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.