From The Scotsman, 06-Sept-2003:
Chinese queuing up to buy the Rolls-Royce of expensive whiskies
By Sharon Ward
PLANS are being drawn up to put the world’s largest, most expensive collection of Scotch whisky on sale to the rich and famous - in China.
More than 10,000 bottles from "The Macallan Fine and Rare" collection, valued at £14.5 million, are to go on the market as the largest range of vintage single malt whiskies ever released for sale, with ages of production spanning the years from 1926 to 1972.
Each complete set from the range costs about £140,000 and the Chinese showcase event, planned for Shanghai in November, forms part of a worldwide launch, which also features London, New York and other Far East countries.
The single most expensive bottle is priced at £20,000, with The Macallan 1956 coming in at £10,000. Miniatures are on sale at £61 each.
The Chinese interest comes after The Macallan became the first whisky company to open a sales office in Shanghai, serving markets from South Korea to Australia.
Over the last five years there has been a 48 per cent rise in sales of Scotch whisky in China, according to figures compiled by the Scotch Whisky Association. Martin Reimann, the Asia Pacific director with parent company Edrington, said a growing number of wealthy Chinese who are fashion and status conscious regard The Macallan as an accessory to show off at home.
"It’s commonly referred to as the Rolls-Royce of malts and we believe that those qualities will win the hearts of Chinese whisky lovers. We have received strong interest from high ranking Communist Party officials, top-end retailers, hoteliers, restaurateurs and journalists."
The "Fine and Rare" collection would normally appeal to wealthy American, European or Japanese whisky connoisseurs or canny investors looking for an alternative investment strategy.
A couple of collections have already been pre-sold to two customers, an Italian and an American - who asked if he could pay in installments because his wife would notice one chunky bill for over £140,000 on his credit card statements.
The Chinese are well aware of the potential investment value of whisky - The Macallan has commanded 19 out of the 23 highest prices at recent whisky auctions. It is possible to make 16 per cent a year investment return from a bottle.
"We have often been asked why the extraordinary range of vintage Macallan has never been available for sale," said David Cox, director of fine and rare whiskies. "In response to that demand we are making available the greatest range of single malts ever seen."
Martin Green, whisky specialist with McTears Auctioneers in Glasgow, said: "The investment value of whisky has been proven time and time again, making it an ideal gift to purchase if someone is looking for something a little bit special."
When The Macallan team held the launch party for the Shanghai office, supplies of their product almost ran out. At another Chinese conference event, partly sponsored by The Macallan and attended by Tony Blair, many bottles of The Macallan 30-year-old (worth £300 each) were bought up by entrepreneurial delegates.
"The bottles were intended purely for display purposes - we were astounded and delighted when the delegates started snapping them up," said Reimann.
"And the buyers were all women. Obviously, they had done their research and realised that it is a great investment as well as being a superb dram."