Secondary Whisky Market Shows Signs of Stabilisation Amidst an Emerging “Hourglass Economy”

Whiskystats, the leading authority in whisky market analysis, published its 2026 H1 Insights Report today, revealing that the secondary whisky market is showing crucial signs of stabilisation, with trading values halting their prolonged downward slide.

The report, titled ‘Is Whisky Approaching Its Turning Point?’, offers critical data for collectors and investors, highlighting that while the market is finally edging above its year-on-year comparisons, growth is starkly polarised between the entry-level and ultra-premium tiers.

Notable takeaways:

A Potential Turning Point: After a severe market-wide dive in April, the second quarter of 2026 offered a glimmer of hope. For the first time since the 2022 market peak, the Q2 trading value surpassed its year-on-year comparison, reaching the €25 million mark.

• The “Hourglass Economy”: The market is experiencing a severe polarisation. The most significant growth is concentrated at the absolute extremes of the price spectrum. Conversely, the “middle-tier” price segments cleared much more slowly, reflecting a squeeze on the aspirational consumer base.
• Quality Commands a Premium: Undisputed quality remains the decisive factor. When measured by Whiskybase ratings, collectors are once again willing to pay a premium for the best liquid. For the top 90–95 rating segment, year-on-year growth in trading value consistently outpaced volume growth.
• Record-Breaking Rarities: The absolute top end of the collector’s market remains vivid, largely driven by rare Japanese whiskies. The undisputed crown jewel was a bottle of Yamazaki 50-year-old Club Natsume, which achieved a historic hammer price of over €900,000 ($1 million), setting a new auction record for Japanese whisky.
• Primary Pricing Reality Checks: Today’s buyers are increasingly disciplined, leading to sobering reality checks for exorbitant primary pricing. The Macallan Time:Space 1940 (84-year-old), which originally carried a price tag of around €175,000, failed to sell on five previous occasions before finally clearing at a steep discount for €111,320.

Johannes Moosbrugger, Founder and Head of Data at Whiskystats, said:

“The first six months of this year have presented a fascinating, and at times contradictory, picture of the secondary whisky market. While the second quarter of 2026 offered a crucial glimmer of hope with trading values finally climbing above their year-on-year comparison, the numbers require context. We are recognising a distinct ‘hourglass economy’ where the entry-level and ultra-premium tiers thrive, but the middle-tier segments are squeezed out.”

A full copy of the report is available for Whiskystats subscribers at whiskystats.com/reports.

Note: This press release is for informational purposes only and does not constitute investment advice.

Douglas Laing XOP Arran 26 Years Old ABV: 51.9%

£207.50

Distilled in February 1997 and matured for over a quarter of a century in a refill butt, this XOP Arran 26 Years Old is a remarkable single cask release that showcases the elegance, complexity and natural character only time can create. Bottled at a natural cask strength of 51.9% ABV, with no colouring and no chill-filtration, it is presented exactly as the whisky left the cask. Rich aromas of creamy caramel and vanilla oak.

Our Xtra Old Particular range carries only aged and rare Single Cask Scotch Whiskies from some of Scotland’s most acclaimed and celebrated Distilleries, including those that are long-closed. Each one a marvel in its own right, XOP is bottled at Natural Cask Strength, exceptionally old and truly spectacular. Packed with extraordinary flavour, our Exceptional Single Cask Whiskies exemplify our ‘As Natural As It Gets’ Philosophy by serving a rich reward for those looking to savour a dram straight from the cask.

Subscribe for £26.64 and receive six beautifully crafted issues — including two on us. That’s a 33% saving across the year.

An International Whisky Classroom Comes to London

This November (3 & 4), we’ll deliver our first Diploma in Single Malt Whisky at WSET School London, an exciting milestone as we continue to develop our partnership with the world’s leading provider of wine and spirits education.

Candidates from across Europe have already booked their places and will be travelling to London to learn alongside fellow whisky enthusiasts and drinks professionals. If you’re interested, this is your chance to join a truly international whisky classroom with our teacher Vic Cameron.

👉 Book your Place

Wylye Distillery

Hidden in plain sight 

It’s rare to discover a distillery that’s been laying down casks for three years and only has one person at the helm. But without fanfare, Sam Barber, the owner and distiller at Wylye, has been producing single malt from a repurposed collection of old farm buildings, tucked away in the Wylye Valley in Wiltshire. With well over one thousand casks in his warehouse, Sam is ready to welcome guests to explore the charming Windmill Farm and share his whisky.

Purpose

Having grown from a whisky enthusiast to maker, Sam believes this simple agricultural product is fundamentally about a relationship between drinker and distillery. And that’s why he has one simple purpose: “to create a single malt distillery in the Wylye Valley which becomes a home for whisky drinkers around the world”.

Place

The Wylye Valley lends itself as an area for a malt distillery. Its belt of fertile soil allows Sam to source barley from a local grower and use a nearby traditional floor maltings. Set within four buildings and surrounded by rolling hills in an Area of Outstanding Natural Beauty, Windmill Farm is found in the ancient village of Wylye. And with its own water source, it’s here that Sam mashes, distils and matures all of Wylye’s spirit. 

