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A bottle of The Macallan 1926 Fine & Rare whisky sold for £2.125 million (£2,125,000) at auction on October 9, 2026, reaffirming the exceptional value of rare and collectible Scotch whisky. The sale took place at Sotheby’s first auction at The Macallan Estate in Speyside, Scotland, during the centenary year associated with the historic whisky’s distillation. The bottle is among the most valuable whiskies ever sold at auction, highlighting the growing significance of rarity, provenance and heritage in the global luxury spirits market. The whisky originated from sherry-seasoned oak cask number 263, which was filled with spirit at The Macallan distillery in 1926. After 60 years of maturation, the cask was emptied in 1986, producing just 40 bottles. According to the distillery’s historical account, the whisky reached its desired maturity under the stewardship of Janet Harbinson, with the bottling overseen by the Whisky Mastery Team led by her great-nephew, Allan Shiach. The 40 bottles were distinguished by their individual label designs, adding to their appeal among collectors. Twelve bottles featured artwork by British artist Sir Peter Blake, while another 12 carried labels designed by Italian painter Valerio Adami. Sotheby’s has identified up to 14 bottles as Fine & Rare editions, while two bottles were initially left unlabelled. One of these was later hand-painted by Irish artist Michael Dillon, depicting Easter Elchies House, the historic home of The Macallan. The bottle was commissioned by Fortnum & Mason in 1999. The October 2026 auction established a new record for the Fine & Rare version of The Macallan 1926. However, the overall auction record in sterling remained with the Adami-labelled bottle, which sold for £2,187,500 in 2023. An earlier milestone came in 2018, when another bottle from the same historic cask achieved approximately £1.2 million at auction. The extraordinary prices reflect the combination of six decades of maturation, extremely limited production, distinctive artwork and documented provenance. The condition and label of each surviving bottle also play a significant role in determining its value. As demand for rare Scotch whisky continues to attract collectors and luxury investors, The Macallan 1926 remains one of the most prominent examples of how scarcity and heritage can translate into exceptional auction prices.

The market for high-end booze is giving new meaning to the term "liquid assets." Niche investments like fine art, whiskey, and wine have always enjoyed a modicum of popularity among investors as alternative assets. But a Sotheby's auction this month that saw a bottle of Macallan whiskey go for $2.8 million begs the question: what can possibly drive such a high price for a bottle of booze? Whiskey is a different animal than wine, largely because the liquor ages in a barrel, while wine ages in the bottle. This is an important distinction in this case, as the enormous sum paid for the bottle at auction comes from a coveted cask filled in 1926 and not bottled until 1986. But apart from rare casks and astoundingly old liquor, there are other economic drivers that influence prices collectors are willing to pay. "The factor that determines the value of an investment Scotch bottle is of course supply and demand," Jeremy Kasler, the CEO of whiskey cask investment firm CaskX, told Business Insider. "But it's different from a normal supply and demand situation, where you can produce something and then you produce more if you need to, and less if there's too much around." The bottle Sotheby's sold is a Scotch whiskey, but Marlon Tulaszewski, a former Sotheby's whiskey specialist turned private client manager at Campari Group, says buyers are demonstrating a surging interest in American whiskey investments as well. "The category offers accessible entry points across a wide range of prices, opening collecting to a broad and incredibly passionate audience," he stated. "Its appeal encompasses the liquid, the history of the distilleries and the people behind them." Kasler, who has worked in both wine and luxury art, described whiskey as an "alternative alternative" market. It's a niche but increasingly popular investment theme in recent years, as more people seek out alternatives to traditional markets like stocks and bonds. That's been evidenced by the growing number of app-based platforms that offer everyday investors exposure to portfolios of everything from art to wine to watches and handbags. Some investors are not just buying bottles, but the casks themselves. Though most who purchase valuable casks are primarily whiskey lovers, Kasler noted that they recognize barrels as a highly tangible asset. He compared whiskey casks to gold bars in terms of how investors often think of them as a store of value. "It's one of the few assets that, if market conditions stay exactly the same, will increase in value, because there's a there's a world of difference between one year old bourbon and eight year old bourbon," he said of whiskey. "Every day, every night, it is increasing a little bit in value." Geoff Kirk, global prestige lead at The Macallan distillery cited the story behind a whiskey as key investment factor to consider, along with quality and provenance. Jonny Fowle, global head of whisky and spirits at Sotheby's, took it a step further, highlighting the importance of focusing on truly appreciating the product, whether it's an entire whiskey cask or simply a bottle, maintaining that it has helped yield results for investors. "The greatest investment one can make in whisky is investing one's time into understanding and appreciating the product first and the market second," he said. "Those who have done best from whisky's value increases have largely done so by accident, buying initially for the love of the product and exiting once the offers become too good to turn down." Get the latest Gold price here.

