It has been an exceptional few weeks for FINE+RARE events. From Hong Kong to London, Milan to the Scottish Highlands, this run of extraordinary occasions – each distinct in character – has been united by the thread that runs through everything we do: bringing people closer to the world's most exceptional wines and spirits in settings that do them justice. Tiberio Dinner Table by Sandy Keung, Hong Kong — Wednesday 21 May The run began with one of the most eye-opening evenings of recent weeks, centred on the wines of Tiberio, the Abruzzo estate whose commitment to a no-oak philosophy — for both fermentation and ageing, with the sole exception of Archivio — continues to challenge assumptions about what Italian wine can achieve without the influence of wood. The evening opened with three vintages of Fonte Canale: 2016, 2018 and 2023. The 2023 drew immediate attention — many guests found it hard to believe that a wine of such depth and power had not seen any oak influence whatsoever. Vibrant acidity and a clear capacity for long-term ageing were immediately apparent. The 2016, with more time in bottle, had moved into more evolved territory, displaying nutty and dried fruit notes while retaining impressive freshness. The 2018 proved a wonderful companion to the mixed clam dish, its texture and salinity enhancing the natural sweetness of the seafood. Among the whites, the standout for many was the Quarmari 2023 — exceptionally aromatic, revealing layers of beeswax, jasmine, caramel, lemon cream, basil and sweet spice. It was universally appreciated around the table, with some guests going so far as to compare its quality and presence to Corton-Charlemagne. The reds were equally compelling. Four vintages of Colle Vota — 2014, 2018, 2019 and 2021 — demonstrated remarkable depth and character across the board. Full-bodied and structured, with pronounced notes of dark fruits, liquorice, cedar, cinnamon and spice, the 2018 and 2021 in particular showed great power and concentration, their style subtly reminiscent, for some guests, of Château de Tours from Rayas. Paired with the lamb neck course, these wines were in their element. What surprised many most was that, despite their weight and complexity, not one had been aged in oak — a testament to the intrinsic power and expression of old vines. The inaugural 2014 vintage of Colle Vota was a particularly memorable moment. Despite showing early tertiary notes, it retained excellent fruit, freshness and structure, offering a compelling demonstration of the outstanding ageing potential these old-vine wines possess. It was an evening that left a very strong impression on everyone present, and a powerful reminder that great winemaking is, above all, about the vine and the land. Update by Jonathan Leung, Sales Manager, Hong Kong Castello di Ama — Vigneto Bellavista Vertical Dinner The River Café, London — Thursday 18 June One of the most memorable evenings of the year so far took place at The River Café, where proprietor Lorenza Sebasti guided a remarkable retrospective of Castello di Ama's Bellavista — the estate's defining wine, drawn from one of the highest and most historic sites in Gaiole in Chianti. Presented across nine vintages spanning more than three decades, from 1990 through to the newly released 2022, the dinner offered a rare opportunity to explore both the evolution and the extraordinary consistency of one of Tuscany's great wines. The oldest vintages were deeply impressive. The 1990, 1995, 2004 and 2006 demonstrated that great Chianti Classico belongs among the world's most ageworthy wines, maintaining freshness, detail and vivacity decades after harvest. For many around the table, however, the greatest surprise came from the 2011 — universally praised and the favourite of numerous guests — which has now entered an ideal drinking window, combining maturity, complexity and harmony in a way that rewards the patience Bellavista has always asked of its admirers. Among the younger vintages, the 2018 impressed for its purity and transparency, while the 2021 and 2022 elevated the conversation further. Both displayed remarkable polish, power and refinement alongside the freshness that has become an increasingly important hallmark of the site. It was the 2022 Bellavista that generated the greatest excitement. Awarded a perfect 100-point score by Antonio Galloni, the wine was the subject of considerable discussion throughout the evening, though the consensus was clear: the score tells only a small part of the story. What made the 2022 so fascinating was what it represents — a convergence of decades of technical progress, viticultural understanding and winemaking refinement in a single wine. It possessed concentration and potency, but delivered these with remarkable elegance, precision and energy. More than any previous vintage tasted, it felt like a blueprint for the future of the estate. Throughout the evening, Lorenza and Arturo offered invaluable personal reflections on the evolution of Castello di Ama, transforming the dinner from a vertical tasting into a living history of one of Italy's great estates. The River Café, with its understated elegance and deep connection to Italian cuisine, proved the perfect setting. The main takeaway was a simple truth: Bellavista is one of Italy's great wines, and only growing in stature and completeness. Across more than thirty years, through changing vintages and shifting climates, it has maintained a consistency of purpose and identity that very few wines anywhere in the world can