This 23-Year-Old Bottle of Pappy Van Winkle Is Now the Most Expensive One Ever Sold at Auction

[Ken Gargett]

i did like the sub-heading about bourbon more reliable than crypto. 

 

This 23-Year-Old Bottle of Pappy Van Winkle Is Now the Most Expensive One Ever Sold at Auction

The collectible bourbon market is more reliable than crypto.

By JONAH FLICKER 

 

Photo: Courtesy of Buffalo Trace

How much would you be be willing to pay for a bottle of Pappy Van Winkle—maybe $2,000 or $3,000 tops? Apparently some people will pay much more than that, because a bottle of 23-year-old recently sold for $52,500 at auction, setting a new record for this extremely collectible unicorn whiskey brand.

The auction took place at Sotheby’s in New York as part of a collection called Whisky & Whiskey | Seasonal Spirits and The Yamazaki 55. These bottles, which included rare expressions from The Macallan as well as the revered and virtually unobtainable Yamazaki 55, brought in the grand total of $1,786,625 (Sotheby’s has auctioned off nearly $12 million worth of whisky in 2022 alone). The Pappy in question is a 23 Year Old Family Reserve bottle that was originally released in 2008, so this whiskey was distilled well before the brand was acquired by Buffalo Trace in 2002 and is likely Stitzel-Weller produced.

According to a rep for Sotheby’s, two collectors squared off in a bidding battle for this Pappy, ultimately driving the price well above the initial pre-sale estimate of $3,000-$4,000. “It was exciting to be on the rostrum conducting the sale for this record-breaking bottle, which went far beyond anyone’s expectations,” said Jonny Fowle, Sotheby’s Head of Whisky & Spirits, North America and EMEA, in a statement. “The auction marked a remarkable end to a year that has seen prices soar for American whiskey at Sotheby’s.”

There were a total of 14 bottles of Pappy up for auction, and the combined sales reached nearly $400,000. This included some other records—a bottle of Pappy 15 sold for $9,375 and a bottle of 20-year-old went for $27,500. The Pappy brand continues to be a whiskey fan favorite—the 2022 lineup was recently announced, boot company Wolverine released boots with heels made using Pappy barrels, and you can now buy shares in Pappy without having to actually purchase a bottle. So happy Pappy hunting to all you scrappy bourbon enthusiasts, because the chase isn’t getting any easier.

[MrBirdman]

This is, I think, a fairly good data point for demonstrating how increasingly wide the wealth gap is. It’s not that there are people with enough money to spend a median salary on a bottle of liquor with a $400 MSRP (officially); that’s always been true. It’s that a narrow slice of the population are now so wealthy they can’t find any better way to spend all the money they have than by driving up the price of scare consumer goods to ridiculous levels.

 Here’s a tip for these guys : in PA twice a year the state owned liquor monopoly holds a free lottery for residents for the right to buy Pappy 10-23 year at actual MSRP. They do zero advertising and it’s only open for 5 days, so entry is fairly small (I’ve missed the last 2).

I’m sure plenty of us will take $20 each to enter on your behalf. Just keep it quiet since in 2020 a guy tried to sell his win on Craiglist only to have it seized and “poured down the drain” according to the authorities. They declined to fine the gentleman.

Reminds me of getting busted for weed by a cop, and having him say “I’m gonna cut you a break but I’m taking this [shakes the bag]. I am not going to keep this or smoke it, don’t even think that, it’s not going to happen. Now get lost.”

True story 🤫

[Islandboy]

Great...yet another reason to hate billionaires.

[SCgarman]

Pappy is no better than any other fine bourbon. It's all about "mystique" and "exclusivity". No different than a vintage 1959 Les Paul that fetches 500K. Or a Patek 5711 that fetches over 100K. For some folks burning huge quantities of cash exudes a high that eclipses heroin. And for many it's the chase for something that is the euphoria, much more than the kill.

[targa88]

Notwithstanding the prices of these various collections.

I wonder sometimes how many of these items are in fact consumed (used as it may apply) versus collected as a status symbol....

[Greenhorn2]

Looks like Cuban cigars are headed in this direction. 

[JustDave]

2 hours ago, targa88 said:

Notwithstanding the prices of these various collections.

I wonder sometimes how many of these items are in fact consumed (used as it may apply) versus collected as a status symbol....

They are not consumed in almost every case. 

Sometimes, and they are very rare, what someone will do is use them as part of a raffle for a charity or something.  Like the bottle gives 24 1oz pours so you sell raffle tickets for some charity, each winner gets a 1oz pour at a tasting.  Other than that, they are just collected with the hope that they will appreciate in value or they are used as a status symbol.  

The person who truly collects bourbon to consume and enjoy isn't after this bottle, they are after something even rarer and harder to find that few know about and that they are really unicorn hunting for.  This aficionado had pappy years ago, knows that it is good but has had better and has moved on to other things.

A friend was over last week for an evening and had a dram of my favorite of the moment, he mentioned really enjoying it and that he was going to have to track some down for his on collection.  My response, "there were 299 bottles of this in the world.  I have two.  Good luck."

[BoliDan]

47 minutes ago, JustDave said:

They are not consumed in almost every case. 

Sometimes, and they are very rare, what someone will do is use them as part of a raffle for a charity or something.  Like the bottle gives 24 1oz pours so you sell raffle tickets for some charity, each winner gets a 1oz pour at a tasting.  Other than that, they are just collected with the hope that they will appreciate in value or they are used as a status symbol.  

The person who truly collects bourbon to consume and enjoy isn't after this bottle, they are after something even rarer and harder to find that few know about and that they are really unicorn hunting for.  This aficionado had pappy years ago, knows that it is good but has had better and has moved on to other things.