Welcome to Taste Test, where every week our critic Jonah Flicker explores the most buzzworthy and interesting whiskeys in the world. Check back each Sunday for his latest whiskey review. Did Old Forester really need to release a new whiskey that is kind of in direct competition with its annual unicorn Birthday Bourbon? The answer is most certainly not, but we are living in a world in which there is, by many accounts, a glut of well-aged whiskey to bottle, so why not come up with another special expression to entice fans and collectors. It turns out that the distillery’s new Tribute Series is not just a gimmick—the whiskey inside this throwback decanter is actually quite good. Let’s compare some stats to start. The 2026 Birthday Bourbon release was aged for 11 years, comes from one day’s production, was bottled at 97 proof, and is priced at $250. The new Tribute Series was aged for 12 years, comes from various production dates, was bottled at 115 proof, and is priced at $300. It also comes in a special decanter that is said to be inspired by Old Forester‘s “iconic holiday collection,” which was released throughout the ’50s and ’60s, and marks the beginning of a new annual series. It’s called Tribute Series and it’s supposed to be a—you guessed it—tribute to Old Forester’s whiskey firsts, like using heat-cycled warehouses and double barreling bourbon. Future releases will differ, but each will draw from the distillery’s most mature stocks of whiskey, which is distilled at Brown-Forman’s Shively Distillery just outside of Louisville. According to master distiller Caleb Trigo, the age will likely increase as the series continues, and the whiskey will be bottled between 110 and 125 proof. The inaugural release comes in at 115 proof, which works very well to provide a bit of heat and heft without dominating the palate. This is just really good Brown-Forman bourbon, with a deep, dark character that reveals notes of cherry cobbler, grape candy, buttercream frosting, leather, oak, smoldering wood fire, and NYC street cart hot nuts (if you know, you know), along with a bit more spice than I’d expect from older Brown-Forman whisky. I really liked the latest Birthday Bourbon, but I think I enjoyed drinking this whiskey even more. All that being said, there are some who are going to wonder why Old Forester is releasing this whiskey right now, and it’s a valid question. Is this just a cash grab, a way of maintaining relevance in a soft market, an attempt to make sure that Brown-Forman remains a relevant name in the world of collectible whiskey? All or none of this could be true, but I have no doubt that this bottle is going to sell for much more than its $300 asking price on the secondary market. The bourbon is really good, but even a cool throwback decanter doesn’t justify paying double the price. If you’re lucky enough to find it for close to its original price tag, however, buy a bottle—you won’t regret it. Score: 93 - 100 Worth trading your first born for - 95 – 99 In the Pantheon: A trophy for the cabinet - 90 – 94 Great: An excited nod from friends when you pour them a dram - 85 – 89 Very Good: Delicious enough to buy, but not quite special enough to chase on the secondary market - 80 – 84 Good: More of your everyday drinker, solid and reliable - Below 80 It’s Alright: Honestly, we probably won’t waste your time and ours with this

The worldwide whisky downturn is putting Tasmania's top shelf industry on edge Whisky was legally distilled in Tasmania two years before it was in Scotland, yet the home-grown industry lay dormant for more than 150 years. Then known as Van Diemen's Land, the distilling of spirits was declared illegal in 1839 by Governor John Franklin, whose wife, Lady Jane, reportedly declared that she would "prefer barley be fed to pigs than it used to turn men into swine". The ban only eased in 1901 when national distilling laws passed, but it would take nearly 91 years before smaller producers were legally allowed to manufacture the liquor, thanks to the efforts of a man who became Tasmania's whisky godfather. It ushered in the dawn of the state's booming whisky economy, thriving on the world stage even when it was shocked by jaw-dropping scandals. Now a global whisky downturn is hitting distillers from Kentucky to Kilkenny and industry giants are bearing the brunt of it, pausing production and laying off staff as customers leave bottles on the shelves. While the old-fashioned boom-and-bust cycle is familiar for most distillers, the downturn represents the biggest challenge for Tasmania's whisky businesses since the state was governed by colonial law. 