match. Update by Dara de Lacy, Senior Sales Manager, UK EAWCO Rarities Selection — Bowmore & Springbank Masterclass FINE+RARE HQ, London A masterclass that set the bar high from the very first pour. We were delighted to welcome Christian Leusder, founder and owner of East Asia Whisky Company, to FINE+RARE headquarters for an evening dedicated to some of the rarest independent bottlings in existence. East Asia Whisky Company has been a longstanding and deeply valued partner of FINE+RARE. An exclusive independent bottler built on principles of understatement, exclusivity and meticulous attention to detail, EAWCO's portfolio spans blue-chip distilleries including Macallan, Bowmore, Springbank, Chichibu and Caroni. They remain the only independent bottler to have released multiple successful Mizunara cask bottlings from these houses — releases that have, remarkably, achieved higher prices than the original distillery bottlings of the same vintages. Christian guided guests through the history of the company before leading a tutored exploration of five extraordinarily rare expressions from Bowmore and Springbank: Bowmore PX Mizunara, 31 Year Old Bowmore Japan Edition, 30 Year Old Springbank Lumen Refill Sherry, 30 Year Old Springbank Yokai Series Asanoha Dragon, 24 Year Old Springbank Yokai Series Yurei (Ghost) Cat, 25 Year Old With a few surprises woven in along the way, the evening was a genuine privilege — one of those rare tastings where every bottle opened carries real weight and significance. For those who were unable to attend, a small number of these bottlings remain available, though given how few exist, they are being offered very selectively. All come very highly recommended. Update by Morgan Richards, Senior Account Manager An Extraordinary Journey Through Bordeaux's Greatest Estates Trattoria de La Trebia, Milan — Tuesday 23 June In Milan, an evening of extraordinary ambition brought together a side-by-side exploration of the 2012 and 2014 vintages through Bordeaux's most celebrated First Growth estates and the legendary Petrus. Far more than a tasting, this was a rare opportunity for guests to compare the expression of each château across two very different vintages — discovering how terroir, philosophy and vintage character shape wines that stand among the finest ever produced. The lineup was nothing short of remarkable. Across both vintages, guests tasted Château Margaux, Château Cheval Blanc, Château Haut-Brion, Petrus, Château Lafite Rothschild, Château Mouton Rothschild and Château La Mission Haut-Brion — fourteen wines in all, representing the very pinnacle of Bordeaux winemaking. The tasting was complemented by an exclusive five-course menu designed by the culinary team at Trattoria de La Trebia, crafted to enhance and showcase each wine served throughout the evening. If one wine captured the room above all others, it was the Château Haut-Brion 2012. Explosive from the first moment, with blackcurrant, smoke and herbs, it simply grew in the glass — every passing minute revealing more power, richness and intensity. Full-bodied, multi-layered and framed by wonderfully chewy tannins, this is a wine of real charm: approachable now yet built to last another twenty years with ease. A blend of 65.5% Merlot, 32.5% Cabernet Sauvignon and 2% Cabernet Franc, it offers extraordinary quality for its level — the kind of Haut-Brion that gives joy from the very first sip. Not to be missed. The Château Margaux 2012 also showed beautifully, drawing considerable admiration from guests throughout the evening. Designed for collectors, enthusiasts and connoisseurs alike, the dinner brought together extraordinary wines, great conversation and a shared passion for excellence — everything a FINE+RARE evening in Italy should be. Update by Jonathan Bruni, Sales Director, Continental Europe Visit to Hazelwood House Speyside, Scotland — Thursday 25 to Friday 26 June The series closed with something truly special: a private, two-day visit to Hazelwood House, the Gordon family home in the Scottish Highlands and the inspiration behind the House of Hazelwood collection — one of the world's greatest inventories of aged and rare Scotch whisky. Over two days, a small group of guests were given rare access to a world that very few ever see: private tours of the Balvenie and Glenfiddich distilleries, a whisky tasting drawn from House of Hazelwood's private reserves, a Gordon family archive session led by archivist Andy Fairgrieve, and an evening of wine, whisky and storytelling over a four-course dinner at the house itself — each course paired with exceptional wines from FINE+RARE alongside whiskies of extraordinary age and provenance. It was the kind of experience that simply cannot be replicated — not just rare access, but a genuine connection to the family, the place and the history from which these remarkable whiskies come. These past few weeks have captured everything we love about what we do at FINE+RARE – connecting people with the world's most remarkable wines and spirits, in the most exceptional settings, surrounded by the stories and the people that bring them to life.  We look forward to sharing what lies ahead for the rest of the year. Interested in joining us at future events? We are pleased to announce that it is now possible to browse, book and purchase event tickets directly through our website, with all tickets viewable in your portfolio. Get in touch with your account manager or visit frw.co.uk/events to see what's coming up — we'd love to see you at the next one.