A friend was over last week for an evening and had a dram of my favorite of the moment, he mentioned really enjoying it and that he was going to have to track some down for his on collection.  My response, "there were 299 bottles of this in the world.  I have two.  Good luck."

I bet some of these guys definitely crack it open when they are trying to impress someone of competitive rich status.

[havanaclub]

Looks like Cuban cigars are headed in this direction. 

Bang on


Sent from my iPhone using Tapatalk

[SCgarman]

2 hours ago, Greenhorn2 said:

Looks like Cuban cigars are headed in this direction. 

They were there years ago. It's called the vintage cigar market. C.Gars auctions and such. For collectors that have money to burn.

[Ken Gargett]

1 hour ago, BoliDan said:

I bet some of these guys definitely crack it open when they are trying to impress someone of competitive rich status.

i agree. you see it with wines, especially Burgs these days. once a lot went into the cellar never to be drunk. now, these guys have so much money that they can afford to buy this stuff and drink and buy more. 

in the old days, great burgs got drunk because genuine wine lovers or at least burgophiles, could afford almost all bar top DRC and Leroy and so we bought them and drank them. they were not cheap but they were nothing like today. 

but i am sure that these guys are opening some of these. not all, bit certainly some. i'm off to the annual obscenely rich doctors lunch tomorrow. it will consist of great champagnes and reds and then finish with great cigars and incredibly expensive rums. but the guys can't wait to open them every year. who am i to stop them? if you mentioned keeping them as collectibles or for appreciation in the market they would think that horrendous. 

[Bigkahuna]

12 hours ago, MrBirdman said:

 

 Here’s a tip for these guys : in PA twice a year the state owned liquor monopoly holds a free lottery for residents for the right to buy Pappy 10-23 year at actual MSRP. They do zero advertising and it’s only open for 5 days, so entry is fairly small (I’ve missed the last 2).

True story 🤫

The underlying story being that PA LCB officials have an unusually high percentage of winning the drawings. Some might say statistically impossible percentage. It was even reported in several media outlets that PLCB employees often “win” each year.  

[BrightonCorgi]

Does anyone have the winner's email address?  I have a lot stuff to offer if they that free handed with cash.

[Doctorossi]

The running in circles for Pappy continues...

 

... and continues to make me glad that it's not my jam.

[MrBirdman]

3 hours ago, Bigkahuna said:

The underlying story being that PA LCB officials have an unusually high percentage of winning the drawings. Some might say statistically impossible percentage. It was even reported in several media outlets that PLCB employees often “win” each year.  

I thought they couldn’t enter! That’s scandalous if true. Can you send me any sources for this? 

[Bigkahuna]

If you Google PLCB officials+ lottery+ pappy can winkle you’ll get a slew of local PA news outlets that have done investigative stories on it. 

[BrightonCorgi]

Pappy has shown up at Costco's before and at the pre-boom prices. 

[Greenhorn2]

6 hours ago, BrightonCorgi said:

Pappy has shown up at Costco's before and at the pre-boom prices. 

Talked to the man at my local liquor store and he said he's never seen a bottle.

[BrightonCorgi]

8 hours ago, Greenhorn2 said:

Talked to the man at my local liquor store and he said he's never seen a bottle.

A friend in Scottsdale bought a case of Pappy 10 (a few years ago) at like $35 a bottle.  Scottsdale, AZ and Waltham, MA are the two biggest Costco liquor sellers in the States.  The Waltham store's liquor department looks tiny in comparison, but the volume is tremendous.  Scottsdale regularly has 1st growth's at too low to believe prices, along with hard booze, etc...

 

[Greenhorn2]

On 12/23/2022 at 7:41 AM, BrightonCorgi said:

A friend in Scottsdale bought a case of Pappy 10 (a few years ago) at like $35 a bottle.  Scottsdale, AZ and Waltham, MA are the two biggest Costco liquor sellers in the States.  The Waltham store's liquor department looks tiny in comparison, but the volume is tremendous.  Scottsdale regularly has 1st growth's at too low to believe prices, along with hard booze, etc...

 

A little to far from N.C. What stumps me is if you go out west, you can find Kentucky bourbon but it's a hard find in neighboring states. 

[Dr vonPuffenberg]

2 minutes ago, Greenhorn2 said:

A little to far from N.C. What stumps me is if you go out west, you can find Kentucky bourbon but it's a hard find in neighboring states. 

In my opinion, so many of the local retailers and distributors have already been "compromised" by collectors and resellers.  It's the stuff that gets shipped across the country to fulfill contracts that can't really be intercepted. I have an in-law in Georgia who is a former bourbon collector (now Japanese whiskey).  He told me about his process of developing relationships with retailers around the area, having to buy quantities of less desirable bottles in order to 'qualify' for the hard to find stuff.  He has contacts all over Georgia.  He had numerous bottles of every kind of Pappy there is.  The guy was my real introduction to good bourbon, and he has given me over $1000 worth since I've known him.

[Greenhorn2]

Sounds like a mighty fine in law! The biggest problem in North Carolina is that all the liquor is controlled by the government.  Go figure.

[BrightonCorgi]

When Pappy 20 was $100 it was overpriced.

[01Vert]

When ego and money collide.  Happens all the time at auctions.    Two people want something and will not bow out to the other person.  Bids keep going up until it is way beyond expectations.   

[Thirds]

I always wonder what made the losing guy stop at $52k?  He bid it all the way to $52k and then decided “nope, I won’t go to $53k”.  Insane egos no doubt.