Gary’s Blog

What bourbon is worth secondary market pricing?

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:

  1. 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?
  2. 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.

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New TTB Rules Pave Way For Better Selections

Last July I shared my thoughts on proposed changes to TTB rules, namely expanding the ‘standards of fill’ to include the international standard of 700 mL.  In short, most of the whisk(e)y world (and distilled spirits in general) use a 700 mL bottle size.  The U.S. had adopted 750 mL (along with others, such as 375 mL, 1L, etc).  Because this single market would require a different bottle and bottling process, it unfortunately limited exporting to that market to those who were willing to invest in all that entailed.  While the major producers would sell enough in volume to make it worth while, this did restrict a lot of independent bottlers from exporting their goods.

I’m elated to share that the TTB announced today that effective (December 29, 2020), they will “publish a final rule in the Federal Register that, among other things, amends TTB’s regulations that govern wine and distilled spirits containers by adding seven new standards of fill for wine and distilled spirits.”  For distilled spirits, the new container sizes are:

  • 1.8 L
  • 900 mL
  • 720 mL
  • 700 mL

Of those, the 700 mL is the one I’m most excited about.  Given some current tariffs in place on single malt scotch (as well as the uncertainty of the COVID-19 pandemic), we may not see the floodgates open right away.  But this is definitely good news for those who would like to see a broader selection of independent bottlings and other exclusives come to our shores.

Cheers!

Gary

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Gifts We Can Give Ourselves

During this holiday season, many will scramble to find the perfect gift for family, friends and loved ones – contemplating their likes and dislikes. Likes and dislikes can be funny things. They aren’t always absolute. Some stick with us our entire lives while others change. Within the whisk(e)y community, there has (and will continue to be) endless debate on this topic – how much a whisk(e)y changes over time versus our tastes or enjoyment of it.

A reader from my home state of Michigan, Scott Mac, shared a story with me after reading my review of Old Tub Bottled-in-Bond Unfiltered. His first taste from his bottle left him ‘underwhelmed’, reminding him of bottom shelf Beam with a peanut taste he didn’t care for. He left the bottle alone for a month or two, and upon revisiting it found he really enjoyed it. His son-in-law, who tried it when he opened the new bottle, concurred – and he recommended I let my bottle sit for a bit and to revisit later.

Scott’s experience reminded me of my first bottle of Booker’s, which I had bought in 2010. I didn’t care for it at all. It was painfully hot, and I couldn’t get past the burn. As it was the most expensive bottle of anything I’d ever bought at the time ($45 or $50), I wasn’t about to pour it out – so I pushed it to the back of my meager cabinet and forgot about it for a year, or maybe two. During that time, my cabinet grew from 5 or 6 bottles to probably two dozen, and my tastes had changed considerably. I had gotten past the high-proof wall, discovering such gems as George T Stagg and William Larue Weller. In rearranging my bottles, I noticed the Booker’s and pulled it out. It was a completely different bourbon from the one I spat out upon first trying. Suddenly the notes of rich caramel and chocolate I had read about were there – and it no longer reminded me of some gasoline cocktail.

I have no doubt in that case the change was with my palate – not the whisk(e)y. But at the end of the day – what difference does the ‘why’ make? The facts are that I had a bottle I didn’t care for, set it aside for some period of time, and upon revisiting – liked it much better! What more could you ask for (other than liking it that much out of the gate of course)?

Returning to Scott’s experience with Old Tub – do I expect that if I put that bottle away for a few months, I’ll like it a lot more than I did initially? Honestly – I have no idea. But I might – and that anticipation is a gift. For the next few months, when my eyes pass over that bottle, I’ll be reminded of the surprise and delight that Scott and his son-in-law experienced after giving it some time – and that will bring a smile to my face. And you know what – even if my palate or the bourbon doesn’t change one iota – the fact that I’m anticipating it might be better stands a good chance to leading to my enjoying it more!

And if I enjoy it more simply because of the anticipation – what difference does the ‘why’ make? After all – enjoying it is the name of the game.

If you have an open bottle that you didn’t care much for, do yourself a favor. Set it aside for a bit, and revisit it. Maybe you won’t like it anymore, and you won’t be out anything. Or maybe just the mere anticipation that you might like it better will make a difference. Either way, it’s a gift you can give yourself that doesn’t cost you a dime.

Cheers!

