1、Fine&Rare Whisky Market at AuctionApril 2025Quarterly UpdateWHISKY INTELLIGENCE REPORTCover image:Sothebys(The Macallan-60 Year Old in Lalique)Executive SummaryMacro and Market Economic ContextOverview of the Sector PerformanceInsights into Data MethodologyDisclaimerContents46123032Executive Summary

2、Noble&CoWhisky IntelligenceQuarterly Report April 2025Noble&CoWhisky IntelligenceQuarterly Report April 202545Our 10th Whisky Intelligence Report shows that the secondary market for single malt Scotch whisky faced a sharp correction during the October 2024 to January 2025 period,with both transactio

3、n volumes and values declining significantly.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.Despite the overall bearish trend,there are small signs of market

4、recalibration beginning to emerge:fewer lots are going unsold,which suggests supply is contracting even faster than demand.Price volatility has been concentrated in younger,more widely available expressions.These shifts suggest the market is in transition from speculative exuberance to selective,val

5、ue-conscious buying where brand equity,rarity,and provenance will be critical in determining which bottles retain investment appeal.Even accounting for seasonal dips,these downturns mark a deeper weakness in the auction market.A continued retreat from high-value sales particularly bottles over 10,00

6、0 reveals a shift in collector behaviour,with top-end buyers and owners either stepping back or withholding stock,leading to a significant contraction in the premium segment.The result has been a reshaping of the market dynamic,with mid-tier and lower-value whiskies now dominating the share of sales