Recently I discussed the pre-Sputnik Bowmore 1957, limited to a handful of bottles. With a positively ancient whisky inside a stunning bottle likely fashioned from narwhal tears and pixie dust, this was expected to fetch £100,000 (or slightly north of $162,000 for those who don’t convert currencies). Yesterday was the auction date for bottle one in Edinburgh, and the bottle… did not sell.
Early reaction on twitter was a mix of surprise and schadenfreude. Some even hoped this was a bellwether event that signaled the end of the whisky bubble and extremely high pricing. It could be, but I’d be willing to bet it’s not. And with that, I find myself with strange bedfellows on my position – the people who are speculating and driving up the value of these things.
I wasn’t in Edinburgh when the auction happened, but I can only surmise that the reason it only made it to £85,000 (USD: $Too Much) was for a relatively benign reason – Mahesh Patel had to run to the bathroom or his paddle fell under the chair in front of him at the critical moment and he couldn’t reach it to make the victorious £100,000 bid… or possibly the anonymous wealthy businessmen who apparently fly through Singapore Changi were still busy working their way through their Dalmores.
Bonhams suggested that “The skill and patience that has gone into the production of this product has not been appreciated by the market” – which is possible. Bowmore themselves noted that the auction remains open for another week, so it’s possible this may sell at the asking price.
We’ll see come October 28th when bottle #2 goes on auction in New York. Perhaps this was a one-time glitch, or perhaps more likely, Bowmore is not a name that has spent a lot of time burnishing its plutocrat-friendly image. Sure, you can go into a fancy liquor store and see that bottle of Black sitting on a shelf, mocking you with its $5000 price tag, but that’s still miles off the $160,000 mark.
And what of this claim of $150,000 being “the most expensive whisky” that was bandied about? Don’t forget that in 2010, a 64 year old Macallan sold for $460,000. Yes, nearly HALF A MILLION DOLLARS. To be fair, that was a 1.5L container, so I guess the adjusted price would be $230,000 – still nearly 50% in excess of the Bowmore mark – and this sum was actually realized.
In a world where a $90 bourbon sells for over $1000 in a single auction, one data point like this doesn’t signal the market giving up. There’s still the chance that the New York auction is the one that realizes the auction reserve price or more. Or, perhaps, this is just a sign that Bowmore cannot command prices that high – yet.
The leaders in high-priced whisky, Macallan and Dalmore, have had occasional hits in the six figures, but the bulk of that market lies below the six-figure range for now (even the most expensive Constellation was only $32,000). Time will tell if this came up short due to pricing ahead of the market, name recognition, or a burst bubble. However, I suspect that a bubble pop will be concurrent with a migration away from whisky as a “cool” thing – either due to changing tastes or fatigue from too many exclusives/rising prices/etc.
While I could be wrong, I think we’ve got a long ways to go still before we see a bubble pop and the inevitable market collapse that would follow.
Enough about whiskies we’ll never drink. Here’s a Bowmore you’ve probably passed up and should take the opportunity to enjoy. Several months back in a LAWS reserves cleanout, I managed to get a little more than half a bottle of Bowmore 15 Darkest. This is part of the standard Bowmore lineup and one I’d never had before. Honestly, it’s the whisky that opened my eyes to the possibility of Bowmore.
At $70, Bowmore Darkest isn’t the cheapest, but it’s not outrageous for a 15 year old whisky, and it’s a sherry casked, fairly lightly peated whisky. That combination of sherry and peat is one of the most sublime tastes to be had in the world of Scotch whisky, and it’s usually something that commands a much higher price.
The nose is a treat. There’s a well-balanced sherry character that has a lot of the expected qualities – dried fruit, a little nutmeg and cinnamon, balanced against iodine and a bit of tar. Plum and cherry, with a little claylike earthiness provides some great depth; it’s all rounded out by a light sweetness and faint maltiness.
The palate has a light to moderate peatiness and a little heat, which is balanced nicely by a cinnamon-spiced apple compote. There’s a little fig and a nice, rich, oily mouthfeel. It all has the hallmark of a strong sherry influence – really enjoyable. I really feel like there’s a shortage of whiskies that have a nice sherry influence like this at a young age.
The finish is momentarily warmer, and the peat comes into center stage initially. It has some nice tongue-numbing spice from cinnamon and pepper; it settles down and the dried fruit notes again come to the front.
All in all, it’s a really enjoyable and highly accessible Bowmore. Maybe if enough people buy the reasonable ones there will be less need for the high-end stunt whiskies.
At a Glance:
Bowmore 15y Darkest – 43% ABV
Nose: Balanced sherry gives some dried fruit, nutmeg and a touch of cinnamon to iodine, earth and a bit of tar. There’s a touch of plum and cherry; a little bit of clay. Light sweetness and faint malt.
Palate: Moderate peat and a little heat which is balanced well by a nice cinnamon-spiced apple compote. A touch of fig; nice, rich, oily mouthfeel.
Finish: Gains heat momentarily and the peat comes to the forefront; a nice gentle tongue numbing spice in the form of some cinnamon and pepper. Settles down and leaves some more dried fruits.
Comment: A really enjoyable, super-accessible Bowmore.