Process

Sam has a half tonne brewhouse with five temperature-controlled washbacks, running a balanced double distillation on two traditional Forsyths copper pot stills.

Sourcing wood from three cooperages, he matures Wylye’s casks in an old tin roof pole barn, embracing the valley’s seasonal swings. Instead of finishing, all of Wylye’s distillate is filled into casks for full-term maturation giving various options for vatting in the future.

To reveal the character of Wylye’s new make in its most expressive form, ex-bourbon barrels are the bedrock of the warehouse, but Sam also uses ex-solera butts and has a seasoning program with wineries in Montilla-Moriles and Jerez-Xérès-Sherry.

Visits

Dining and tasting rooms sit in a restored dairy, complete with a bespoke bar, log burner, cosy interiors and a growing library of books on spirits, beer and wine. Also featuring a vatting lab and drinks terrace, the picturesque Windmill Farm will host trade, media and private customers, giving guests the chance to sample Sam’s whisky and discover more about Wylye.

Sam said: “The first bourbon barrels I laid down in July 2023 have now turned three. Having spent more time with these vessels than my family – often to the latter’s relief – I’ve become quite attached and it won’t be easy letting them go. But I also want to give my whisky a chance to evolve and reach its full potential, so I won’t be bottling just yet. It is, however, time to start letting drinkers know what I’ve been up to, sharing a few drams of Wylye, and allowing people to experience what makes Windmill Farm such a special place to make single malt”.

To follow Sam and Wylye go to: IG: @wylyedistillery or visit: www.wylyedistillery.com

Our August 2026 Auction ENDS SOON!

Place your bids until 7pm (GMT) Sunday 23rd August.

www.whiskyhammer.com

Every month, we present an incredible selection of whiskies and other fine spirits to our members right across the globe. You will find everything here from limited edition releases and vintage bottles to whole casks of rare whisky. There is certainly something for everyone – whether you are looking to collect, invest or enjoy!

Glenfarclas – 62 Year Old (1954) Pagoda Ruby Reserve (Collector’s Gold Edition) Bottle #1

Highland Park – 8 Year Old (Gordon & Macphail) 1970’s (100 Proof) 75cl

Bowmore – ‘Black Bowmore’ 30 Year Old (1964) 2nd Edition

Glenfiddich – Pure Malt (1950s)

Selling whisky? Why not arrange the pick-up of your bottles using our global courier service? If you’re based in Scotland, you might want to arrange the personal collection of your bottles. Wherever you’re based in the world, we will make getting your bottles into our monthly auction as simple as possible. Get in touch with the Whisky Hammer team now by dropping them a message at sales@whiskyhammer.com.

Drookit Dug 10 Year Old Batch 4, Little Brown Dog

£44.50

On paper, this might look like nothing more exciting than a 10 Year Old blended Scotch whisky. But the headline figures don’t really tell the story of what’s gone into Drookit Dug Batch 4.

This is the final release from the original vatting of casks selected for Batch 2 of Drookit Dug. The casks were chosen because they had experienced more angels’ share than expected, leaving a whisky now bottled at 45.1% ABV, but still at cask strength.

The full cask breakdown can’t be disclosed, but the blend contains a large proportion of Highland malts, alongside some very old grain whiskies that are considerably older than the 10 Year Old age statement suggests.

After being vatted since Batch 2, the whisky continued to mature in second- and third-fill hogsheads, allowing further oxidative and reductive maturation without introducing excessive oak influence. This extended maturation has brought the blend to a richer point in its evolution.

Batch 4 is the final instalment of this particular vatting, bringing an end to a blend that has developed something of a following among whisky drinkers who appreciate what lies beyond the numbers on the label.

Bottled at a relatively approachable 45.1% ABV, it retains the depth and character associated with cask strength whisky while remaining an easy-going session dram made for sharing. And if the suggestion of using champagne corks wasn’t just a joke, it would certainly fit a whisky you might not want to put back in the bottle once you’ve opened it.

TyndrumWhisky.com
The Green Welly Stop
Tyndrumwhisky, Tyndrum
Crianlarich, Perthshire FK20 8RY
United Kingdom

XOP North British 35 Years Old 43.1%

£154.17

A rare 35 Year Old Single Grain Scotch Whisky from the North British Distillery, bottled by Douglas Laing in their prestigious XOP (Xtra Old Particular) range. Distilled in July 1988 and matured in a Refill Hogshead, this natural cask strength release (43.1% ABV) is presented with no colouring or chill-filtration. With just 167 bottles worldwide, this is an exceptional opportunity to secure a truly scarce aged Scotch Whisky.

Our Xtra Old Particular range carries only aged and rare Single Cask Scotch Whiskies from some of Scotland’s most acclaimed and celebrated Distilleries, including those that are long-closed. Each one a marvel in its own right, XOP is bottled at Natural Cask Strength, exceptionally old and truly spectacular. Packed with extraordinary flavour, our Exceptional Single Cask Whiskies exemplify our ‘As Natural As It Gets’ Philosophy by serving a rich reward for those looking to savour a dram straight from the cask.