'Let's give it a go': The birth of an industry Until 1992, small-scale spirit operations were not permitted in Australia, with the country's distillation act requiring people to have built a commercial-sized distillery before applying for a licence. But that requirement was scrapped after a campaign from Hobart-based land surveyor and pub owner Bill Lark. "The idea to make whisky came … from a realisation that Tasmania must have had good barley because our local beers were being exported all over the world at the time and we knew our water was probably some of the best water in the world," Mr Lark told 7.30. "And I just made a comment to my father-in-law and my wife, 'why isn't somebody making whisky in Tasmania?' and Lynn said to me, 'I don't know, Bill, but let's give it a go'. "When I look back, that was the start of the modern-day spirits industry in Australia, opening up the door for ... people to start with a small still and help us to produce good spirits here in Australia." With a licence in hand, Bill and his wife Lynn went on to found Lark Distillery, and thanks to some advice from Scottish whisky giant John Grant, released their first batch of Tasmanian whisky in December 1998. "We had 150 bottles we could take to the market. We weren't sure whether people would like it, let alone buy it, but that sold out almost straight away," Mr Lark said. "Our second release sold out before it was even bottled and it just sort of grew from there." Highs and lows of a young industry In 2014, a seismic shift occurred in the whisky world when Hobart-based distillery Sullivans Cove was awarded best single malt whisky at the World Whisky Awards. Sullivans Cove chief executive Andy Gaunt said the victory "changed everything" for the global whisky industry, and for the distillery, which until then had only been producing small amounts of the spirit. "It was really a moment that the whisky industry almost literally fell off their chair and realised that whiskies from the non-traditional countries were as good as, if not better in terms of quality, than whiskies from places like Scotland and Ireland and Japan and North America," he said. Despite its rapid growth and award victories, Australian whisky hasn't been immune from controversy. The collapse of Tasmanian whisky producer Nant in 2017 left investors thousands of dollars out of pocket, after they had purchased barrels with the promise of them being bought back by the distillery when the whisky matured. Nant founder Keith Batt last year pleaded not guilty to 736 criminal offences. His case returns to court next February. In 2022, Lark chief executive Geoff Bainbridge resigned from his role after The Australian published footage of him intoxicated while allegedly smoking amphetamine. And earlier this year, a Hobart magistrate dismissed charges against the Salamanca Whisky Bar, after allegations it had sold fake versions of the award-winning Sullivans Cove whisky. Challenging conditions Globally, times are tough. A fall in demand has resulted in Jim Beam pausing production at its main Kentucky distillery for all of 2026. In Scotland, producer Holyrood has announced an indefinite pause, while administrators have been called into the community-owned GlenWyvis Distillery in the Highlands. In the Tasmanian town of Port Arthur, cost pressures have forced McHenry Distillery founder William McHenry to let staff members go and scale back production. "Coming out of COVID, we had two distillers, we had two brewers. We've let both brewers go, we've let one distiller go," he said. "I largely do all the distilling now, [we've got] a part-time brewer, so the core production side of our business has really contracted a lot. "18 months ago we were distilling every day. Now I probably distill a couple times a month." The decision to slow down production is not one whisky producers take lightly. Whisky spends a long time maturing in barrels before it makes its way onto shelves. That process at McHenry Distillery takes about 10 years, meaning the decisions made about production now won't be felt until well into the future. "What worries me is that we're out there trying to get overseas business now … when the demand comes, we're going to be struggling to supply," Mr McHenry said. "We're going to have a look at our bond store and we're not going to have enough whisky there." Mr McHenry said his drop in sales is down to a number of factors, including an increasing number of distilleries, persistently high inflation and people choosing to buy cheaper imported products instead of more expensive Australian whiskies. He believes the "tightening" business conditions and the increased competition for customers could ultimately lead to some distilleries collapsing. "It may push a few players out of the market that are either too small or just don't have the stamina to stay in it,"he said. Calls to overhaul excise remission Some medium-sized distilleries argue the federal government's alcohol excise remissions scheme is stopping them from