Group CEO Patrick O’Connor reflects on Bordeaux 2025: a hot, dry and early vintage defined by small yields, precise viticulture, restrained winemaking and a new wave of estates delivering wines of real distinction.

Patrick O’Connor, Group CEO, explores Bordeaux 2025: a hot, dry, early vintage shaped by precision, small yields and standout wines.

Bordeaux 2025 en primeur: vintage overview      

Bordeaux 2025: vintage overview               

There are times when you put a question to a winemaker and he puffs out his cheeks and rubs his chin and you know he’s thinking, ‘Journalists.’ When I ask Promontory’s David Cilli what exactly is meant by ‘interpretation of terroir’, he courteously describes the process of trying to get the wine to reflect the character of the land. But he gives the impression my question was like quizzing Monet on how he got his effects. If you don’t get it, you probably won’t. The character of Promontory, on the day I visit, is quite something. It’s early May and the rain, which has been falling steadily all night, has turned to a lashing downpour that has raindrops bouncing six inches off the windscreen. We’re in a jeep piloted by winegrowing director Cory Empting and since turning off the main road we’ve been climbing steadily through dripping stands of oak with pocket-handkerchief vineyards between them. ‘Shall we stay in the car?’ asks Empting. ‘If we could,’ Will Harlan suggests from the back seat. I’m here with Empting, Cilli and Harlan. Bill Harlan has appeared briefly but I don’t see him again until we sit down to taste. He formally handed over control of Harlan Estate, Promontory, Bond and The Mascot in 2021, appointing 37-year-old Will managing director. Cilli (44) arrived in 2012 and is in charge of vineyard and winemaking at Promontory. Promontory is an 840-acre fastness, a deep valley folded into the foothills of Mount Veeder, on the west side of the Napa Valley. From the highway, you think the looming ridge you’re looking at is the edge of Sonoma. But there’s another ridge beyond and between them this interesting domain. It’s remote, even by Napa standards (contrary to opinion, there are plenty of wild spaces in the county). The ultra-refined French Laundry is a couple of miles away but it might be in Wisconsin for all the relevance it has up here. Bill Harlan had come upon it hiking in the 1980s. ‘I used the Carmelite monastery [we’d passed it on the way up] as a base and just started climbing’. There were no vines but he was intrigued by its seclusion. It might be possible vineland for the Napa project he had in mind. In the end, Harlan Estate was founded less than a mile to the north but for 25 years Harlan kept the idea of that parcel tucked under his hat (he never mentioned it, Will says) before it came on the market in 2007 and he snapped it up. "Vineyards, some a mere half-acre, are etched into towering, wooded hillsides and drop down into cavernous combes dense with oak and fir" The owner – the Harlans don’t reveal who that is – had planted 80-odd acres of Cabernet Sauvignon. It was neglected, the vines overgrown. Trees had been felled and never collected. ‘It was a mess,’ Will says. ‘It looked like a logging operation.’ But it is magnificent. Vineyards, some a mere half-acre, are etched into towering, wooded hillsides and drop down into cavernous combes dense with oak and fir. The whole estate is thickly forested, the vines often shaded on three sides. An old drovers’ road, running through the woods, will suddenly open out on a wide vista of vineyard and scree. Everything is deeply, lushly green in the steadily falling spring rain. The geology of the land is unusual, in that it rests on two distinct fault lines and consists of all three soil types that are found in Napa: volcanic, sedimentary and metamorphic. ‘You get all three in the same soil pit,’ Cilli notes. This, combined with the wild variation in aspect and the microclimate of the valley-within-a-valley, gives credence to Harlan’s claims that this part of Napa is like nowhere else in California. When the celebrated soil scientists Claude and Lydia Bourguignon came, they found the experience ‘novel’. Cilli said he fell in love with Promontory at first sight. It reminded him, in part, of his native Tuscany, but it was the wildness that captivated him, ‘I love that character that you can see in the wines.’ He said it was probably ‘the only project that could keep me in the valley.’ You get the impression none of them can quite believe their luck. ‘It somehow redefined what looks beautiful,’ Will says. It also redefined their ideas of winemaking. He goes on: ‘We were used to control. Harlan in the 1990s was obsessed with organisation and uniformity but Promontory was wild.’ The theme of wildness recurs. Harvest times are key to ‘find a way for it to come through,’ Will says. Empting: ‘Pick too late and you lose the ruggedness.’ Ageing, in the magnificent Howard Backen-designed chai, is all in Stockinger Austrian oak barrels ranging in size from 10,000 to 46,000 litres, for up to 36 months. ‘The fine-yet-tight tannins required longer barrel-ageing but [we] didn’t want the wine to be overpowered by new oak’. It’s a constant process of refinement and improvement – ‘we learn something new each season’. Empting: ‘It has blown every expectation out of the water. We were excited and we were scared. We didn’t know what this beast would be. Our learning curve has been very steep, it remains very steep. At least now we’re starting to get our arms around it but at the beginning, it was like: God, we cannot figure this thing out.” "I found in the 2016 a moment where the various elements come together: the savoury nose, the fine tannins, the weight without heaviness" You have to remember we’re talking about winemaking here, not Wittgenstein. But ‘interpretation of terroir’, if it’s to mean anything at all, should be taken seriously. I’ve seen vineland all over the world – rock-strewn fields in the Andean foothills, rainless Spanish deserts – but I’ve never seen anything like Promontory. Were I to be tasked with bottling the soul of that vineyard, I’d reach for metaphor as well. And so we come to the missing shade of blue. This is the concept propounded by the 18th-century philosopher David Hume, that an idea can be formulated without a previous sensory impression to give rise to it. He asked, Could a shade of blue missing from a spectrum be imagined by an observer? Harlan says (with a smile – he does have a degree in philosophy) that Promontory is the missing shade of red. ‘Until you’ve seen and experienced it, you don’t know that it’s missing. And so for us this was that final piece. The piece that wasn’t there that we had the opportunity to understand and try to translate into the wine.’ The next morning, in gorgeous May sunshine, we gather to taste. It’s almost the same group, though smaller, that did the mighty vertical of Harlan estate from magnum in 2020. Bill Harlan is there (he sweetly thanks the team for allowing him to taste, saying it’s the first full vertical of Promontory he’s ever done), Will, Empting, Cilli and the journalist Elaine Brown. We wonder, at the end, if there is thread that runs through the wines. In my notes the words ‘deceptively light’ recur, as do ‘structure’ and ‘stone’. Reaching for metaphor again, Will Harlan compares the structure of the 2016 to cathedral stone, which has ‘both weight and lightness. It’s intricately carved and light filters through the windows.’ I found in the 2016 a moment where the various elements come together: the savoury nose, the fine tannins, the weight without heaviness. Will Harlan calls this vintage an ‘inflection point’ and notes how the tannins are the ‘main differentiators’. Yes, agrees Cilli, ‘and because of the character of levity and lift, we have to be precise with the tannins.’ The younger vintages have an astonishing latent energy, tannins under tight rein, aromas bursting, the fruit compacted. Brown and I were struck not by the sophistication of these wines but by their honesty. Brown WhatsApped me later. ‘Promontory is the most transparent to place. The wines are impressively well crafted and elegant while still offering an almost wild or primal complex of flavours.’ "The wines are unmistakeably Californian but they are also unlike anything I’ve tasted in Napa" ‘How do we take wine from a wilderness and have sophistication?’ Will asked. It’s a great question – with their resources, the Harlans could do anything they liked with Promontory. After all, they have to make a wine that will please their audience. But this was so unexpected. The tasting revealed a keen focus on the land and the vintage. The difference between the years was often marked – the challenge of 2015 for example showed in the wine – yet we could see that common thread running through, even as the wines increased in elegance. And what of Will’s quest for the missing shade of red? The wines are unmistakeably Californian – that splendid 2017 could come from nowhere else – but they are also unlike anything I’ve tasted in Napa, which is quite a claim, in the world’s most cultivated wine region. Perhaps the last word should go to Bill Harlan, who started the whole thing. He speaks hardly at all during the tasting, his Old Testament face giving little away. At the end of the morning, he talks of his fascination with the ‘ongoing discovery’ of the project. The wines have character, layers and depth, he says, and – by way of praising their authenticity – he notes, ‘You never know what’s coming next.’

