|Reſlections| T he
|Reſlections| T he oldest Japanese whisky ever bottled couldn’t be found in shops on its release. It sold out practically before it hit the shelves, having been the subject of a frenzy among collectors. The Yamazaki 55 Year Old was a small release, containing two casks filled by the father of Japanese whisky himself, Shinjiro Torii. Ears still rang from the sound of the hammer at recent record-breaking sales of super-aged Yamazaki – a 50-year-old expression, for instance, had fetched HK,695,000 at Bonhams in Hong Kong in 2018 – so the stakes were high from the start. For some, there was also the liquid itself to consider. Few alive had ever experienced Yamazaki’s pineapple-and-incense profile, allowed to develop for more than five decades in oak. The direct connection to Torii-San offered yet another point of fascination, as to open one of those few hundred decanters (Suntory has not disclosed the precise number) was to pick out the brushstrokes of the old master in one of his few surviving works. Limited-Edition Whiskies You Can Buy Connoisseurs need not spend the season empty-handed. These bottles offer both extraordinary flavours and exceptional collectability From left: Gordon & MacPhail 1949 Milton Stunning 72-year-old spirit from Scotland’s leading independent bottler, gordonandmacphail.com Diageo Prima & Ultima Brora 1981 A 40-year-old, less-than-usually peated treasure, diageorareandexceptional.com The Last Drop Signature Blend American Whiskey Handcrafted by Master Blender Drew Mayville, lastdropdistillers. com Shirakawa 1958 A one-of-a-kind bottling from a now-closed Japanese distillery, tomatindistillery.com Bowmore 33 The Changeling Intriguing release finished in tawny port casks, bowmore.com Littlemill 45 Delicious expression marking 250 years for Scotland’s oldest licensed distillery, littlemilldistillery.com – BN It was scarce, it was exceptional, and for many of those who wanted it, it simply could not be had. “It’s been a perfect storm,” says Ben Murray, head of spirits at Hedonism Wines in London. “Japan has been producing very high-quality whisky for a lot longer than I’ve been in the business, but there was a shift in perception in the UK about 10 years ago. Suntory and Nikka whiskies had been picking up many prestigious awards for several years and when the 2013 Yamazaki Sherry Cask was named Jim Murray’s World Whisky of the Year in 2015, it really pushed things to another level.” Could he have sold you a bottle of the recordbreaking Yamazaki on release day? “Sadly, almost impossible. Many people are aware of new releases well in advance of the official launch and, as such, we tend to have substantially more requests than we do bottles.” Interest in Japanese whisky was certainly sparked by eye-catching headlines and excellent spirits. But its mystique was further intensified by the fact that expressions of any great age were vanishingly rare. The reason being that difficult years in the late 20th century had seen distilleries across Japan reduce production or close completely. At the turn of the millennium, the industry was stagnant. In Japan, the young generation rejected the whiskies their parents drank in favour of imported blends or shochu. Large operations like Yamazaki and Nikka’s Yoichi were able to keep the stills running but others were not so lucky. When boom time came, there simply wasn’t enough stock left to keep up with demand. Casks filled more than a decade hence became unimaginably precious and a robust marketplace formed around rare Japanese whisky. Suntory’s veteran master blender Shinji Fukuyo is typically modest about all this. When asked if he’s concerned about the transformation of whisky into investment he answers concisely: “Our intention is always for people to open the bottle and enjoy – as a blending team, we continue to strive for that moment.” When I speak with Bonhams’ senior whisky specialist Diego Lanza, he’s in Hong Kong preparing for the November sale. Among the usual Macallan and Bordeaux on offer are a significant number of Japanese whiskies. The item generating the most buzz is a special vatting of Yamazaki, which contains single malt aged for more than 60 years in Suntory’s warehouses. The Yamazaki Junshin has never been offered for sale to the public before. Its value is estimated at HK0,000. “Wine, even if it’s kept perfectly, will age to a point where you have a beautiful, expensive bottle of vinegar for your salad,” Lanza tells me. “Whisky PHOTOS COURTESY THE COMPANIES 40 CENTURION-MAGAZINE.COM
doesn’t have this problem. That’s why people now are starting to regard it as a proper investment. This is liquid encapsulated to become an artefact.” “In the last nine months, I’ve seen the market go completely insane. Look at something like the Vintage Series from Karuizawa.” This now-shuttered distillery was lost in 2000, but its whiskies have since become celebrated as some of the finest ever made. “They didn’t appeal to everyone because they look unassuming – they come in a simple cardboard box. But the liquid inside, that’s what matters. They’ve been expensive for a few years now – £7,000 or something – but in the space of a few months that figure has more than doubled.” Returning to Murray in London, I ask if we might be looking at a bubble formed by speculation. “It certainly seems that way, though it’s hard to see it popping while the supply is so limited.” At the time of writing, there is a Yamazaki 55 Year Old at his boutique in Mayfair priced at £650,000. “Given enough time, production will come closer to meeting demand on the core ranges, but there are so many bottlings that just won’t be seen again and there’ll always be interest in them.” “Look at the prices,” says Lanza on the same topic. “On the micro level, you might see them go down and then pick up again, but on the macro level, they’re only rising. It’s like the S&P 500 in the last 20 years. Like anything else, there must be a correction in the market at some point. Although with these old bottlings of Yamazaki and Karuizawa in particular, prices might come down, but they’re not coming down a lot.” Aside from the glittering investment potential, what’s on offer right now is the chance to own pieces of history that will never be repeated. “For someone like me, who really enjoys these things,” says Lanza, “it’s tough emotionally – because I am a perpetrator of these prices going up. But I still feel it is my responsibility to tell people that they don’t want to miss this chance. Because this is the last call: when these things are gone, they’re gone.” It’s my responsibility to tell people that they don’t want to miss this chance. Because this is the last call: when these things are gone, they’re gone – Diego Lanza BOTTLE COURTESY WHISKY.AUCTION CENTURION-MAGAZINE.COM 41