Tiberio in Hong Kong, Castello di Ama and rare whiskies in London, First Growth Bordeaux in Milan and a private Scottish estate — a glimpse of our events programme week to week. Plus, you can now purchase event tickets directly through our website.

From a Tiberio dinner in Hong Kong to rare whiskies in Scotland, a look back at recent FINE+RARE tastings, dinners and experiences.

Looking back at our recent events

Xiao-Li Meng, Whipple V. N. Jones Professor of Statistics at Harvard and Founding Editor-in-Chief of Harvard Data Science Review, was inspired by a student to combine wine and statistics—leading to insights far beyond what they ever expected.

From wine tastings to data science, Xiao-Li Meng explores how statistics reveals simplicity in complexity – one glass, experiment, and insight at a time.

Wine, statistics & serendipity: A Harvard journey

Seeking simplicity in statistics, complexity in wine, and everything else in fortune cookies 

The Macallan is one of Scotland's most popular whisky distilleries and its rare aged bottlings have become some of the world’s most collected and expensive whiskies on the planet. Founded back in 1824 it has been a stalwart of Highland whisky ever since. More recently it has been at the forefront of the Scotch whisky revival and its 1926 release hit the headlines all over the world by becoming the most expensive whisky bottle sold at auction for an astronomical $1.9 million dollars. The Macallan's history 
The Macallan distillery was founded in 1824 by farmer Alexander Reid and became one of the few licensed distilleries following the Excise Act of 1923. In 1868, James Stuart took over the distillery and rebuilt it. Stuart ran the site until 1892, when Roderick Kemp, a distilling giant who previously owned the Talisker distillery, took over and led the distillery to success.  Kemp’s ancestors managed the distillery for over a century, until 1994 when the Highland Distillers Group took ownership. Finally, in 1999 the Edrington Group took control and Macallan led the company to unprecedented growth. Most recently, in January 2020, Suntory, a long-time partner of Edrington, acquired a 10% share in the group.  Through well-placed advertising, marketing, and brand-building, The Macallan has managed to draw in young professionals to the brand, a sector that previously had little interest in whisky. From the turn of the millennium, the Macallan brand has gone from strength to strength, positioned today not only as a premium spirit but a luxury brand. The early 2000s saw the team at Edrington build the brand’s fanbase by launching a single-cask program, the Exceptional 1. This increased rarity and exclusivity beyond widely available age statements and would go on to be one of the most successful ranges under the brand.  The Macallan's collectability On their journey to becoming the most collected single malt Scotch whisky in the world, the brand released many different ranges, each with different receptions. To this day, the Macallan collaboration with Lalique on the Six Pillars set and the Macallan 72 Year Old are two of the main drivers of their global success and they gained notoriety in different Asian markets. To show the steep growth of the Macallan’s collectability we need only look at a Christie’s auction which took place in 2007. At that time, the Macallan 1926 sold for $US75,000. In December 2019, the same bottle sold for $US1.9 million, breaking the world
record for the most expensive whisky bottle ever sold.   Of the 40 bottles to be released of the Macallan 1926 – 12 of the bottles were released with a label created by Italian artist Valerio Adami, and 12 were released with a label created by Peter Blake, most famous for his artwork for The Beatles. The Peter Blake labelled Macallan hit the headlines with the sale of a set at Le Clos at Dubai airport for $US1.2 million. The same year saw a bottle of Valerio Adami 1926 sell at auction in Edinburgh for over $US1 million and at the end of 2018, a one-of-a-kind 1926 bottle designed by Irish artist, Michael Dillon, sold for $US1.5 million at Christie’s in London.  The records broken at auction for Macallan can be listed by the dozen these days, what is clear the Macallan’s growth as a collectable is astounding. Such a feat isn’t achieved overnight, and while the brand attracts much criticism from the whisky fanatics, its impact on the industry is real. Many whisky fans believe the quality of the spirit has dropped, as the brand continues to shift away from age-statements to NAS expressions. This wouldn’t
be an issue, but many of these NAS products are seen by many as largely overpriced.
 The brand invests greatly in advertising, PR, and events, in order to make the Macallan product match the luxury brand it’s perceived to be. Just last year, over £140 million went into opening the new Macallan distillery, a state-of-the-art facility that took years of planning and building. The new site again hit the headlines and has attracted thousands of
visitors the world over since the site opened.  While not singlehandedly, the Macallan brand has helped lift the entire Scotch whisky market into the luxury sector and allowed many other Scottish whisky brands to raise their price tags and grow in global markets. Some of the best buys from the Macallan include: Macallan Sherry Oak 18 Year-Old (2019) The Macallan 18 Year Old is a classic and one of the best expressions to taste for a well-rounded, deep understanding of the Macallan and their use of premium sherry casks hand-picked from Jerez. The Macallan has long been known for the rich depth that comes from their skilful creation of sherry-forward whiskies and the rich depth of the 18-year-old is a perfect example and what they can do. While many of the higher-aged expressions from
the Macallan are hard for most to open up, due to their rapidly appreciating value, the 18-year-old is still at a price that allows fans and collectors alike to open and savour without a heavy heart. Tasting notes: Rich dried fruits burst through on the nose, with figs, raisins, and a touch of roasted nuts all from the influence. The palate brings hints of citrus alongside the rich fruit, joined by warm spices, and a touch of oak.  Macallan Edition 4 The Edition series by the Macallan, now on its 5th Edition, has grown increasingly popular over the years, both as a collectable and a range to drink. As each new Edition launches, the previous ones grow more expensive. Today, the Edition 1 sells for over 10 times its original value upon release in 2015. Out of all, the Macallan Edition 4 is one of the most balanced
in the series, and includes liquid aged in seven different types of sherry casks. An affordable and very enjoyable dram.  Tasting notes: The nose opens with walnuts and dates, a touch of orange peel and some orchard fruits. The palate is rich and smooth with honey, milk chocolate, and a hint of winter spice. The finish brings more spice, paired with citrus and rich sherry.  Browse all current Macallan listings or explore more Editorial 

We explore the history of The Macallan Speyside distillery and chart its incredible commercial success in the recent Scottish whisky revival and what today remains the best buys from the distillery. 

Exploring The Macallan, one of Scotland's most popular whisky distilleries, and its rare aged bottlings that are some of the world’s most collected spirits

