The report records that the value of bottles sold for over £1,000 has fallen by 40%, with sales volume also declining by 34%. This decline is attributed to a weakening global economy, high inflation, and rising interest rates, which have dampened demand for luxury collectibles.

While the market for rare whisky thrived during the era of low interest rates and quantitative easing, the current economic climate has led to a “bursting of the bubble,” says Duncan McFadzean, head of food and drink at Noble & Co.

Jonny Fowle, global head of whisky and spirits at Sotheby’s, told the Financial Times that while older, reasonably priced bottles continue to perform well at auction, newer releases are often overpriced. This pricing strategy, driven by a desire to recapture value from the secondary market, may be “pricing investors and drinkers out of the market”.

The downturn in the rare whisky market coincides with a wider slump in the whisky industry. Exports have fallen significantly in both value and volume, with the industry facing challenges from the cost of living crisis and shifting global demand.