growing, and contributing to their slowdown. Whisky producers are charged an alcohol excise at a rate of $110 per litre of pure alcohol, but receive the first $400,000 of excise back as a tax refund. Mr McHenry is pushing for a complete overhaul of the alcohol excise, arguing it is crushing profit margins for bigger operations who use the money to grow their business or purchase new equipment. "Unfortunately, now that rebate, rather than being used for investment in growing the industry, is being used by some distillers to actually cut price," he said. "It puts a ceiling on the price that you can sell your product for. It strips out all the profitability for people like me. "It's OK if you want to just operate as a small business and that's all you need, but halfway through the year we start paying [the excise] and we either have to add it to our price or we have to take extreme discounts. "Neither is ideal, comfortable or pleasant." In a statement, a spokesperson for Assistant Treasurer Daniel Mulino said the remission scheme "provides important support to smaller Australian brewers and distillers, helping them manage costs, grow and support local jobs". Keeping spirits high The challenges that lie ahead aren't front of mind for one of the newest players in Tasmanian whisky, Waubs Harbour. The distillery, housed in an old oyster hatchery in the east coast town of Bicheno, creates a maritime-inspired whisky. Started by brothers Tim and Rob Polmear, it began making whisky in 2019 and sold its first bottles three years ago. The distillery has worked to ramp up production as sales increased, and now produces about 12,000 litres each year. "I'd be lying if I didn't say th

The Macallan has just announced the Carta Nautica Collection, a new four-bottle series of single malt whiskies. As befits its Spanish moniker, Carta Nautica follows the journey of oak from North America to Jerez de la Frontera in Spain and onwards to Scotland. The collection draws on casks that have held bourbon and sherry, with the oak travelling between continents before reaching The Macallan Estate in Speyside. The Macallan Whisky Mastery Team developed the collection around an unusual maturation sequence. The whiskies initially mature in sherry-seasoned oak casks from Jerez before being transferred into casks that previously held bourbon from North America. The distillery says this combination brings depth, richness and complexity, with brightness and balance also shaping the resulting spirits. The whiskies initially mature in sherry-seasoned oak casks from Jerez before being transferred into casks that previously held bourbon from North America… Four whiskies, two cask traditions and one Atlantic crossing The new collection comprises four expressions. The oldest is The Macallan Carta Nautica Distilled in 1987, a 38 year old single malt bottled at 45.2% ABV. It began life in sherry-seasoned oak before completing its maturation in bourbon casks. The whisky is the first in a new series of vintage releases, and its packaging features ocean-inspired artwork by American artist Amy Genser. The 1987 vintage offers creamy vanilla and caramelised peaches on the nose, alongside rich and antique oak, tropical pineapple, rose and a touch of pink grapefruit. The palate reportedly brings orange oil, berry compote and nectarine, with charred pineapple, leather and the sweetness of tarte au citron. Wood spice, tropical fruit and sultanas linger on the finish. The second release, The Macallan Carta Nautica 20 Years Old, is a Global Travel Retail exclusive bottled at 42% ABV. Its cask journey also begins with sherry-seasoned oak before the whisky is transferred to bourbon casks. Genser has created a separate artwork for this expression, using layered colour, texture and pattern to evoke the movement of water and forms found in nature. According to official tasting notes, orange peel and creamy vanilla lead the nose, followed by charred pineapple, juicy mango, apricot conserve and sweet red apple. On the palate, tropical sweetness and peach tea meet caramelised figs, with a wisp of leather, zesty grapefruit, chocolate orange and treacle cake. The finish brings dried tropical fruits, caramel and toasted oak spice. The Macallan Carta Nautica, bottled at 43% ABV, is intended for Latin America and Mexico. Its release notes describe a character shaped by three cask journeys, bringing together sherry-seasoned American oak and casks that previously held bourbon. The nose combines Tres Leches cake, vanilla cream and fresh fruit with almond-brittle nuttiness and zesty lemon meringue. White chocolate and floral honey lead the palate, followed by sweet melon, green apple and pear. Malt biscuit, citrus peel and gentle oak spice round off the finish. Carta Nautica 105 Proof brings a higher-strength dram to the US Completing