The Macallan producer portrait 

The Macallan: producer portrait

The Macallan has become the most collectable Scotch whisky in the world. It consistently surpasses its own records at auctions and is known the world over as a luxury brand – even by those who know have little-to-no interest in whisky. The Macallan has come an awfully long way in its 200-year history. From its humble beginnings as two stills in a wooden outbuilding, the Speyside distillery has continually grown in size and prestige. Today, the Scottish whisky-maker calls a stunning £140 million state-of-the-art distillery home and continues to release remarkable long-aged whiskies from its vast stocks. This steady supply of exceptional single malts and rare bottlings, including its fabled #263 cask filled in 1926, has secured its reputation as a collectors’ must-have. But just how has The Macallan become such a tour de force and what should you know if you’re looking to add a bottle to your whisky collection? The history of The Macallan Based in Craigellachie in the Highlands, The Macallan distillery was founded in 1824 by farmer Alexander Reid and became one of the few licensed distilleries following the Excise Act of 1923. In 1868, James Stuart took over the distillery and rebuilt it. Stuart ran the site until 1892, when Roderick Kemp, a distilling giant who previously owned the Talisker distillery, took over and led the distillery to success. Kemp’s ancestors managed The Macallan for over a century, greatly expanding the distillery – increasing the number of stills from six to 21 between 1965 and 1975. In 1986, Suntory bought out a quarter of the stocks, with Highland Distillers buying out the rest in 1994. The distillery changed hands again in 1999, when Edrington took control. The Macallan has been largely responsible for the company’s unprecedented growth. Macallan’s reputation was built on the use of Sherry casks. Indeed, until 2004 it used exclusively Sherry casks, but then introduced the Fine Oak series, which was aged in ex-Bourbon and Sherry casks. The Macallan cask programme Today, The Macallan invests more per cask than any other distillery in sourcing, crafting, seasoning and caring for its casks – all under the watchful eye of Master of Wood, Stuart MacPherson. The entire process of creating a Macallan Sherry-seasoned oak cask takes approximately six years. Today, European and American oak are both used. Once felled at the optimum age (100 years for European and 70 years for American oak), the trees are left to air-dry for at least one year before they are cut into staves and transported to Jerez de la Frontera, Spain, where they are air-dried for a further 12 months, then coopered, toasted and Sherry-seasoned. All The Macallan whiskies are natural in colour – with nothing added and the only colour imparted by the long maturation in barrel. The curiously small stills  The Macallan boasts some of the smallest stills in Speyside. At just shy of 13 feet in height, the small and squat shape of the stills enables maximum copper contact and little-to-no reflux, resulting in the characteristically rich, fruity and oily new-make Macallan spirit. The 24 stills are also run incredibly slowly – at a trickle – and Macallan only takes 16% of the final spirit from the stills to fill its casks. When the new £140 million distillery was built in 2018, The Macallan commissioned the famous coppersmith company Forsyths to faithfully replicate the existing stills, down to the last dent. The 24 stills are designed to be exact replicas and the distillery maintains the new spirit will be unchanged. Kirsteen Campbell became the first female Master Whisky Maker in The Macallan’s near 200-year history in 2019. Campbell is squarely responsible for maintaining The Macallan’s distillery character and deciding which whiskies to pull from the archives. She was instrumental in the record-breaking Red Collection – a six-whisky set of superlative single malts, including two of the oldest released by the distillery. Campbell and her team are always looking at future-proofing the distillery, and run various barley trials. Currently, The Macallan uses Concerto barley and its own exclusive strain called Momentum that is grown on the estate and in other parts of Scotland and the north of England. The new £140 million distillery  Inspired by the great wineries across the globe, the Edrington team set out to build a distillery unlike any other in 2011. The project, led by Rogers Stirk Harbour + Partners – the architects responsible for Heathrow Terminal 5 and the Leadenhall Tower, or Cheesegrater, as it has become known – took seven years from idea to launch. It involved up to 400 people specialising in more than 20 different trades and cost £140 million. The result is an architectural marvel and has increased The Macallan’s distilling capacity from 11 million to 15 million litres a year. Easter Elchies House, located on the 485-acre Speyside estate, is still the spiritual home of the brand. At present, the old Macallan distillery, complete with its original 21 stills, has been mothballed but rumours swirl that it might resume production in the not-too-distant future. The Macallan and 007  The Speyside single malt has featured in two James Bond films. It first appeared – very heavily – in the 2012 Skyfall when M and Bond are both seen drinking Macallan. There is also the memorable scene between Javier Bardem’s Silva and Daniel Craig’s