Written for Club Oenologique, contributor Adam Lechmere visits California to trace the evolution of Promontory, one of Napa’s most magnificent sites, with a vertical tasting of 14 vintages revealing the wild beauty, elegance and remarkable evolution of its wines.

Written for Club Oenologique, contributor Adam Lechmere visits California to trace the evolution of Promontory, one of Napa’s most magnificent sites.

Wildness captured: tasting 14 vintages of Promontory

After a mild winter with no frost or hail, rain set in from March through June. Mildew and coulure appeared early and never fully left. Some growers doubled their treatments as storms repeatedly washed away protection. By the end of the season, rainfall measured around 1,200 millimetres, almost forty percent higher than normal.

 The toll on yields was severe. Many domaines lost between a quarter and forty percent of their whites and, in some cases, as much as seventy percent of their reds. From July onward the sun returned, bringing a steadier rhythm and healthy fruit for what remained. Most harvested between the second and third week of September, with careful sorting both in the vineyard and in the cellar.

 What has emerged is a cooler, finer, more traditional expression of Burgundy. The wines carry modest alcohol, clear acidity and a sense of restraint that will appeal to those who love the region’s classical line and balance. Charles van Canneyt put it best: “It’s not because we had bad weather that we made bad wine.”

 Our early tastings underline that point. At Paul Pernot the whites show vibrant freshness and deep acidity, with Puligny-Montrachet Les Folatières standing out for its tension and grace. At Alvina Pernot the 2024s carry the freshness of 2017 and the accessibility of 2021, but with greater depth and poise. Louis Jadot, facing heavy losses and a demanding season, spoke of “fighting to keep Burgundy affordable” yet produced precise, harmonious wines — including St Aubin En Remilly, one of our favourite plots and a FINE+RARE exclusive which we are proud to secure each year, bottled only in magnum. At Hudelot-Noëllat and Fourrier, volumes are heartbreakingly small but the wines are clear, fragrant and unmistakably from their place.

 Across the market, demand continues to evolve. In the United States the auction scene remains strong as collectors seek drinking vintages in a post-tariff environment. The United Kingdom continues to lead on diversity and value, supported by one of the most sophisticated import and agency networks anywhere. Central Europe, particularly Italy and Switzerland, is expanding steadily as collectors look beyond the classics while still favouring white Burgundy, red Bordeaux and Champagne. Hong Kong remains the fastest-growing market for white wine, with sustained enthusiasm for fine Chardonnay and mature Champagne.
 
How Burgundy En Primeur will birth itself in this context is both uncertain and certainly unlike Bordeaux En Primeur. The growing dominance of white Burgundy, and the combination of rarity, quality, desirability and still real value in parts, mark an emergence that feels above appellation and above trend. Burgundy continues to evolve on its own terms, shaped more by individual growers and their decisions than by collective rhythm. How far that rhythm will carry depends on relevance in a market where even Michelin now questions its own portfolio brand, Robert Parker, and where independent voices such as Jamie Goode, driven by limitless curiosity and free of editorial constraint, continue to test every assumption.

