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The Great Scotch Correction: What 1.6 Million Auction Lots Show About Whisky Prices
How auction prices for Yamazaki, Macallan, Springbank, Ardbeg and Bowmore rose to a peak in 2021 and 2022 and fell back by 2026, and what that means if you are buying a bottle now.
Auction prices for many whiskies rose quickly between 2018 and 2022, then fell back. For anyone buying a bottle at auction to drink or keep, that matters more than any headline: a typical lot from these brands sells for less at auction now than it did three or four years ago.
This study uses more than 1.61 million sold lots (£515.6 million in hammer prices) from Scotch Whisky Auctions and Whisky Auctioneer. Lots that failed to reach their reserve are left out, because nobody bought them.
The fall shows at each house on its own, so it is not a change in which house sold what. From each house’s own peak to 2026, the Yamazaki median fell 76% at Scotch Whisky Auctions and 59% at Whisky Auctioneer, and Macallan’s fell 42% and 35%.
How far prices fell from the peak
The median is the middle sale: half the lots sold for more, half for less. It is the better guide to what an ordinary bottle costs, because the average is pulled up by a handful of very expensive lots. Hammer prices exclude buyer’s commission, VAT and delivery; 2026 covers January to October.
On smaller screens, scroll sideways to see every column.
| Brand | Median at peak | Median in 2026 | Change in median | Change in average |
|---|---|---|---|---|
| Yamazaki | £560 (2022) | £160 | -71% | -59% |
| Ardbeg | £190 (2021 and 2022) | £110 | -42% | -34% |
| Macallan | £295 (2022) | £180 | -39% | -38% |
| Springbank | £240 (2021 and 2022) | £160 | -33% | -38% |
| Bowmore | £240 (2022) | £170 | -29% | -34% |
What it means if you are buying
If you are buying a bottle at auction to drink or to keep, three things follow from the figures.
- Check recent results, not old ones. A hammer price from 2022 is no guide to what the same bottle sells for now. Look at the last few sales of the exact bottling.
- Add the fees before you compare. Both houses add 15% commission and VAT on it to the hammer price, then delivery. Our guide to buying whisky at auction vs retail works through the sums and compares named bottles with shop prices.
- Past prices are not a forecast. These are records of what sold, when. They do not tell you what a bottle will be worth later, and this study is not a reason to buy or sell.
How many bottles change hands
The number of lots sold rose every year but one from 2016, from 95,046 in 2017 to a peak of 181,859 in 2022, when hammer prices totalled £74.4 million. It has fallen each year since: 174,567 in 2023, 161,482 in 2024 and 135,283 in 2025. Scotch Whisky Auctions peaked in 2022 at 93,773 lots; Whisky Auctioneer held at about 88,000 a year from 2022 to 2024, then fell to 74,935 in 2025.
Sources and review
Questions
When did whisky auction prices peak?
Which brands have fallen furthest at auction?
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