Bond when The Macallan 50 Year Old (the 1962 Fine & Rare) gets an extended amount of airtime, balanced in a shot glass on Sévérine’s head. A bottle signed by Bardem and Craig was later sold at auction, raising £9,635 for charity. The Macallan 18 Year Old makes a more understated appearance in the 2015 Spectre, on a table in James Bond’s apartment. The Macallan range The Macallan produces an extensive permanent range of whiskies, which include Sherry Oak (ranging from 12 to 40 years old), Triple Cask Matured (a trinity of whiskies aged 12, 15 and 18 years in European and American Sherry-seasoned casks), Rare Cask (single malts from the distillery’s library of Sherry-seasoned casks), the Masters Decanter Series (including M, M Black, Reflexion and No 6) and the Fine & Rare Collection. Limited releases (Edition, Anecdotes of Ages, Tales of The Macallan) The Macallan is arguably best known for its limited releases. These are one-off bottlings, often collaborations with artists and experts in their fields, and whiskies that are inspired by various stages in the distillery’s 200-year-history. Some of the most interesting limited releases include the 13-bottle Anecdotes of Ages collection. Each bottle of 1967 single malt features imagery of The Macallan Estate, created by British pop artist Sir Peter Blake and photographed by Mary McCartney. Only 322 bottles are available worldwide. The Archival Series is also worth highlighting. First released in 2015, with Folio 1, the series includes 24 individual bottlings that commemorate the distillery’s iconic advertising campaigns from the 1970s to 1990s. Today, a single Folio bottle can fetch upwards of £1,500. The Macallan has unveiled two highly anticipated limited releases over the past two years: the sixth and final Edition, and the first Tales of The Macallan. Prices for the complete Edition series (1-6), and individual Edition bottlings, have been steadily rising. The forecasted price for one of the 350 Lalique-designed Macallan Volume I decanters is £60,000. The Macallan also releases more experimental limited releases, like the Harmony Collection and A Night on Earth. The first Harmony Collection, unveiled in 2021, was the Rich Cacao expression, combining two of life’s pleasures: Sherry-matured whisky and chocolate. The same year, the distillery released its first A Night on Earth whisky, honouring Scotland and its legendary Hogmanay festivities. The seasonal release features illustrations from Japanese-French artist Erica Dorn. Cask #263 Without doubt, the most coveted bottles from The Macallan come from one hallowed cask: #263. The Sherry-seasoned cask, filled in 1926, slumbered for six decades until the precious liquid was filled into a mere 40 bottles in 1986. Of these, 12 were filled into bottles designed by pop artist Peter Blake and 12 were bottled in labels designed by Italian artist Valerio Adami; two were auctioned in blank bottles – one of which was later hand-painted by Irish artist Michael Dillion; and 14 were sold as part of The Macallan’s Fine & Rare Collection. Sporadically, and to great furore, these bottles have appeared at auction. One of the Blake bottles sold for £6,375 in 1991, an Adami fetched almost double that five years later, and another went under the hammer for $75,000 in the late 2000s. After this, things went quiet and speculation about the whereabouts of the bottles was rife – until a bottle of Blake and Adami sold for $1.2m in 2018. Unsurprisingly, this set in motion a veritable maelstrom of activity, and nine bottles have since changed hands. The Fine & Rare Collection The Macallan first launched the Fine & Rare Collection back in 2002, with a modest 37 different expressions. In the years that have followed, this collection has swelled to 57 different vintage bottlings from eight decades in the distillery’s history – making it the largest vintage-dated single malt collection in the world. The oldest bottling in the impressively vast Fine & Rare Collection is from the legendary 1926 vintage. The Macallan Red Collection The Macallan Red Collection is widely seen as the pinnacle of the distillery’s portfolio. Three of the six single malts are the oldest whiskies ever released by The Macallan – or any Scotch whisky distillery, for that matter. The entire collection – named after a colour that has a long association with The Macallan – is aged in Sherry-seasoned casks. The three oldest ongoing expressions (40 Year Old, 50 Year Old and 60 Year Old) join the three guest releases, which are the oldest in the distillery’s history (71 Year Old, 74 Year Old and 78 Year Old). Occasionally a lone bottle or an incomplete set of The Macallan Red Collection becomes available, but to find all six bottles is truly rare and exciting. Collaboration with Lalique on the Six Pillars Collection Over the course of one decade, The Macallan partnered with acclaimed French crystal maker Lalique on some truly memorable and collectable whiskies. In 2016, the Six Pillars set drew to a magnificent close with The Macallan in Lalique 65 Years Old . Only 450 individually numbered bottles were released worldwide. The first release in the collection, which began in 2005, was the 50 Year Old, followed by the 55 Year Old (in 2007), 57 Year Old (in 2009), 60 Year Old (in 2011) and 62 Year Old (in 2014). In 2019, four bottles from The Macallan Six Pillars Collection sold for £296,500. Browse The Macallan whiskies or read more Editorial 

