Whisky auction prices have fallen back to around 2016 levels, according to new research from DramX, which has analysed 4.8 million auction lots across 30 whisky auction sites.
The data shows that whisky prices peaked in 2022 and have since fallen by 21%, with three quarters of bottles now worth less than they were three years ago. The typical bottle has lost 17.8% of its value over that period.
The decline has been particularly pronounced among limited-edition and collector-focused releases. Examples include Macallan Harmony Rich Cacao, down from £312 in 2022 to £80 today, while Macallan Archival Folio 5 has fallen from £1,931 to £622.
By contrast, many whiskies bought primarily for drinking have proved considerably more resilient. GlenDronach Allardice 18, for example, has risen 15% from £129 to £148, while Balvenie DoubleWood 17 is up 8%.
A bigger market at lower prices
Despite falling values, the whisky auction market is not shrinking. In fact, 616,496 lots were sold in 2025, compared with just 78,160 in 2014.
Over the same period, the average bottle price dropped from £363 to £224, suggesting that the market has become significantly larger while becoming more affordable.
The research also highlights the concentration of value within the market. Just 4.8% of lots worth more than £1,000 accounted for £633 million of the £1.28 billion spent.
Japanese whisky has experienced the sharpest correction, falling 55% from its 2022 peak, compared with a 41% decline for Scotch.
DramX also found a seasonal difference in auction results. November is the strongest month for sellers, with the average bottle achieving £313, compared with £268 in July.
The research is based entirely on published hammer prices from 30 whisky auction sites, rather than estimates or valuations.
DramX is a whisky auction research platform built by collectors, allowing users to search millions of historical auction results and track the performance of individual bottles and collections.
The full research and searchable auction database are available at DramX.