 With Burgundy 2024, scarcity will define the campaign, but so too will authenticity. The wines are shaped by adversity yet carry grace and purity. This is a year that reminds us why Burgundy remains the most human of fine wine regions. Next week we will share our first producer profiles and early tasting notes from across Burgundy. For now, we raise a glass to the growers who weathered the year and to a vintage made not in abundance, but in spirit. 
Written by Patrick O’Connor (CEO), Craig Norton (Managing Director) and Antoine Ninot (Senior Buyer) at FINE+RARE, following a recent visit to Burgundy. Browse all 2024 Burgundy released so far.

Last week we were in Burgundy for a pre-campaign look at the vintage, meeting some of the most significant and representative voices across the region. The conversations were candid. The mood, reflective. Every grower spoke of a year that tested both patience and resilience.

Our early look at Burgundy’s 2024 vintage reveals a year of challenges and quiet beauty — shaped by resilience, balance and authenticity.

A first look at the Burgundy 2024 vintage

Burgundy 2024: first impressions

For three decades, the FINE+RARE Group has stood at the forefront of the fine wine industry and is now evolving from a pioneering marketplace into a global platform that seamlessly connects collectors, connoisseurs and producers. With a 750-million-dollar portfolio under management, we are not just curators of the world’s most sought-after wines – we are architects of a digital, data-driven future for the industry.  
From Exchange to Platform: Scaling for the Future  At the FINE+RARE Group, we are engineering the future of fine wine trading, transitioning from a traditional exchange into a scalable global platform. This evolution mirrors the best practices in technology and digital marketplaces – designed to enhance efficiency, drive growth and streamline operations. With a single proprietary platform, we are not just connecting buyers and sellers; we are creating an ecosystem where access, agility and control are redefining the experience of fine wine buying, selling and storing.  In January 2025, we completed the core foundation of this platform, an advanced infrastructure capable of handling complex integrations, proprietary payments and data-driven customer insights. This centralized approach allows for rapid scaling while maintaining authenticity and exclusivity.  Our New Trading Platform in the United States  In April, we will complete the U.S. deployment and re-launch our back-end technology stack as well as our state-of-the-art digital front-end platform designed to enhance the fine wine buying and selling experience to our Vinfolio customers.   Key features include an intuitive Portfolio management system that offers a single-page cellar view, real-time market data integration, and wine trading capabilities, allowing clients to set their own trading prices and manage their collections with unprecedented ease.   The platform also boasts improved search and filter functionalities, enabling users to swiftly navigate a vast selection of products and access in-depth producer and region profiles. Additionally, the enhanced Editorial section provides rich content to assist clients in making informed purchasing decisions. These technological advancements ensure a more efficient, personalized and insightful journey for collectors worldwide.  Marketplace Dominance: The Ultimate Fine Wine Destination  Our marketplace model sets the FINE+RARE Group apart as the leading fine wine platform, offering collectors unmatched access to the rarest bottles. With a curated selection spanning Bordeaux, Burgundy and beyond, we provide a single-point solution for sourcing, valuation and sales.  Our global reach is a strategic advantage. With operations in the United States, United Kingdom, Asia and Europe, we facilitate 24-hour trading and logistics, ensuring that every bottle finds its rightful place in the hands of discerning buyers. Data is powering our marketplace, enhancing customer-product matching and refining real-time pricing strategies.  The Power of Global Integration  Through strategic mergers and acquisitions, including our 2022 merger with Vinfolio, we have expanded our reach into the U.S. market – the world’s largest fine wine economy. This integration has strengthened our compliance infrastructure, logistics, and direct-to-client capabilities, making the FINE+RARE Group the dominant force in fine wine trading.  Supplier Relationships: Strengthening the Global Supply Chain  At the FINE+RARE Group, our strength lies not only in our marketplace but in the deep, strategic relationships we have built with suppliers – including some of the world’s most esteemed wineries, négociants, and merchants. Through direct allocations and exclusive partnerships, we provide unparalleled access to rare and investment-grade wines, often securing highly sought-after allocations before they reach the broader market​  Our supplier relationships are carefully curated, ensuring authenticity, provenance, and trust in every bottle. Additionally, our logistics and digital integration strategies will soon allow suppliers to self-manage inventory, pricing and market demand with greater visibility and efficiency. This data-driven approach enhances liquidity, ensuring that both buyers and producers benefit from a dynamic, well-balanced marketplace​.  A Leader in Fine Wine Asset Management  With nearly $750 million in fine wine assets under management (AUM), the FINE+RARE Group is one of the foremost custodians of rare and investment-grade wines. Our digital portfolio platform empowers clients to manage, transfer, sell, and arrange deliveries with unparalleled ease. As we scale toward $1 billion in AUM, we continue to lead the industry in offering end-to-end asset management services.  Innovation: Digital Excellence  Technology is reshaping the fine wine market, and the FINE+RARE Group is at the forefront of this transformation. Recommendation engines are already enhancing customer experiences, while data-driven insights optimize pricing, stock management and logistics.   We are pioneering white-label solutions for elite producers, integrating client-facing web tools with backend logistics to expand their brand presence. Our recent collaborations exemplify how we are merging tradition with digital innovation to create new pathways for collectors and producers alike. Exclusivity Through Access: Controlled Supply & Distinctive Value True desirability isn’t created through abundance – it’s earned through intention and access. By curating rare allocations and exclusive offerings, we build a marketplace where scarcity enhances value, supports margin, and sets brands apart. This approach ensures our clients are not just customers, but valued members of a finely tuned community built around shared discovery and trust. Client Experience: The Art of Fine Wine Collecting  Our focus is not just on transactions – it’s on relationships. The FINE+RARE Group is built on a foundation of trust, expertise, and bespoke service, ensuring that each collector’s journey is tailored to their preferences. From legendary producers to emerging winemakers, our portfolio remains dynamic, engaging, and exclusive.  Through private tastings, curated events and elite collaborations, we offer collectors access to experiences as rare as the wines they seek. Our commitment to editorial excellence further deepens engagement, providing insights into vintages, producers and market trends.  The Future: A Marketplace Without Limits  As the FINE+RARE Group continues to scale, our ambition is clear: to be the world’s definitive fine wine platform, seamlessly blending marketplace liquidity and digital intelligence. With our unparalleled portfolio, proprietary technology and global reach, we are setting a new standard for the future of fine wine trading.  This is just the beginning of an exciting chapter, and we look forward to bringing you on this journey. It has never been a more interesting time to buy and sell wines in this ever-evolving global marketplace. 
  Managing Risk: A Transparent Approach from Day One  We recognize that any platform transformation — particularly one involving legacy systems and historical data — comes with inherent risks. From day one, we have addressed these head-on. Our integration strategy includes rigorous data migration protocols, full system testing, and live-market simulations to ensure continuity of service. Legacy issues, including inconsistencies in portfolio data, valuation records, and trading permissions, have been reviewed in detail and remediated where necessary. For clients, this means minimal disruption and a step-change improvement in accuracy, functionality, and control. We will continue to operate with transparency, offering dedicated support and a direct line to our expert team to resolve any transitional issues swiftly and professionally. Our commitment is clear: to maintain the trust we’ve earned while delivering a seamless upgrade to a smarter, more powerful fine wine experience. If you have any questions or concerns, please do not hesitate to reach out on feedback@vinfolio.com.  

