The Single Malt Fund Trading Company

31 januari, 2022

2021 – Q4 Whisky Investment and Market Report

Welcome to the Q4 2021 Single Malt Fund Trading Ltd report, where we comment on the latest developments in the rare whisky as well as broader industry markets and give an update on our trading operations. 

Icons and Japanese bottles drive the market

The Rare Whisky 101 Apex 1000 ended the year with a very solid +13%, although the second half did slow down to +4%. Many brands saw a nice jump at the beginning of the year, possibly due to Chinese New Year, then settled down to more steady growth thereafter. Still, a full year growth of 13% after 2020’s 7% increase was a welcome return to double digit growth for the rare whisky market.

In Q3, we reported on the prognosis from our friends at Rare Whisky 101 that prices at the top end of the market were set to return to strength. This does indeed seem to be the case. The following two trends highlight this trend:

The Land of Rising Whisky prices continues to shine: the Japanese 100 index rose by a very impressive 34% in 2021, with the big names, Yamazaki (+39%) and Karuizawa (+32%) continuing to shine. This is even more impressive after a record-breaking year in 2020, which saw a Yamazaki 55 YO sell for US$ 795,000. 

Icons drive the rest; the RW Icon 100 index, which tracks the crème de la crème of rare whisky bottlings, grew by 22% in 2021. The Macallan, despite a plethora of confusing releases, continues to dominate and impress. After a strong year in 2020 when The Macallan shone with double the growth of the market, the behemoth of the rare whisky world showed in 2021 that demand remains strong, with another powerful performance. A 25% YOY increase for The Macallan bears this out. 

Diageo recovery continues apace

Hot off the press, Diageo has just published its interim report for the six months ending December 2021. The return to health is evident in a 20% increase in organic net sales and, more importantly and impressively, a 25% growth in organic operating profit. All categories performed well, although Scotch was mentioned as one of the key drivers. Also notable was the news that Diageo opened its first carbon-neutral whiskey distillery in the US in 2021 as well as breaking ground on a carbon-neutral distillery in China. 

Sotheby’s announce record results

The sale of the 80-year-old Glenlivet was one of many auctions that allowed Sotheby’s to announce record sales for wines and spirits in its year-end report. In fact, the highlight of the year was, undoubtedly, the “Distiller’s One of One” charity auction, which was held in December and comprised lots of never-to-be-repeated releases by the contributing houses. Also of note was a separate sale of the Dalmore, Decades No. 6 Collection. Highlights from Sotheby’s were as follows, all of which were records in some way:

  • Glenfiddich, The 1950s Collection: US$ 1.4 million
  • The Dalmore, Decades No. 6 Collection: US$ 1.1 million
  • Talisker, Cask of Distinction, 1978: US$ 831,780
  • Black Bowmore, Archive cabinet: US$ 563,000

What was also very interesting from Sotheby’s report was that 40% of wines and spirits buyers were new and one third were under the age of 40. That certainly bodes well for the rare whisky market.

Q4 Highlights

Icons and Japanese bottles drive the market
Diageo releases interim report
Gordon & MacPhail release worlds oldest single malt Scotch whisky
Sotheby’s announce record results
Pat’s Collection sale ends

Gordon and MacPhail release oldest ever single malt Scotch whisky

In October, Gordon and MacPhail released an 80-year-old from Glenlivet Distillery, the oldest single malt Scotch whisky ever to be sold. As expected, there was considerable buzz around this launch, with only 250 bottles, priced at Eur 80,000 apiece made available. Decanter number 1, put up for auction at Sotheby’s fetched a whopping US$ 193,000. 

Pat’s Collection ends

After over a year, December saw the culmination of the sale by Whisky Auctioneer of “Pat’s collection”, one of the biggest every seen. Over 9,000 bottles of some extremely rare and collectible whiskies were eventually sold. Quite an achievement!

The Single Malt Fund Trading Activities in Q4 2021

www.thesinglemaltshop.com celebrates the festive season

In Q4 we continued with another series of firsts as we went through our first ever festive season.
It was interesting to see how big Black Friday and Cyber Monday have become, to the point where it now matches the traditional December Christmas period for consumer interest.

The highlight of Q4 was the arrival of our second exclusive single cask bottling. Following on from our amazing Redbreast 22-year-old, in November, we collaborated with our friends from Irish Distillers on the launch of a Midleton 24-year-old single cask offering. 89 bottles were put up for sale for Eur 990 a bottle, and they all sold out in three weeks. 

We also sold our bottle of Midleton Silent Distillery in December, a 46-year-old highly limited edition of the oldest Irish whiskey on the market. 

After seven months of trade, we are starting to paint a picture of our early clientele and it is very exciting indeed. We have shipped to 18 different markets and sold a variety of amazing whiskies, from no-age statements to over 40-year-olds, and from Euros 50 a bottle to Euros 40,000 a bottle. Most encouraging of all was the positive feedback we received from our customers on Trust Pilot as well as the fact that a good number of people returned to the site to shop on more than one occasion.

We would like to take this opportunity to thank all our suppliers and partners for all their support in 2021 and look forward to making 2022 an exciting and successful year for The Single Malt Fund.

Slainte!

Ed Forrest
Managing Director – The Single Malt Fund Trading Ltd.

Dela rapporten

thesinglemaltfund.com

The Single Malt Fund AB (publ)

Org.nr: 559118-4949

ISIN: SE0010547299

AIF-Förvaltare: Finserve Nordic AB

Scroll to Top

Terms of agreement

The offer to invest in the Fund, as described in this English section, is only marketed towards professional investors in The United Kingdom, Republic of Ireland, Cyprus and Luxembourg. The Fund is only allowed to market the investment offer to professional investors of these countries (in excess of marketing toward professional and non professional investors in Sweden). No other permits for marketing the investment offer exist, so all information on this site is intended only for nationals of these markets and their representatives.
Foreign nationals of above mentioned countries living abroad can inform their financial advisors, private bankers, and alike, to act on their behalf as intermediaries. Since the Fund can only accept applications through intermediaries, it is vital that all information is accurate and correct to enable investors to become clients. The individual prospective investor and/or his/her representative is wholly responsible for ensuring that their investment in the Fund is permitted by national law.

The information on this website is only accessible through the individual voluntary proactive search for general information about the Fund.

For non-professional investors, information about the Fund is provided for informational purposes only. Information about the Fund is not to be regarded as an offer or solicitation regarding purchase of any securities related to the Fund.

The offer described on the website is not directed, directly or indirectly, to residents in the United States of America, Canada, Australia, New Zealand, Japan, Hong Kong, Singapore, Switzerland or South Africa. The offer is not directed to persons whose participation requires prospectus, registration or other measures. The application form or other for the rights issue related documents may not be distributed in any country where such distribution or rights issue requires action under the preceding sentence or conflict with regulations in that country. Application forms submitted from such country may be disregarded. No direct applications from investors will be accepted unless through a EU correspondent bank counterpart.

I also understand that the information given in the English section for is for information purposes only. The complete legal prospectus and all other documentation is only given in Swedish. A legal summary of the prospectus is however translated and is in accordance with the regulatory approved fund prospectus.