I get asked this question by folks who haven’t had the opportunity to experience some of these gems. I also get asked this question by folks who “know a guy” who can get them something but they’re not sure if the price is worth while (and who don’t really care what it tastes like).
Let me start with clarifying that this is NOT an investment post. I’m going to tackle this from the perspective of someone considering buying a bottle to open up and drink. Might you be able to buy a bottle today at secondary market pricing and sell it in the future for more? Who knows. Every time I think the pricing has gotten “too crazy”, I hear some outrageous example that proves me wrong. Price/value is highly subjective – what I may feel is “too much” may be an amount that is chump change to someone else, so leaving that up to you.
And while I would like to say the answer to the question is “None are worth it” – that would be a bit disingenuous since I’ve had the privilege of experiencing first hand what some of these highly sought after pours are – without paying secondary market pricing. As Garth Brooks says, I’ve got friends in low places 🙂 I consider myself unbelievably lucky to have gotten into bourbon in 2010, finding my way to other enthusiasts who had been in the hobby for many years – some a decade or more. They had accumulated some amazing collections, including glut-era dusties from all of the major distilleries. They educated me on how to spot a dusty (what UPC codes were associated with older distilleries, when tax stamps were “a thing”, etc) and were generous enough to share some truly amazing bottles (like single barrel, non-chill filtered Stitzel Weller distilled Pappy Van Winkle; or Willett 22 yr Rye barrel 618 aka ‘Doug’s Green Ink’).
Were many of those better than what I could walk into a store and pick off a shelf today in 2022? Feel pretty confident answering in the affirmative. In fact the Willett 22 yr remains to this day the best rye whiskey I’ve ever tasted. If I could buy a bottle – knowing what it tastes like – I would absolutely pay multiples of what it was purchased for originally (which I believe Smokin’ Joe recalled to be under $100 a bottle). Last I heard, it is going for several thousand a bottle. Would I pay that? No chance in hell.
But there are a lot of bottles that having tried them, in my opinion, aren’t that special and are over-hyped. I wouldn’t pay over retail for Blanton’s, Henry McKenna 10 Yr, any Weller or Pappy. That isn’t to say they’re not good whiskey – they are. But in my experience, there are some single barrel private picks from different distilleries that I’d take over those every time. Some Buffalo Trace Antique Collection bottles I’ve had were really spectacular – and I honestly would probably pay double retail for some (although again, this isn’t where the market is at). But at $500+ a bottle – I’m passing every single time.
The way I think about it is this: What would I be willing to pay for the experience itself – knowing that it might not live up to the hype?
Let’s say that you’ve never had a George T Stagg, and you have a chance to buy one for $1,200 a bottle. Let’s also assume this is through a reputable retailer, where the provenance isn’t in question (although may not be that reputable if they’re selling at that price). The way I would think about it is this:
- What is it worth to me have a 2 oz pour, in the setting (and using the glassware) of my choosing? Because to get a 1 oz pour, I’ll likely be paying $75-$100 in a restaurant that may have a ton of aromas going on, noise, etc (and who knows about the glassware) Am I willing to pay less than that rate and have the chance to pick my setting/glassware?
- How many friends or acquaintances might be interested in the same experience? Considering a 750 mL bottle is 25.36 ounces (call it 25), that’s 12 solid 2 oz pours with a bit extra. If I can get 11 friends willing to chip in $100 a piece for 2 oz of Stagg, I’m paying the same thing (but getting a tad over 3 oz). Hell, a friend who has had it might be game since it is below on premise pricing. Even if I can only get 5 others – I’ve cut back my risk almost in half (and if I like it, will have half a bottle left!)
This was a long post to get to this point: Think of it as an experience. People pay over $200 to jump out of a perfectly good airplane – and from when you jump you’re back on the ground in about 10 minutes. I could savor a 2 oz pour of a delicious whiskey for a helluva lot longer than 10 minutes. And doing so with friends makes it all the more enjoyable.