Since 2022, Vinfolio is part of the FINE+RARE Group, the world’s leading destination for fine wine, offering a global experience where collectors and connoisseurs can discover and acquire sought-after collectables. Here, we explain our platform strategy and the changes coming this April. 

We explain our platform strategy and what changes are coming your way this April.

Redefining the Fine Wine Marketplace for the Future

Every now and then, the word ‘singularity’ is used to describe a particular wine that stands apart, for whatever reason, from other wines of its type. But just what is singularity, and how can wine express it? Wine writer Tamlyn Currin investigates.

What makes a wine truly singular? Tamlyn Currin explores the rare bottles that defy convention and challenge the rules of the wine world.

Searching for Singularity in wine

Searching for Singularity

It is little wonder there has been a veritable tequila gold rush, after celebrity-backed brands have sold in excess of $1bn, and the category continued to report double-digit growth during a global pandemic. This growth wasn’t just at the entry level – as some might expect – as online sales of reposado, añejo and extra añejo soared in tequila’s biggest market, the US. The thirst for premium-and-above tequila falls to 163 certified tequila-producing companies and 8,000 agave producers, which is not as easily sated as some might think when your agricultural product takes years to mature in the ground and in barrel. While category growth is undeniably cause for celebration, artisanal producers like Clase Azul are struggling to meet demand. Production is so time and labour-intensive that, with increasing popularity, Clase Azul is considering an allocation model in the UK, as already employed in other markets. The brand’s distinctive hand-painted decanters take two weeks to produce, made by local artisans from the Mazahuas, in the town of Santa María Canchesdá. Before bottling, the organic, non-genetically modified Blue Weber agave takes nine years before it can be harvested, 72 hours to cook, and the Reposado and Añejo are both aged in ex-Bourbon casks for eight months and 25 months, respectively. Clase Azul Ultra – their top tequila – is aged between five and seven years in ex-Sherry casks, making it a popular choice for whisky lovers. Founder Arturo Lomeli is adamant he doesn’t want to streamline any of this process and compromise on quality. “In terms of the quality," Chantal Serrano (Prestige Account Manager for Spirit Cartel, the company's UK distributor) explains, "if you really want to have real agave quality with all the certifications – organic, non-genetically modified – there’s going to be a point when you are limited.” Clase Azul already has a Mezcal offering that is made from wild, 12-to -15-year-old Cenizo agave which can only be harvested once a year. The Cenizo is slowly roasted using firewood and volcanic rock, then milled by hand using an axe. Next it is fermented using stone piles with red oak and double-distilled using an alembic copper still known as El Viejo.   Premium-and-above tequila has been reporting double-digit growth for the past five years, but some still do not afford it the respect it’s due, according to Serrano. “I think if you told some of the biggest producers of Cognac that you were going to shot it, then I think they will be scandalised. Tequila might not have been aged in a barrel for as long as some whiskies, but the plant had to mature at least on average for five to seven years and, for some producers, like Clase Azul, it is nine years, so appreciate that.”  It is increasingly difficult for producers to have this conversation with consumers when some companies are being forced to cut corners to meet the seemingly unquenchable thirst for all things agave. The use of diffusers to process, in many cases raw, agave piñas so the sugars can be fermented and distilled more quickly has become a popular way of circumventing the challenges. While diffusers are undeniably effective in extracting the potential fermentable sugars – 99% to the traditional brick oven and tahona method’s 70% – the change in flavour profile is not always a favourable one.   “The only objective is to extract as much sugar as they can from the agave,” Serrano laments. “And I can sort of understand why they do it because there is such a huge demand… but you then sacrifice quality.   “Unmatured agave or very young agave is being used in the production of these diffusers. Even some chemicals will be used sometimes. Because of the whole process, certain bitter flavours will be there that ideally need to be removed so you potentially even add some flavours to make it feel like it was a real product.”  For Serrano, the two products are like day and night. “You cannot compare [diffuser products] to a product that has been aged for many years. The producer took the financial risk of having that capital sitting there and waiting for it. It takes a lot of time to create a good product, but that is also the beauty about it.”   The involvement of celebrities in the industry has done wonders, shining a light on the category – but it can also confuse consumers, according to Serrano. “Because Clase Azul is a luxury product, a lot of people think we are just focused on the marketing and the image,” she says. But the company is focused on much more than branding, with a clear commitment to its community.  Clase Azul was set up by Guadalajara-native Arturo Lomeli after he identified a gap in the market for a higher-end tequila to be sipped and savoured, much like a whisky or Cognac. Lomeli favoured the fruitier, sweeter and floral notes a Highland tequila imparts versus the typically peppery, spicy and vegetal notes from the valley (Lowlands). As such, he set up shop in Jésus María, a small town near Arandas – one of the highest points in the Jalisco highlands.  Clase Azul is in esteemed company with a Positive Luxury Butterfly Mark for its sustainable efforts. Glenmorangie, Macallan, Château d'Yquem and other luxury drinks brands boast the same. In addition to reducing its plastic and water use, the decanter can be upcycled, and Clase Azul tries to work with fair labour providers and sub-contractors. “Clase Azul try and implement all these measures with the same aim of giving something back and being a bit more responsible as a brand,” Serrano adds.   Sustainability has become increasingly important as drinkers increasingly consider a brand’s environmental impact as part of their buying decision. While this is something that is encouraged by many producers, it can lead to some slightly less robust claims in the industry, according to Serrano.   “It can be frustrating because some brands might say, ‘Oh we do give back to our community or a charity, or we do one specific action and they think look at us we do a lot of sustainability,’” Serrano says. “Whereas, for me, Clase Azul really embodies these values. Arturo Lomeli, from the start, wanted to give something and be sustainable. It was not just a trend and he thought ‘let me do it’. He’s been doing it almost from the beginning with the brand.”  The demand for aged, sustainable tequila is clear and Clase Azul is well positioned to go toe-to-toe with anybody in a battle of style versus substance.   Discover more about Clase Azul or read more Editorial 

