially commissioned label designs – 12 by Peter Blake and 12 by Valerio Adami. These 24 bottles are arguably some of the most coveted bottles of whisky in the world and would be a jewel in any collection. In 2018, for example, a bottle with the Valerio Adami design sold for £848,750 inc. premium.

5. How To Build Your Macallan Collection

When building a collection of whisky from The Macallan, it is important to gain an understanding of which bottles accrue the most value. These will often be bottlings bought over 10 years ago, or those that are hard to come by on the market. Bottlings like these are highly sought-after, and thus more likely to come up at auction than in retail. There are of course exceptions to this rule – for example, when a limited bottling sells out very quickly, which often happens with The Macallan’s releases.

As with all high-value items, we always advise that you are careful when purchasing releases of The Macallan and ensure that you are buying from a reputable source. Once you have acquired your bottle of choice, always keep it upright, out of direct sunlight, and in an environment that is not susceptible to external atmospheric conditions or sudden temperature changes.

It is always important to pay attention to the condition of both the bottle and the cork (both should be undamaged and sealed from new), but also remember that when purchasing a high-end release from a distillery such as The Macallan, the packaging is integral to the perception and value of the overall product. The outer box helps to protect the labelling, which will always identify the product in the future. Of course, if you enjoy drinking whisky as well as collecting it, perhaps consider buying two bottles, and when travel restrictions allow, consider a trip to experience The Macallan in person, at their stunning, multi-million pound Speyside distillery.

If you have any questions about The Macallan, please contact Daniel.Lam@bonhams.com.