Yahoo Finance Irish Whiskey Breaks Macallan's Record for Most Expensive Bottle Ever Sold After Auctioning for Nearly $2.8 Million
The Craft Irish Whiskey Co. recently made the news when a 30-year-old bottle of its whiskey, The Emerald Isle, was auctioned for $2.8 million. The eye-popping price makes it the most expensive bottle ever sold, breaking the previous world record of $2.7 million paid for a bottle of 1926 Macallan by $100,000. It also means Irish whiskey is having its long-awaited "moment" on the world stage.
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Irish Whiskey Vs. Scotch Whisky
For most of the history of spirits, Scotch whisky with the "y" has been more famous and sought after than Irish whiskey with the "ey." The distinction between the two has to do with the fact that a distiller can't call their product whisky unless it's distilled in Scotland and meets the legal requirements set by the Scottish government to be called whisky.
These requirements mandate that Scotch whisky be distilled a certain number of times and aged in a barrel for a minimum amount of years. The Scottish government has naming rights on the whisky designation in much the same way that Champagne must come from the Champagne region of France to be called champagne, and any other sparkling white wine must have a different name such as prosecco (Italy) or cava (Spain).
Even if an Irish distiller meets Scotland's distillation and aging standards, it can't sell its product as Scotch or Whisky. With that said, Irish distillers have also been making spirits for centuries and many enthusiasts will tell you Ireland's top whiskeys take no back seat to their Scottish counterparts in terms of quality. However, an Irish whiskey overtaking a Scotch Whisky's price record could herald the beginning of a big shift in market preferences.
A Shift In Market Preferences
Irish whiskey has been popular for years and has several well-heralded brands such as Bushmills, Jameson and Redbreast. However, when it came to the high-end collector's market, Scotch whisky has been preeminent on the auction circuit. Despite that success, many aficionados of this distilled spirit are beginning to feel like the premium they pay for Scotch whisky is too high. This has led them to look at other options.
One of those options is The Craft Irish Whiskey Co., whose Emerald Isle mark set the world record for the most expensive whiskey ever sold with a $2 million sale price in 2022. Everything about the Emerald Isle whiskey oozes elegance. This 30-year-old triple-distilled whiskey comes in a gorgeous walnut box that opens to reveal a beautiful decanter-style bottle that is shaped like a Faberge egg.
Initially, this premium package and undoubtedly delicious spirit was enough to set and hold the world record for whiskeys, but as of the most recent sale in late January, the Emerald Isle now holds the record for the world's most expensive whiskey and whisky ever sold when the final price hit $2.8 million. The new record speaks to the appetite among collectors and connoisseurs to expand their horizons past the more traditionally popular Scottish dram.
About the Buyer
The Emerald Isle was purchased by Mike Daley, a well-known U.S.-based buyer whose collection reportedly includes thousands of bottles of high-end Irish whiskey, American whiskey and Scotch whisky.
Daley, who made his fortune as an early investor in hyaluronic acid, told Food and Wine Magazine, "Irish is the future of whiskey. I’m excited to be part of it, as a collector, but most importantly as a drinker.”
Daley's instincts have been vindicated in the past, and he continued by saying, “The rebirth of Irish whiskey is relatively new, so I feel like I’m getting in on the ground floor. Luxury scotch, to me, is already a crowded type of market. But we’re only just starting to see luxury Irish (whiskey) make a name for itself. I guarantee you that in the years to come, it will get to where Scotch is today.”
If Daley is right, it means Scotch whisky has some new competition both on the auction circuit and in the aisles of the local liquor stores. At the end of the day, the ultimate winners are whisky (or whiskey) lovers, who will now have even more great options to choose from. Because after the Emerald Isle's record-breaking sale, it's almost a certainty that new distillers and investors will be jumping into the market.
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