In a world filled with big brands, Clase Azul is a tequila producer looking to do things differently. Holly Motion finds out why the artisan brand is determined for tradition to trump trends

Exploring how the highly collectable artisan tequila Clase Azul is doing things differently by honouring tradition rather than following trends.

Exploring artisan tequila producer Clase Azul  

Authentic agave: Clase Azul

The spirits market is booming. In October 2019, a bottle of 1926 Macallan FINE+RARE 60-Year Old became the most expensive bottle (of either wine or spirits) ever sold at auction in the world, going for £1.5 million – £300,000 more than the same whisky had sold for a year before.  That record may not have been broken yet, but it’s likely only a matter of time. There was a 33.37% increase in the volume of single malt Scotch whisky sold at auction in 2019, with 143,895 bottles sold, worth close to £58 million – a 41.54% increase on 2018. Over the last 10 years, rare whisky has outperformed every other alternative luxury asset, with 353% growth to 2020 Q2. “The rare whisky market has performed phenomenally well over the last decade, outperforming many other categories. We’ve seen growing demand in premium whisky from clients globally,” says Craig Norton, our Managing Director for the UK and Ireland. In five years, we’ve seen the number of spirits buyers rise by 601%, with spirits sales in the same timeframe growing by 698%.  It’s an exciting time for whisky, with a growing international audience as Scotch whisky exports rise (105% in the last 10 years), especially in developing markets like China (up 323% in 10 years). There are also an increasing number of younger consumers diving into the category nose-first; Sotheby’s first online spirits auction last year saw 42% of buyers aged under 40.  The market has so far been dominated by a handful of the biggest names in single malt Scotch, with The Macallan representing an astonishing 40% of the market by value; however
Japanese whisky isn’t far behind. A bottle of 55-year-old Yamazaki sold for HK$6.2 million (US$795,000) in August last year, setting a new record for the category.  The now-closed Karuizawa has become a cult name among collectors, and had something of a halo effect, as our Head of Spirits David Walters said, “Japanese whisky is still going crazy. We sold the Karuizawa Pearl Geisha 37 Year Old (56.9%) pre-release for £12,500 in bond; just a year later it was going for £24,800. The most expensive single bottle of whisky we’ve sold was a Yamazaki 50-year-old (2011 release), for £170,000.” The last two to three years has, however, seen a shift, with a new focus and interest on not buying just bottles but whole barrels or casks. “The ability to personalise or customise single cask bottling has proven extremely appealing to clients,” Norton says, “However, it’s not simple. Barriers can be a lack of understanding of value, the process of maturation or
reselling, or gaining access to the market.”  “The challenge can be guaranteeing provenance,” explains Walters. “Our preference is always to work directly with the distillery.” The IWSR estimates the value of the Scotch whisky cask market at $40 million – and forecasts a trend for cask sales in other categories, such as Bourbon, rum and other US whiskey. While occasionally we see more mature casks (such as a mature Macallan Sherry butt we sold last year, for £600,000), it is more common to see casks as futures, much like en primeur.  Given the long-term timeframe for producing fine whisky, with the first product often not released for five or 10 years, cask sales have fast become a way for the rising number of new distilleries to build revenue in their early years. It is rare for casks to be sold after the first year of production, however, making them a once-in-a-lifetime opportunity to get in on a new distillery – one that may just be the next big thing. It’s this excitement, Walters says, that should attract buyers who are also in it for the journey. Naturally, “founders’ casks” – as they are known – are finite in supply, adding to their appeal for collectors. The spirits market remains dominated by single malt Scotch – with Brora, Karuizawa, Dalmore, Bowmore and Springbank amongst the most collected names – but consumers are branching out. “We’re beginning to see collectors diversify their portfolios,” says Walters, “discovering premium and collectable rums.” He highlights the popularity of Caroni – a Trinidad distillery, no longer in production, that has parallels with Karuizawa – and Hampden, in particular. Fortunately, Covid seems to be having little impact on sales. Even in the last year, the
market has seen 12% growth; as Knight Frank reports, “Anecdotally, drinkable investment classes have always down well in a downturn, perhaps as their owners have looked to drown their sorrows.” In fact, IWSR data shows that “between 2008 and 2012, global prestige-plus
spirits (generally $100+) grew 82% in volume, and almost 230% in value, [reinforcing]
the resilience of high-end spirits after economic challenges”. Nevertheless, our advice is always to buy only what you are prepared to drink – a worst-case scenario that few wine or spirits lovers find much of a burden. Browse all whiskies or read more Editorial

The spirits market has seen a decade of astounding performance – but what is happening, and what should you be looking to buy? 

