We work with clients on multiple levels of luxury asset funds including regulatory, transactional advice. Partner in Mishcon Private, Amanda Gray, caught up with Niall Brown, Managing Director at Whisky Asset, who works with new and established investors, to discuss developments in the field.
Investing in whisky is on the rise, as collectors explore alternative assets that align with their interests. Can you please explain how those interested can get involved?
We offer a straightforward entry into whisky investment. We own all our cask stock, so clients choose directly from our inventory. Each cask is securely stored at our partner facility, the North of Scotland Bonding Company, where customers can open their account and have full access to their holdings. We handle the process from selection to storage and documentation, making whisky investment transparent and accessible while offering both financial potential and the enjoyment of ownership.
Who are your collectors and investors and has the demographic changed over the years? What do they want from the experience?
Our client base has broadened considerably. Traditionally, our collectors were whisky enthusiasts and connoisseurs, often with deep industry knowledge or a strong personal passion for rare spirits. In recent years, we’ve seen an increasing number of younger investors and those from diverse professional backgrounds, many looking for tangible, alternative assets to balance traditional portfolios.
Today’s investors are looking for more than just financial returns; they want transparency, direct ownership, and a sense of connection to the whisky world. Many enjoy visiting their casks, tracking their progress, and taking part in bottling decisions. Above all, our clients value access, authenticity, and the unique combination of passion and profit that comes from whisky cask ownership.
How is the whisky cask market tracked and are there parallels to the wine indices?
We closely follow the performance of the whisky cask market with the same kind of diligence seen in wine investment, where indices like Liv-ex offer a clear benchmark. While the whisky market still lacks the full transparency and maturity of wine indices, data and analytics are improving rapidly. Market data for casks typically comes from auction houses, independent reports (such as Rare Whisky 101), and private transactions among collectors and investment groups. Proprietary indices and market trackers are growing in number and sophistication, especially for rare bottles and, more recently, for casks.
A crucial method for tracking and benchmarking cask prices is by analysing distillery bottlings. Bottles released as official distillery expressions give us a direct, public reference for liquid value and perceived market desirability, providing significant insight into the potential of similar casks. While independently bottled casks cannot be priced identically to distillery releases, these official bottlings do help set a scope and scale for valuation, highlighting what the market will support for certain ages, styles, and distilleries. This process is not unlike how wine investors use château or estate bottlings as a benchmark for bulk and en primeur wines.
As the whisky market matures, we expect even more sophisticated analytical tools and improved transparency, giving investors an increasingly reliable framework for assessing risk and opportunity, similar to what has long existed in the fine wine market.
How do you know that the whisky you are buying or investing in is genuine?
Authenticity is fundamental to our business. All our casks are sourced directly from reputable avenues and are securely stored at the North of Scotland Bonding Company, where provenance and paperwork can be independently verified. Each cask comes with complete documentation, including delivery orders, warehouse receipts, and detailed records, ensuring full traceability from the distillery to storage.
We also conduct regular audits and work closely with our storage partners to maintain strict chain-of-custody protocols. This gives our clients confidence that the whisky they own or invest in is both genuine and fully compliant, providing peace of mind in every transaction.
Have you seen a rise in fake and counterfeit whisky casks? What is the best due diligence for collectors to conduct on whisky from its journey from distillery to bottle? Does physical examination outweigh sales documentation e.g. - bottle and label integrity, ullage?
While the issue of counterfeit bottles is well documented in the secondary market, outright fake casks are less common, though increasing interest in whisky investment has heightened the need for vigilance. At Whisky Asset Ltd, we stress that robust due diligence is essential at every stage.
The most reliable safeguards are comprehensive sales documentation and proper provenance, original delivery orders, warehouse receipts, and consistent records from the distillery through to storage. Physical examination (checking cask condition, registration marks, and warehouse integrity) is complementary but cannot replace paperwork. Without a documented chain of ownership, even a perfect-looking cask may carry risks.
New technologies are making a difference: we support the use of digital ledgers, tamper-proof seals, and, in some cases, blockchain tracking to secure authenticity and ownership records. Ultimately, combining thorough documentation with credible physical storage and modern verification tools is the best protection for collectors and investors.
We work on both sides of alternative asset investment funds including regulations and structuring of vehicles, and with those looking to invest (and sometimes resolving issues for when problems arise!).
Do you think the whisky market requires additional regulation outside the pre-existing framework of financial and legal regulations and, if so, what would you like to see in place?
We are encouraged by the strong foundations already in place for whisky investment, especially in regions like the UK and EU, where consumer protections are well established. As the market grows, we believe it would benefit from even clearer, industry-wide standards around provenance, transparent documentation, and guidance at every stage, from distillery to storage, bottling, and sale. Simple, robust practices around record-keeping and authenticity would make the whisky cask market even more accessible and trusted, helping to build confidence for both new and experienced investors.
Ideally, we’d like to see an industry-wide code, perhaps regulated or overseen by a dedicated body, setting out standards for cask ownership registration, secure bonded storage, third-party audits, and uniform documentation. Additionally, creating avenues for investor recourse in cases of misrepresentation or authenticity disputes would provide much-needed security and support market growth. These measures, alongside technological innovations such as blockchain for ownership verification, could make whisky cask investment as reliable and respected as more established asset classes.
How do you see the whisky market developing over the next five years?
We are incredibly optimistic about the future of the whisky market. Interest from both collectors and investors continues to grow, driven by expanding global appreciation for whisky’s craft, heritage, and investment potential. Over the next five years, we expect continued innovation in the sector, greater market transparency, and the use of digital technology to enhance authenticity, traceability, and accessibility. As more people seek out tangible, alternative assets, whisky cask ownership will become increasingly mainstream, with more diverse and engaged investors entering the market. We foresee strong, stable demand for quality casks from renowned distilleries and greater recognition of whisky as a sophisticated asset class. All this paves the way for a dynamic, trusted, and rewarding market for years to come.
Which whisky would you invest in now?
We’re proud to offer casks from all of Scotland’s most renowned distilleries. In today’s market, we believe in the value of investing in distilleries with strong, global reputations and wide-ranging core ranges, those that release whiskies from young (five years) right through to ultra-rare 50+ year-old expressions. This spectrum demonstrates both scale and a deep legacy, and holding stock from these distilleries means you’re investing in established brands with lasting global appeal.
If we were to highlight one approach, it would be to focus on iconic names with a proven history of producing collectable releases and maintaining international recognition. By investing in casks from these distilleries, our clients not only benefit from their brand strength but also from the broad demand that comes with global awareness and prestige. Ultimately, the diversity and credibility of our inventory allow investors to choose with confidence, knowing they are backing some of the most respected names in Scotch whisky.
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