The Macallan’s reputation is unparalleled. It is the most coveted and collectable Scotch whisky and a luxury brand in its own right. We explore the distillery’s rise and the bottlings that continue to secure its place at the pinnacle of collectability

The Macallan’s reputation is unparalleled - the most coveted Scotch whisky. We explore the distillery’s rise & the bottlings at the pinnacle of collectability

Everything you need to know about The Macallan

Alongside Macallan, Dalmore is leading the luxury end of the Scotch whisky revival, with its top-designated aged whiskies now reaching astronomical prices. We explore this historic distillery following its refurbishment and highlight F+R’s top picks from the range. The refurbishments were born from a simple problem: the whisky distilleries back home in Scotland can’t keep up with guests’ expectations. Those who have visited some of the many whisky distilleries in Scotland know that the setup is usually very basic, and simple. Men and women from the area work in old sites, mossy warehouses, tight fermentation rooms, and sterile still rooms.  Few sites have visitor centres and those that do keep the experience simple. A Scotch distillery is a piece of Scottish history and the luxurious and high-end image many brands now enjoy in markets across the globe doesn’t match the old, cosy distilleries back in Scotland. However, this is changing. As the value of certain releases skyrockets on the secondary market and huge investors and collectors emerge in Asia and the U.S., these distilleries need to fit the role of a huge, luxury brand. Visitors to Scotland for whisky tours fluctuate each year and, put simply, if a Chinese buyer pays £1 million for a single bottle of Macallan, the distillery needs to be up to par
when said buyer decides to visit. The new, state-of-the-art Macallan distillery came to be for a reason.  Now, the Dalmore has followed suit and upgraded their facilities. Unlike the Macallan, they have held on to some of the old structures and areas that make the Dalmore what it is; the character must remain. However, the team has renovated the visitor's centre, added a kitchen and chef team, a private dining room and bar, all the areas to make guests feel truly welcome. The still room has been opened up for a more ‘majestic’ view of the massive stills and the maturation warehouses have been organized for guests to see some of the rarest Dalmore casks in existence upon entering.  Over a night at the distillery with Richard Paterson, we were taken through the distillery and the renovated areas. The tasting room features bottlings of the famed Dalmore 64 and 62. These were, most likely, replicas but the Dalmore team (with a smile) nor confirmed nor denied this.   Bottles of Sherry, Port, and Bourbon from the producers the brand receives their casks from, were present as were educational materials to study up on the distillery and whisky in general. The secret dining room is perfect for small and mid-sized groups, and the chef does an amazing job of using Scotland’s finest ingredients for a fun and colourful menu.  Dalmore bottlings and casks have been rising steadily, especially in China, Taiwan, and the rest of Asia. Just recently, the brand launched the new Dalmore 51 Year Old. And with Richard Paterson set to retire this year, many other commemorative bottlings are expected to follow. Let’s look at the one-of-a-kind Dalmore 60-Year-Old. According to Paterson, ‘the spirit was distilled on June 7th, 1951, and the two ex-sherry casks used to create this expression are the
last of the Mackenzie era, the family that ran the distillery for over three generations.’ The project was led by Paterson, who carefully married the two casks to create the new 60 year-old.  The new release is close in age to the series of Dalmore 62 Year Old bottles, each one commemorating a milestone in the Dalmore's history, from the start of the distillery in 1839. Most recently, the brand collaborated with famed Italian chef, Massimo Botura, to create the
one-of-a-kind 49 Year Old Dalmore L'Anima, which sold at auction for £108,900. Since the launch, the new Dalmore 60 Year Old has been sent on a journey around the world, to launch in China, the US, Taiwan, and other markets. Once it returns to the UK it will be sold to the highest bidder, but we do not yet know which auction or retailer will be used. As whisky becomes more of a luxury product many distilleries have begun to upgrade their facilities. However, we’re hoping that the traditions, timeless structures, and old practices remain as those are what make Scotch whisky such a loved spirits category steeped in rich history. The Dalmore has managed to maintain both, so if you haven’t yet, now’s a great time
to visit. Dalmore 35 Year Old Released in 2016, the Dalmore 35 Year Old will see 1,000 bottles released a year until 2021. With this in mind, it’s a great time to stock up as a possible discontinuation may be on the horizon. The whisky within has been aged in a combination of casks- a Matusalem sherry, a bourbon barrel and a colheita port pipe. This brings forth an amazing balance in the whisky,
with depth that only over three decades spent in oak could bring. To remain on par with the liquid, a hand-blown crystal decanter crafted by French crystal house Baccarat was produced for the release.  Tasting note: The nose is delightfully bursting with juicy fruit, mangoes, bananas, pineapple, and some passionfruit. Vibrant for a whisky of this age. The tropical fruit continues on to the palate now joined by some spice, gingerbread and some roasted coffee with honey. The finish is long and smooth. Dalmore 45 Year Old As if the 35-year-old wasn’t old and rare enough, the Dalmore brought us a 45-year-old expression in 2018. Unlike the 35, only 500 bottles of the Dalmore 45 Year Old were released worldwide. The liquid matured in ex-Bourbon casks and was then moved into two different Graham’s Port Colheita pipes from the 1961 and 1963. The liquid was finally married together
in first-fill ex-Bourbon casks. Again encased in Barracat crystal decanters, this is one of the most sought-after Dalmores in the world. Tasting note: Incredible complexity here, with soft berries leading to rich honey on the nose. The palate delivers dark chocolate and Manuka honey, followed by toffee-covered apples and roasted chestnuts. A complex yet balanced expression, with a liveliness one wouldn’t expect from a whisky aged for almost half a century.  Browse all current Dalmore listings or read more Editorial 

We were one of just eight lucky guests invited to visit The Dalmore’s refurbished distillery as the team launched its 60-year-old bottling commemorating the distillery’s 180th anniversary.

Notes from our visit to The Dalmore’s refurbished distillery as the team launched its 60-year-old bottling commemorating the distillery’s 180th anniversary.