The spirits market is booming. We take a closer look at the spirits market and explore what is happening, and what should you be looking to buy 

The spirits market overview 

In high spirits: market overview

Last year, the great and the good gathered at the ancestral home of the legendary Gordon family (of William Grant & Sons). A hearty dram was poured for the world’s foremost drinks authorities and they were asked to name the liquid within. So far, so normal in the Scotch whisky world. What happened next is quite unusual. Not one of the experts – with decades of experience and dozens of book credits to their name – could so much as hazard a guess.   The answer to the seemingly simple but dastardly question dumfounded them all. The as-yet-unidentified liquid was a single grain Scotch whisky that had slumbered in a lone Sherry butt for 53 years. Now almost jet-black in colour, the single grain had taken on incredible, rich notes of dried fruits, roasted coffee, and muscovado toffee – and it was indistinguishable from a greatly aged single malt.   The Cask Trials, which is the name given to this highly unusual liquid that left some of the finest palates awestruck and not-so-secretly hoping for a bottle in their gift bag, is just one of the panoply of independently bottled House of Hazelwood releases from the Gordon family’s private Scotch whisky archives.   Somewhat surprisingly, you won’t find a single malt among them. These rare whiskies, which have been amassed over the past 100 years by the owners of Glenfiddich and The Balvenie, were released to the public for the first time in 2022 in two, painfully scarce, collections. The Charles Gordon Collection (all priced above £3,000 per bottle and aged for at least 40 years), and the Legacy Collection (priced between £950 and £2,000 a bottle) are all well-aged blended Scotch, blended grain and blended malt whiskies that have been matured in the most novel ways.   “Bringing old, expensive and unusual blended whiskies to the market is slightly counterintuitive,” House of Hazelwood Director Jonathan Gibson – who was instrumental in creating the range – candidly tells me. “It's not overly common within the industry.”  It’s also not overly common within the industry to bottle liquids of this age and provenance with playful names such as "Blended at Birth", "Sunshine on Speyside" and "The Old Confectioner’s", in understated packaging at these price points.  The liquids are undeniably scarce (once they’re gone, there really is no more) and old (few are under 40 years of age, and the oldest tops 50 years), but they are undeniably unusual and at odds with the highly successful formulaic approach others have followed of encasing precious liquids in highly ornate, priceless vessels that weigh more than a small child.    “They're not concept releases,” Gibson explains. “Everything is driven by the whisky. The packaging is quite straightforward. It's a nice bottle and it's classically engraved but we haven’t collaborated with the hottest designer. The idea is really just to give the whisky room, provide a platform, without overshadowing it,” he adds.   “Over the past 10-15 years – and it's no bad thing at all – you can see a lot more old age-statement single malts coming onto the market,” Gibson says, “And typically they're very straightforward in terms of their naming. It's distillery name, plus age statement equals a certain financial value.  “The naming of these releases is slightly playful, but actually if you look at them one by one, they're very straightforward. It's not quite a Ronseal, ‘it does exactly what it says on the tin’ approach, but it's not too far away from that. If you said ‘Blended at Birth’, it could be seen as quite playful but it's also quite descriptive and the same for ‘The First Drop’ and ‘Sunshine on Speyside’,” he explains.   It's clear Gibson, who has been involved in the project since the start, has genuine affection for the whiskies and the stories each one has to tell. He and the team are custodians of historical artefacts that the Gordon family have not parted with for the best part of a century.  “The First Drop”, for example, is named as such because it is the first liquid to run from the stills at the Gordon family’s Girvan grain distillery on Christmas day in 1964. This is the first and last time it can be purchased. “There's a real emotional tie from the family to these whiskies,” Gibson explains. “For the current family members, it's their dad who laid down these whiskies and he's not around anymore.  “I think it's actually quite difficult for the family to let some of these whiskies go, even though there's a begrudging acceptance that they can't drink such quantities and it was time they cut the cord and let these whiskies go out into the world.”  “There's a general principle that we're following where the whisky is ready to go when it's ready,” Gibson explains, “so we're not chasing down a 60-year-old age statement just so that we can put a big 60 on the bottle.”   It has been a pleasant surprise for all those involved to witness the reception the House of Hazelwood whiskies have received from an occasionally prickly and vocal audience.    “Sunshine on Speyside had an amazing response and it's one of the least expensive whiskies within our range,” Gibson says delightedly.   “It was selected because of its character and its flavour, and named because it has this amazing mango/ pineapple popsicle fruit character that transports you to sunshine and the Caribbean. It's one of those ones where everyone instantly agreed that it had to go into the first collection.   “I thought that everyone would be drawn to the oldest whisky at tastings but actually, this whisky captured the imagination of a lot of the writers and the trade.”   It’s hard to emphasise quite how unusual these whiskies are, as most releases – old or new – are described in hyperbolic terms.   “Blended at Birth”, which was released as part of the first collection, is a blend of malt and grain whisky that was married and matured as new-make spirit. Today, it is against the Scotch Whisky Regulations’ technical file to produce a whisky in this way, as you now have to age the malt and grain whisky components for a minimum of three years separately before blending them, so any liquids of this ilk on the market are painfully scarce.   “Unusual” and “esoteric” aren’t always necessarily loaded with positive connotations – you might take a sip of said liquid, politely smile and then return to something slightly less unusual and more palatable – but these whiskies have incredible balance and depth of flavour, in part because they are blends and not single malt whiskies.    “These old grains in particular are just unbelievable in terms of the flavour,” Gibson says with unfettered joy. “At a younger age, grain whisky is quite neutral in character but once you're past 30 years, if it's aged well, grain whisky has a luscious, delicious quality which adds so much to the final profile of the Scotch.    “The variation in style is enormous,” he continues. “I thought I understood old grain whisky but on exploring the inventory further you see these amazing grains that you didn't really know you could get.”   These whiskies wouldn’t have existed if it wasn’t for the foresight of the Gordon family  – and two brothers, in particular, who changed the company’s stars during the mid-20th century. The young Charles and Sandy Gordon brought much-needed vim and vigour to what could be a bit of a staid industry in the late 1950s. The pair famously refused to kowtow to demands from their grain whisky supplier – instead pulling the contract and setting up their own grain distillery, Girvan, in the 1960s. Charles – or Charlie as he was known – even forwent the comfort of his own home and instead lived in a caravan on-site during the build, riding a bicycle to stealthily check on the workers’ progress. His unconventional methods clearly paid off as the sizeable distillery (which still stands today) was built in a record nine-month period.  During their tenure, the duo also interrogated every aspect of whisky-making from distillation to maturation, resulting in the bold decision to employ an on-site coppersmith and cooper – which are still in situ at many of the William Grant distilleries today – to give the family more control. They were a formidable pair and the business arguably wouldn’t have survived some of the challenging periods in Scotch whisky’s history had it not been for their fortitude.     “There's something about family ownership that means you have a bit more luxury to maybe indulge some of your creative whims,” Gibson says with a wry smile. “This independence enabled them to explore ideas that might have been hard for others to justify to their board of shareholders.”  When other producers would have been forced to make very difficult decisions in order to survive those darker years, the larger, independent William Grant would have been slightly more insulated. Out of curiosity alone, they would have been able to hold on to barrels of maturing liquid and see how they developed over time.  These are the barrels that the House of Hazelwood team – and by extension us – now have access to. Each one has an incredible story – and an even better depth of flavour. With eight releases each year as a minimum – and the suggestion of some partnership releases to come as well – there is an audience, who count the great and the good among their numbers, desperate to venture into this unexplored and curious realm of blended Scotch whisky.  Explore all current listings of House of Hazelwood, browse all whisky or read more Editorial 

