Secondary Whisky Market Value Drops 40% as Stabilization Emerges in 2025

The secondary whisky market is showing early signs of stabilization after two years of contraction, according to the latest Whisky Intelligence Q3 2025 Report from Noble & Co. The report, which covers the period from April through July 2025, highlights a shift in the types of buyers active in the market and notes a new balance between supply and demand, albeit at lower price points than in previous years.

Duncan McFadzean, who authored the report’s executive summary, identified three main types of buyers currently shaping the sector: investors, collectors, and flippers. However, he noted that the flipper and consumer segments have largely withdrawn from the market due to ongoing global economic uncertainty, inflation, and geopolitical tensions. This leaves investors and collectors as the primary participants, with both groups exercising greater caution and selectivity.

The report details that after a period of sharp swings—first a correction in late 2022 and into 2023, followed by uneven trading and further decline in 2024—the first half of 2025 has seen the market settle into what Noble & Co describes as “a new rhythm.” During this period, the value of the secondary whisky market dropped by 40%, from £8.9 million (US$11.9 million) to £5.4 million (US$7.15 million). Sales volumes also fell by 26% compared to the same period in 2024. Despite these declines, the report suggests that the market is stabilizing, as these figures are consistent with trends over the past year.

In Q1 2025, 12,715 bottles were sold for a total of £3.3 million (US$4.41 million), averaging £258 (US$477) per lot. Activity increased in Q2, with 14,725 bottles sold for £4.2 million (US$5.61 million), raising the average lot price to £286 (US$381). If this trend continues into Q3, it could indicate that the market has turned a corner.

The Macallan remains the dominant brand in the secondary market. From January 2024 to July 2025, The Macallan achieved an auction value of just over £12 million (US$16 million). Springbank followed with just over £3 million (US$4 million), and Bowmore was close behind at approximately £2 million (US$2.67 million). Other notable distilleries in the top ten include Ardbeg, Glenfarclas, The Balvenie, The Dalmore, Glendronach, Lagavulin, Glenfiddich, Port Ellen, Highland Park, and Brora.

In terms of volume, The Macallan also leads with nearly 19,000 bottles traded during the same period. Springbank is close behind with almost 15,000 bottles, reflecting its broad appeal despite lower average prices. Ardbeg ranks third with more than 5,000 bottles sold, driven by its special releases and Committee bottlings. Other brands such as Bruichladdich, Glenfiddich, Highland Park, Arran, Glengyle, Bowmore, Lagavulin, The Balvenie, Laphroaig, and Glenfarclas each contributed thousands of bottles to the market.

A key trend identified in the report is the growing polarization of the market. High-volume releases from cult distilleries like Ardbeg and Springbank are maintaining steady liquidity in the £100–£500 (US$133–$668) range. At the same time, prestige and ultra-rare bottles continue to attract attention but have seen their prices soften compared to previous years. This suggests a maturing market where interest in collectible daily-drinkers is balancing out cooling demand at the top end.

The April–July 2025 auction season was marked by a mix of trophy bottles and collector favorites. Notable sales included the Bowmore Arc-54 Iridos Edition, which achieved a hammer price of £112,500 (US$150,204), and several Macallan Lalique decanters that sold for between £39,000 (US$52,070) and £47,000 (US$62,752). These sales set benchmarks for prestige bottles during the quarter. However, some high-end labels—particularly The Macallan—are now trading below their peaks from earlier in 2025 or the previous year.

The report concludes that while enthusiasm for iconic releases remains strong, buyers are showing greater price discipline amid broader market slowdowns. The leading brands—The Macallan for scale, Bowmore and The Dalmore for trophy-led gains, and Springbank for mid-tier resilience—are performing as expected but with more realistic pricing from sellers.

For those looking to sell exclusive bottles, Noble & Co advises focusing on provenance, timing sales to attract global bidders, and setting realistic guide prices for repeatable prestige decanters. For buyers, spring 2025 proved to be a period where selectivity was rewarded and long-running series with strong track records maintained their value. The data points to a functioning and stabilizing secondary whisky market rather than one experiencing renewed inflation.