Notes from our Dalmore Distillery visit

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

When it comes to whisky, the conversation has long been dominated by maturation – on how long the liquid spends slumbering in which cask, on how big the cask is and what it held before, whether a Sherry butt, wine barrique, first-fill Bourbon barrel or the fashionable mizunara. Recently, there’s been an increased focus on the base product, with producers such as Waterford’s Mark Reynier championing single-site, single-barley, terroir-driven whiskies (and rums, with his Renegade project). But, somehow, there’s a tendency to skip on by the magic that happens in between: distillation.  While grain whisky is column distilled, malt whisky is almost exclusively distilled in copper pot stills – indeed, it’s a legal requisite for Scotch whisky. Crafting these copper beauties is an art – and one that depends on a handful of specialists. Kentucky has Vendome, Germany has Kothe and CARL, Italy has Frilli and Scotland has Forsyths. The equipment these coppersmiths produce lays the foundation the DNA of its new-make.  To the untrained eye, these onion-shaped pieces of kit look almost identical, but the size and shape is distinct to each distillery – defining its style. As distilleries expand and increase production, they don’t buy a bigger still – but commission exact replicas of their existing still(s), with every dent and dimple carefully recreated. Macallan, famously, replaced all its stills when building its new state-of-the-art distillery in 2018, asking Forsyths to create 36 stills that were identical to those it had previously used.  Although there have been attempts to use other metals, copper has long been favoured for distilling – originally for its pliability, making it easy to work and shape. But by the early 20th century, it was apparent that copper had other benefits – stripping the spirit of impurities. As the vapour rises through the still, it reacts with the copper, capturing sulphur, cyanides, carbonates and acids, meaning the liquid that is eventually collected is purer. Coppersmiths play on this purifying effect to create a range of stills, for the longer the vapour spends in contact with the copper, the lighter the spirit you’ll produce. Take Glenmorangie’s tall, 17-feet-high stills which produce a very light spirit, and compare them to the small, squat stills and typically heavy spirit of the Macallan. Of course it’s not quite as simple as that. As well as the ratio of copper to liquid, the speed of distillation, the shape of the still, the size of the neck, the level of reflux, the angle of the lyne arm and venting of stills all have an impact.  Rothes-based Forsyths has been hammering copper into shape for Scotland’s leading distillers for over 150 years. Richard Forsyth OBE (who has now passed management of the business to his son, Richard Jr) was the third generation of his family to run the coppersmiths. The frank, self-effacing Scot remembers working in his father’s workshop aged 15, “I knew this is what I wanted to do… I found it fascinating.” And after 55 years, his eye still twinkles when he talks about the arch of a still’s swan neck, the art of wielding a planishing hammer and the characters that make the industry so interesting.   He joined the family business in 1967 – at what happened to be a pivotal moment for the industry. During the Second World War, the whisky business ground to a halt – and with it the need for stills. In the 1950s and ’60s, however, the industry grew rapidly – too rapidly, it turned out. What was a golden era turned into a whisky lake, with many distilleries soon mothballed. Forsyths – for whom 99% of its business was servicing the whisky industry – had to find something else to pay the bills, and it was up to Richard to find that something else. They branched out first into paper, then stainless steel and – by the late 1990s – oil and gas. Although coppersmithing remained the foundation and heart of the business, these other disciplines became the main money-makers until the early 2010s, when whisky’s current boomtime set in. Today, Forsyths maintains over half of the pot stills in Scotland. For a wash still (distilleries that double-distil have wash and spirits stills, first distilling the wash into “low wines” and then distilling the “low wines” into new-make spirit), the head, neck and condenser wears out in eight to 10 years, while the pot itself may last 25. Add to that developing new stills for the thriving industry – as well as their expansion into rum, Bourbon and tequila – and the company’s not short of work.   Although there is clear resistance to change with an industry that is entrenched in tradition, things have shifted, slowly but surely, over the years. And there have been two significant changes over the last century that have transformed the Scotch whisky world: the firing of stills and the nature of condensers.  When shell-and-tube condensers were invented in the 1880s, as an alternative to old-fashioned worm tubs, it took time for producers to be persuaded. Although shell-and-tube condensers are significantly more efficient and take up much less space, they are completely different – with the copper surface area at least 20 times larger, something which has a key impact on the spirit. To this day some producers (15 to be exact – including Craigellachie, Mortlach, Glen Elgin and Springbank, the latter only for their wash still) retain their worm tubs, valuing the heavier, richer, more complex (and in some instances, even meaty, savoury) spirit character.   Traditionally stills were direct-fired – heated by flames fed by peat, coal or gas. “It’s dirty, messy, difficult to handle – and to control,” Forsyth tells me. A push for safety and efficiency saw producers switch to using steam in the 1970s. But some argue that this shift wasn’t for the better. Fire created a less consistent heat, with hot spots that would burn the wash and promote Maillard reactions (the same reaction that takes place when you brown meat, or during the bottle-ageing of Champagne or other traditional-method sparkling wine) – adding nutty, roasted notes that build complexity, or so proponents would argue. Glenfarclas is known for having briefly dallied with steam before returning to direct-firing, along with the likes of Macallan, Glenfiddich and Springbank.  As the whiskies of this pre-modernisation era – Scotch’s so-called “golden age” – become increasingly coveted, distilleries (both new and old) are looking to recreate these practices. Along with traditional floor maltings, producers like Glen Garioch (owned by Suntory) and Dunphail are investing in direct-firing. (Although, with worm tubs no longer produced, new distilleries have little choice regarding shell-and-tube condensers.)  However they are fired, given their custom nature, copper pot stills don’t come cheap. Much of the work continues to be done by hand, hammering to strengthen and finish the copper. Stills can range from 5,000 to 50,000 litres in capacity, but an average 15,000-litre still and its condenser will require between 1,800 and 2,000 manhours, and set you back around £250,000. And that price has only increased recently, thanks to rising energy and material costs – with a copper shortage proving challenging for Forsyths, a business that is the UK’s second-biggest buyer of the metal.  With the distinct nature of stills and their impact on spirit, plenty of new producers will ask for copies of a particular distillery’s stills – wishing to emanate their style of spirit. Forsyth tells me how one Japanese customer requested a pair each of Macallan, Glenlivet and Glenrothes stills. While of course there are many problems with this imitation game, there’s also no guarantee – as Forsyth tells me – that the same equipment will have the same results, especially when not run with the same wash, in the same way, by the same people. And, of course, a company like Forsyths isn’t going to give away Macallan’s proprietary designs, for example. As such, they’ll recreate something similar, but ensure it’s tweaked so no two distilleries have exactly the same design.   But how much impact do stills really have on the final spirit? Despite his half-century in the trade, Forsyth is quick to suggest, “I don’t think a lowly coppersmith can talk too much about that.” He’s clear that you need good equipment to make good spirit, but it’s one factor in amongst everything else – the barley, water and fermentation times, for example. And how a still is used is as important as its shape or size, with both the speed of distillation and the all-important cuts – dividing the heart from the foreshots and feints. Forsyth firmly believes that good wood is “the single biggest effect in a bottle eight, 10 or 12 years later”. There’s little use having a good base spirit if it’s ruined by a decade in bad oak – but good oak also can’t salvage bad spirit.  Forsyth has seen it all during his 55 years in the whisky business – and has been forced to be as malleable as the metal his family has worked for generations to survive the booms and busts. Despite the challenges, the coppersmith is as enchanted by his trade as when he first picked up a hammer in his father’s workshop. The industry will doubtless continue to ebb and flow, but with a spirit that takes decades to produce, the pace of change is reassuringly gentle. “It almost goes as slow as the running of the spirit,” Forsyth says whimsically. The still room remains the beating heart of distilleries – the basis of a producer’s fingerprint, all thanks to the careful hammering of the artful coppersmith.  Browse all current Scotch whisky listings or read more about spirits  

There’s something romantic about the bulbous sheen of a copper pot still. These behemoths glimmer with the promise of fine spirit – but it’s rare that we talk about what happens within. Sophie Thorpe sat down with Richard Forsyth OBE of Scotland’s leading coppersmiths, Forsyths, to find out more 