Few Scotch whisky releases have incited as much fervour and intrigue as the House of Hazelwood’s independent bottlings from the Grant family’s private cask library. We caught up with Jonathan Gibson to discover why this emporium of curiosities is so tantalisingly unusual

Exploring the success of the independent bottlings from the Gordon family’s extraordinary private collection

The story behind the House of Hazelwood

House of Hazelwood: selling the family jewels

Martet

Accounts

Your access is restricted because of your age.

Access forbidden

You must be over the legal age to view this page. Please verify your age to enter.

Are you over the legal age to purchase alcohol?

As a result of the quantity requested for delivery, we recommend using Third Party Shipping. If you proceed with our Shipping, there may be a delay to the selected ship date.

As a result of the quantity requested for delivery, we recommend using Third Party Shipping. If you proceed with our Shipping, you will not be able to define a ship date, and we will get in touch with you to arrange delivery.

Your order request will be cancelled. Are you sure you want to proceed?

Due to the quantity requested for collection, there may be a delay in meeting your requested collection date.

Due to the quantity requested for collection, it is not possible to define a collection date at this stage. Our team will liaise with the warehouse and contact you directly to confirm a suitable pick-up date.

This item has been listed by a collector and is available for storage or immediate delivery

For orders with a high value, we recommend shipping with a third party carrier. Items shipped with third parties will remain in banded OWCs.

Due to the quantity requested, you won’t be able to select a collection date. Please submit your request, and we will liaise with our warehouse and confirm the collection date with you directly.

Due to the quantity requested, you won’t be able to continue the purchase. Please select third party, or change the quantity (maximum 48 is allowed).

Due to the quantity requested, you won’t be able to select a shipping date at checkout. Please submit your request, and we will liaise with our warehouse and confirm the delivery date with you directly.

For up to 499 bottles in storage, the rate is 39¢/bottle per month or a $50 minimum monthly charge (this covers up to 142 bottles). For over 500 bottles, the storage rate is 35¢/bottle per month.

Storage is charged at HKD 40 per 12-bottle case per month. A minimum monthly storage fee of HKD 80 applies, covering up to 24 bottles.

Standard storage rate

By selecting third-party shipping, you will take full responsibility for all aspects of legal compliance and authorize Vinfolio to transfer the items to the party specified in your instructions. Items shipped via third parties will remain in their original packaging.

Collection times are between 8:30am - 12pm & 1:30pm - 4:30pm, Monday to Friday. Wines at Will Call, that are not picked up within 10 business days, will be transferred to storage and subject to a $1.50 per bottle stocking fee.

Items to be sourced and shipped to our state-of-the-art fine wine storage facility for the best possible safe-keeping where you can arrange collection from our warehouse address in Napa.

Will Call (Napa)

You entered the incorrect password too many times. Your account has been temporarily locked. Please wait five minutes before trying again.

It seems you are visiting from {country}, we invite you to experience our {nationality} website.

Are you browsing from {country}?

