The latest Noble & Co Whisky Intelligence Report reported that the secondary market for single malt Scotch whisky faced a sharp correction during the October 2024 to January 2025 period, with both transaction volumes and values declining significantly amid “a retreat” from high-end collecting.
“Overall volume fell by 21% compared to the same period a year earlier, while total value transacted dropped a staggering 53%, driven largely by a consistent downtrend in average bottle prices …” said the report.
“The average price per bottle decreased from £320 in H1 2024 to £277 in H2 2024, with several months dipping below the £300 threshold.
“However, January 2025 did show a modest 5% price rebound YoY — a potential early signal of market recalibration (although it is the low volume month of January so we wouldn’t want to overstate this).”
Bottles priced above £10,000 represented 32.5% of value last year, but this fell to just 6.8% in the latest quarter.
The report said high-value lots have contracted due to both supply-side caution and a cooling in collector appetite.
The share of market value from bottles under £1,000 rose sharply from 37.4% to 59.2%.
The Macallan continues to dominate the value league tables. Springbank continues to be the standout brand among mid-tier collectors.
The report said: “Average (bottle) prices in 2023 were £403 and in H1 2024, they averaged £320, followed by H2 averaging £277.
“One month in 2023 was under £300 average price but 2024 saw 7 months below £300 average price. January 2025, a low-volume month, saw average prices up 5% from January 2024.
“This followed October -49%, November -53% and December -35%. There is blood on the streets and the market environment has been awful for the auction houses and sites.
“We have noted commentary from some suggesting that the market stabilised in Q4 2024. We saw a typical seasonal uptick in September 2024 and October 2024, with volumes rising in both months, month on month.
“Average prices also ticked up month on month in September 2024. However, the 3-month rolling average has been in decline since November 2023 (and arguably since peaking in May 2023) and there are no signs of this stopping.”