Gary

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Refreshed Review Index

If you’re a follower of the blog (like Heather, Rich, the other Rich, a few others …) you may be familiar with our Review Index page where we organize all of the spirits we’ve reviewed by category and include links to them (formerly listed as “Review Archive”).  I’m excited to make some updates (hopefully improvements) based on user feedback, and wanted to take a moment to provide a quick overview:

Filtering

You can now filter by category and/or rating!

Let’s say you’re a fan of Speyside single malt Scotch, and want to see only those reviews we rated as ‘Must Buy’.  Or – you’re looking for a Rye recommendation that we thought was a ‘Great Value’.  Simply select from the options and click ‘Filter’ and you’ll be presented with any reviews that match.  You don’t have to set both fields in order to filter.

Single Malt Scotch Regions

While most reviews on single malt Scotch whisky would denote the region, I’ve added the region as a category to each of the over 200 reviews on single malts.  I also reordered the Review Index page to group those by region.  I know some folks may argue that ‘Island’ isn’t a region – but they’re simply wrong (sorry).

 

I hope these updates help you find what you’re looking for more easily!  And as always, if you have feedback, just drop me a line at gary@whiskeyapostle.com.

Cheers!

Gary

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FAQ: What is your favorite whisk(e)y?

I hate this question.

Not because it is a stupid question, but because it is a complicated one.

For starters, the world of whisk(e)y is just too broad for me to pick a “favorite”. I get it – most folks who ask this aren’t as into whisk(e)y as I am, and they’re genuinely curious about which is my favorite.  They may be hoping to learn something, or to find a new whisk(e)y to try, or simply be engaging in conversation. If there’s enough time for an in-depth chat, I’ll try to narrow it down. Are they asking about my favorite bourbon? Or my favorite single malt Scotch? Or are they really looking for my favorite category of whisk(e)y? None of these are easy answers either, but at least segues to a conversation (or a way out if that isn’t what someone is looking for).

I liken it to asking someone what is their favorite food, although this seems easier for me to answer (pizza – duh). But if someone was asking this as they were thinking about what to make me for breakfast . . . I’d probably go with something other than pizza (not that day old, cold pizza for breakfast doesn’t bring some fond memories).

Whisk(e)y is sorta like that. For example, if I haven’t had a pour in a while, and am spending a quiet evening at home – I’d probably reach for something nuanced to ponder and contemplate. That could be an older single malt Scotch . . . or a premium blend . . . or a single barrel bourbon . . . or damn near anything not on the bottom shelf.

On the other hand, if I’m grilling in the backyard, I’m probably not looking for that same kind of ‘nuance, ponder’ dram. Or a really high proof dram either – unless I’ve got it over a few cubes (which is more likely in that scenario).

Which raises another frequently asked question: How do you drink your whisk(e)y?

That’s easier to answer for me, as I most often prefer to drink my whiskey neat, adding bits of water as I go. Some folks hear that and misunderstand.  I’m not saying that I don’t like my whisk(e)y any other way.  I do.  I enjoy cocktails (more lately than I did a couple of years back), and while less frequent – a few fingers of high proof bourbon over a big cube, which is like drinking a half-dozen different whiskies over the course of 90 minutes as the temperature change and dilution results in twists and turns from the original pour .  And based on the situation, I might prefer those over something neat.

Are there whiskies I like over others? Absolutely. If given some small, finite selection, I could probably pick one out of a group that I most often would prefer over the others. But I couldn’t even pick a favorite by category. And if I did, it would change from one day to the next.

Are there categories of whisk(e)y I like over others?  Again, absolutely. With family roots deep in Kentucky, I cut my whisk(e)y teeth on bourbon. But I wouldn’t say that is my favorite – as with the recent craze over bourbon I’ve tended to spend more time exploring Scotch, Irish, and other categories.

When there flat out isn’t enough time for an in-depth conversation? If I’ve got a pour in my hand, that’s my answer (“Whatever’s in this glass!”) If I don’t, and feel like the person asking is considering buying a bottle – I’ll throw out “Buffalo Trace” or “Wild Turkey 101” because they’re readily available, solid bourbons. If I don’t have a pour and feel like the person asking is looking to go stock up and flip bottles or something nefarious (or I’m just in the mood to be a bit of a prick), I’ll give them some unobtainium answer like “Dude, I ONLY drink Compass Box The General . . . but when pressed, manage to settle for William Larue Weller”.

Cheers!
Gary

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