We’re unable to process your order with both event tickets and a wine or spirit product in the same transaction. To proceed, please remove either the event tickets or the item from your basket. You’ll then be able to complete your purchase.

Please review your basket

Forgot Password

We're in the final stages of upgrading to our brand-new trading platform. As part of this transition, we're currently migrating all customer-owned inventory to ensure a smooth and seamless experience.

Our new and improved platform will be ready for you on Friday, April 4.

Thank you for your patience - we can't wait to show you what's next.

Oops, something went wrong

We couldn't find any results to show here.

Please note: tax will be calculated at the next step

Our website is currently down for maintenance.

Maintenance Mode

Pre-authorizing a Payment Method enables your Account Manager to make payments on your behalf, without payment verification.

Pre-authorize

This transaction has been blocked by authentication failure.

Authentication failure

Your payment card has expired. Please check your details and try again.

Expired card

Insufficient funds to pay your balance. Please check your details and try again.

Insufficient funds

This transaction has been blocked by the payment provider due to possible fraudulent behaviour.

Transaction blocked

Please choose a different payment method and try again.

Unknown error

About description for demonstration purposes

shows all the items you currently store with us. These items can be sold, delivered or transferred.

At {shortName}

Your allocation will be cancelled. Are you sure you want to continue?

Your pre-order item will be deleted. Are you sure you want to continue?

Your delivery request will be cancelled. Are you sure you want to proceed?

represents all the wines that are in your possession and have been consumed.

This is the price you paid for this item.

Cost price

After adding your new address, you'll be redirected back to this page.

Create a new address

Your notification will be deleted. Are you sure you want to continue?

The lowest price you're willing to sell at.

shows all the items that you have pre-ordered, including en primeur wines, and all the items on your watchlist.

Futures

You can set a sell price on items you're selling based on a % of current unit net value.

You can set a market price on items you're selling based on a % of current unit net value.

shows all the actions that you have taken on items in your Portfolio.

groups every action by type - Purchase, Sale, Delivery, and Inbound Transfer - so it's clear at a glance what happened to each item.

History

shows all the items that are currently in transit to or from {shortName}.

In transit

Local delivery is free for orders over HK$1,800 (to a single location). For orders below this value, delivery is HK$150 for up to four cases and HK$50 per case thereafter.

Shipping starts from €15 within Italy and €45 to Switzerland and the rest of Europe for up to 48 bottles (75cl). Costs vary by destination. Larger shipments can be quoted on request.

The date shown below is when your order will ship from our local warehouse. Your final delivery date, along with full tracking details, will be provided once our team has processed your request.

You can arrange collection from our Retail store on 22nd Floor, 8 Wyndham Street, Central Hong Kong.
Collection times are between 9:30am-13:00 and 14:00-18:00pm, Monday to Friday. We are closed on public holidays.

You can arranged collection from our warehouse STI INTERNAZIONALE SPA, on Viale del Lavoro, 57, 37051 Bovolone, Verona.
Pick-up hours are between 8:30 AM to 12:30 PM and 1:30 PM to 5:30 PM, Monday to Friday. We are closed on public holidays.

This is the current estimated market value for this item.

Manually set prices will be overwritten. Already listed wines are not affected.

Updates all unlisted wines to current market price.

Set all at market

represents all the wines you currently have in your Portfolio that aren't stored with us. Press the

My cellar

Name

Net price

New portfolio available

New portfolio

You do not have any invoices at this time.

shows all the items from your Portfolio that are currently on the market.

On sale

shows all the items you currently have in your Portfolio. You can perform individual actions on them from this page.

Overview

shows any items that are currently awaiting user action.

Pending

This is the dynamic estimated value of the item with trading margin removed.

This is the amount of profit you will receive if your listing sells.

Pre-authorised payments enable automatic transactions on your behalf, ensuring seamless and hassle-free payments. This allows recurring charges, subscriptions, or scheduled payments to be processed without manual approval each time.

The number of cases you wish to place on sale

Your catalogue item will be archived. Are you sure you want to continue?

Your catalogue items will be archived. Are you sure you want to continue?

Before you request delivery, you can adjust the quantity for each item in your selection below.

* At time of sale a 15% trading fee will be deducted from the final sale price.

Total estimated value*'

The fixed custom price you wish to sell each item for.

Split into {caseSize} individual {bottleSize}cl bottles.

Title

shows all the items you currently store with us. These items can be sold.

Available for sale — items stored with {name} eligible to be listed on the marketplace.

Profile

This item is at Vinfolio, available for storage or shipping. For more information on shipping and handling visit vinfolio.com/shipping

This item is at FINE+RARE HOME Hong Kong, available for delivery or local pickup. Most Hong Kong deliveries can be made within 3 working days, an exact date will be available when arranging delivery. International deliveries have longer lead-times, please contact us for details.

Wines sold en primeur will be released from the producer after bottling, typically 18 months after the so-called campaign ends. Upon arrival your wine will be stored at Vinfolio in our temperature-controlled warehouse until you decide to take delivery.

We will source this item at the guaranteed price from our network of suppliers and arrange expedited shipment to FINE+RARE.
 The lead-time depends on many variables, but 2-4 weeks is typical for expedited sourcing.
 Once your order is confirmed, we'll keep you updated on its ETA.
 Every item is checked on arrival by our expert team, with photographs available on request (please note that charges may apply).

When a wine is on "pre-arrival", it means that we have a confirmed order on the bottles from our supplier and we are simply waiting for the winery or distributor to ship the wine to us. The delivery timeframe for pre-arrival wines varies significantly, depending on where the wine is coming from. We will notify you once they arrive at our warehouse and, at that point, you can decide to arrange shipping or list them for sale.

Martet

Filter

Please wait

Related articles