the line-up is The Macallan Carta Nautica 105 Proof, a USA-exclusive bottled at 52.5% ABV. Its higher strength is said to give the expression a fuller-bodied profile, with the collection’s cask influences at the centre of its flavour. The nose opens with nougat, vanilla and honeycomb, followed by almond-brittle nuttiness and lemon drizzle cake. Rich toffee and golden syrup lead the palate, balanced by poached pear, green apple and candied orange. The finish brings malt biscuit, citrus peel and gentle oak spice. The Macallan Carta Nautica Distilled in 1987 is available globally through The Macallan website and The Macallan Estate Boutique, priced at $13,500. The Macallan Carta Nautica 20 Years Old is available worldwide, at $800. The Macallan Carta Nautica 105 Proof will only be sold in the USA, for $95.The Macallan Carta Nautica Latin America and Mexico edition price is TBA. Ah, brunch. Breakfast’s more sociable cousin, the only acceptable way to order a cocktail before noon: there’s no doubt in our mind that it’s the most important meal of the day. And you can forget eggs and coffee – London’s best spots make a strong case for dedicating the whole afternoon to our favourite event… Indian whisky producer Indri has launched its Diwali Collector’s Edition 2026, a cask-strength single malt matured in Portuguese Ruby Port casks, with just 180 individually numbered bottles allocated to the UK. Bottled at 58.5% ABV, the new expression combines ripe red and dark fruit character with honey, nuts and warming spice. Produced by Piccadily Agro… Juicy Couture’s iconic pink and zebra look has found a new home: on a Toyota Aygo X. The one-off Juicy Edition is a full-on Y2K makeover of Toyota’s compact crossover: a small, city-friendly car with a raised stance and extra space compared with the original Aygo. The model builds on the Aygo’s reputation as an… The Macallan has just announced the Carta Nautica Collection, a new four-bottle series of single malt whiskies. As befits its Spanish moniker, Carta Nautica follows the journey of oak from North America to Jerez de la Frontera in Spain and onwards to Scotland. The collection draws on casks that have held bourbon and sherry, with the oak travelling between continents before reaching The Macallan Estate in Speyside. The Macallan Whisky Mastery Team developed the collection around an unusual maturation sequence. The whiskies initially mature in sherry-seasoned oak casks from Jerez before being transferred into casks that previously held bourbon from North America. The distillery says this combination brings depth, richness and complexity, with brightness and balance also shaping the resulting spirits. Four whiskies, two cask traditions and one Atlantic crossing The new collection comprises four expressions. The oldest is The Macallan Carta Nautica Distilled in 1987, a 38 year old single malt bottled at 45.2% ABV. It began life in sherry-seasoned oak before completing its maturation in bourbon casks. The whisky is the first in a new series of vintage releases, and its packaging features ocean-inspired artwork by American artist Amy Genser. The 1987 vintage offers creamy vanilla and caramelised peaches on the nose, alongside rich and antique oak, tropical pineapple, rose and a touch of pink grapefruit. The palate reportedly brings orange oil, berry compote and nectarine, with charred pineapple, leather and the sweetness of tarte au citron. Wood spice, tropical fruit and sultanas linger on the finish. The second release, The Macallan Carta Nautica 20 Years Old, is a Global Travel Retail exclusive bottled at 42% ABV. Its cask journey also begins with sherry-seasoned oak before the whisky is transferred to bourbon casks. Genser has created a separate artwork for this expression, using layered colour, texture and pattern to evoke the movement of water and forms found in nature. According to official tasting notes, orange peel and creamy vanilla lead the nose, followed by charred pineapple, juicy mango, apricot conserve and sweet red apple. On the palate, tropical sweetness and peach tea meet caramelised figs, with a wisp of leather, zesty grapefruit, chocolate orange and treacle cake. The finish brings dried tropical fruits, caramel and toasted oak spice. The Macallan Carta Nautica, bottled at 43% ABV, is intended for Latin America and Mexico. Its release notes describe a character shaped by three cask journeys, bringing together sherry-seasoned American oak and casks that previously held bourbon. The nose combines Tres Leches cake, vanilla cream and fresh fruit with almond-brittle nuttiness and zesty lemon meringue. White chocolate and floral honey lead the palate, followed by sweet melon, green apple and pear. Malt biscuit, citrus peel and gentle oak spice round off the finish. Carta Nautica 105 Proof brings a higher-strength