Cult coppersmiths Forsyths on the art of crafting copper pot stills for the biggest names in Scotch whisky – and how they define a distillery’s spirit style

How copper pot stills define whisky styles

Copper craft: the art of the still

“In more recent times The Glenturret has not been a brand name that is well known in whisky.” While few might refute this, they are not typically the first words you expect to hear from the mouth of the distillery’s Managing Director. “When the new owners took over, it was a unique opportunity to take this old, heritage brand that no one has ever heard of and reposition it without any of the baggage you normally get with repositioning older brands,” John Laurie adds. In 2019, Silvo Denz – owner of Chx Faugères in Saint-Emilion and Lafaurie-Peyraguey in Sauternes – bought a 50% stake in the Highland distillery via his Lalique Group for £15.5m. (Swiss entrepreneur Hansjörg Wyss bought the other 50% for an undisclosed sum.) This marked Denz’s first move into the whisky world and a huge moment for The Glenturret. The deal with The Edrington Group, who own The Macallan and Highland Park, included the distillery, the single malt brand and more than one million litres of maturing stock. In the intervening years, the brand once known as a component in blends and home of The Famous Grouse Experience has been on an oft-used-and-cliched “journey”. The team has grown, acquiring some big names along the way, the core range has been stripped back to basics, and all the fundamentals have been scrutinised. For the first nine months after former The Macallan Whisky Maker Bob Dalgarno joined The Glenturret, he was reportedly nowhere to be seen. After his induction, Dalgarno – chalk in hand and overalls-clad – barricaded himself in the warehouse. The industry legend spent month upon month scrawling on the casks, rolling barrels around and familiarising himself with his new pet project. For the self-professed “farm stock”, the prospect of joining a manually operated distillery after working at The Macallan for 30 years was a real thrill. Dalgarno could experiment and affect change. New contracts with local farmers to run barley trials have been set up and the cask-selection process has been extensively reviewed. He and Distillery Manager Ian Renwick are a formidable team. The duo spent months drilling into the stocks and assessing what worked well and didn’t. After this, two things were taken as read: the quality of the new-make was of utmost importance, and The Glenturret would stay a small, hand-operated distillery. “Other brands will use casks as their dominant flavour profile,” Laurie explains. “We use our new-make spirit. It’s the backbone of The Glenturret. You should be able to nose our new-make spirit and nose it at 30 years old and never lose that character.” The Glenturret new-make spirit is light and quite soft because of the long fermentation and slow distillation methods. In order to preserve this character and avoid railroading it, cask selection is key. This, according to Laurie, has been instrumental in 80% of The Glenturret’s maiden whiskies selling out in the first seven months. “We were really keen not to be the brand that just puts the same liquid in a shiny new bottle and charges a different price point for it,” the Managing Director says. That said, innovation – or, as Laurie prefers it called, experimentation – is high on the agenda at the Highland distillery. “It’s less scientific clean rooms and more overalls and a lot of incredibly long hours and hard work,” Laurie adds. Ostensibly, the culmination of the first stage of this experimentation is the 2020 series of releases, which includes the familiar TripleWood and a scattering of age statements. But look a little harder and the range is an adept exploration of refinement, questioning age, alcohol strength, refill casks and peat. The team has also not shied away from the issue of transparency – something that the whisky world has not always embraced. “We will tell people exactly what’s in our whisky; we won’t hide anything,” Laurie says. “If you want to know how old our non-age statement is then we will tell you. It’s all about the quality of the liquid for us.” In production terms, The Glenturret is considered small batch. As Brand Ambassador Jamie Morrison quaintly puts it, “At roughly 200,000 litres of alcohol per year, that’s a piece of plankton floating in the Pacific in relation to much bigger, more automated distilleries.” For Laurie, balancing genuine scarcity with a territory-by-territory approach will be instrumental to their success. “You want to explain to the consumer that when it sells out, it sells out. There is not going to be another one coming out the back of it. But also managing it to the point where it is not so hard to get that the consumer loses interest,” Laurie says. “We wanted to make sure everywhere we opened up we looked after as we grow. For The Glenturret to really work, it has to be sold in a location where somebody can take the time to tell the customer the story and understand what makes us different. I would rather they didn’t make the sale than make the wrong sale. “This distillery can’t put out any more than 500,000 litres of alcohol unless we started putting on extensions and changing the process completely,” Laurie says. “And there is absolutely no willingness from the ownership all the way down through the team here to do that. So, The Glenturret will reach that 500,000 litres of alcohol production level and stay there.” Morrison picks up the point: “Everything we do is truly small batch and that comes with its own set of challenges in terms of production, but it also makes us quite nimble which means we can afford to do small experimental runs of different barley. We can adjust fermentation times and adjust the run times of the stills quite easily. And that affords us opportunity to effectively have a play round and see what happens.” The words “small batch” and “limited” are often bandied about in the drinks world. In fact, The Glenturret is well-positioned on many fronts when it comes to buzzword bingo, but there is a sincerity in the mission here and a stellar line up of talent which will ultimately let the liquid do the talking. Browse all current Glenturret listings or all Scotch whisky or read more Editorial

When the oldest working distillery in Scotland found a new owner in 2019, many stood back and speculated on how its fortunes might change. Holly Motion speaks to the team about how a new approach has been a barnstorming success


Exploring how Scotland's oldest working distillery, The Glenturret, has gone back to basics and transformed the Highland producer's reputation

Back to basics at The Glenturret

The Glenturret: back to basics

Château Macalan

France

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