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Is Japanese whisky losing its auction lustre?
Japanese whisky came out on top in Sotheby's Hong Kong's latest spirits auction, but with significantly lower hammer prices compared with just a few years ago. Joyce Yip learns more from spirits specialist Freeman Ho. The post Is Japanese whisky losing its auction lustre? appeared first on The Drinks Business.
Japanese whisky came out on top in Sotheby's Hong Kong's latest spirits auction, but with significantly lower hammer prices compared with just a few years ago. Joyce Yip learns more from spirits specialist Freeman Ho.
Sotheby’s Hong Kong concluded its first online auction of the year last Friday, with Hanyu Ichiro's Malt 10 of Spades #9204 – the most highly priced bottle in the entire series by the now-closed distillery – topping the lot with a hammer price of HK$562,500 (£55,866).
Hanyu Ichiro's Malt Card Series Ace of Spades Cask #9308 took the 10th top lot at HK$212,500.
Hanyu whisky dates back to 1941 as an addition to the family’s 17-century sake brewing business, but a recession forced it to shut down in 2000. The remaining stock was rescued by the founder’s grandson, who bottled it into the Hanyu Card Series collection featuring 58 releases composed of 52 playing cards, two jokers and a second batch of follow-up releases.
Spanning 7-21 March 2025, the auction was also the largest spirits auction ever held in the city, featuring more than 2,000 bottles including sought-after Japanese whiskies, which took up almost 30% of the lot. Other lots included The Macallan and other single malt Scotch whiskies; Cognac and brandy; blended Scotch whisky, Bourbon, rum and other whiskies as well as Kweichow Moutai.
The auction saw 80% of the lots sold, and 435 of the 942 total lots were offered without a reserve price, meaning the item for sale was sold regardless of the hammer price.
It's a decision Freeman Ho, deputy director and spirits specialist at Sotheby’s Hong Kong, says has repeatedly proven to drive interest and competition, especially among young buyers who are new to either auctions or spirits.
Aside from three Speyside single malts, Japanese whiskies claimed the top-10 lots, frequented by distilleries such as the aforementioned Hanyu, Karuizawa – also now closed – and Suntory’s Hibiki.
Ho says ultra high-ticketed whiskies usually purchased for investments – such as ones from the now-defunct distilleries – have dropped close to 50% compared to 2014, when Jim Murray's Whisky Bible named the Yamazaki Single Malt Sherry Cask 2013 as the 'World Whisky of the Year', catapulting the category to global stardom.
"Buyers don't feel like these brands are ever going up anymore so they're determined to sell," he says. For reference, the Hanyu Ichiro's Malt Card Series 10 of Spades #9204 was sold in a Christie's auction for HK$1,250,000 in September 2022 – more than double that of its current hammer price.
Reputable extant producers – such as Miyagikyo, Hakushu and Yamazaki – however, are doing well, says Ho, noting that the quality of liquid has seen substantial improvements in the past two years. While supply is catching up with more widespread global distribution networks and ageless releases, Ho says demand is still there, especially for age stocks.
Also noteworthy are new, independent micro distilleries that have sprouted in the last three to five years, finally birthing their first bottles in small quantities made from pot stills "the size of your bathtub".
"Because these distilleries are so micro and obscure, they are hyped up to be a craft, hidden gem – something that's very exciting for a small and passionate crowd of collectors," says Ho.
"Scotch whiskies have around 140 active distilleries, which translates to roughly 140 brands, if you don't count independent bottlers. Japanese whiskies operate in a closed market, meaning independent bottlers are far and few. In the past five years, the six to seven distilleries have grown to 20, offering a lot more choices for collectors."
While Moutai hammer prices didn’t make the top-10 lots sold, Ho observed an increasing number of the category’s Chinese buyers purchasing for collection, “out of appreciation of its craftsmanship and history”, rather than investment or consumption. Compared to when Moutai was first offered by Sotheby’s back in 2021, when its global head of whisky and auctioneer Jonny Fowle said buyers were “100% Chinese”, Ho said he’s since seen a growing interest from Westerns and Southeast Asians.
Sotheby’s Hong Kong concluded its first online auction of the year last Friday, with Hanyu Ichiro's Malt 10 of Spades #9204 – the most highly priced bottle in the entire series by the now-closed distillery – topping the lot with a hammer price of HK$562,500 (£55,866).
Hanyu Ichiro's Malt Card Series Ace of Spades Cask #9308 took the 10th top lot at HK$212,500.
Hanyu whisky dates back to 1941 as an addition to the family’s 17-century sake brewing business, but a recession forced it to shut down in 2000. The remaining stock was rescued by the founder’s grandson, who bottled it into the Hanyu Card Series collection featuring 58 releases composed of 52 playing cards, two jokers and a second batch of follow-up releases.
Spanning 7-21 March 2025, the auction was also the largest spirits auction ever held in the city, featuring more than 2,000 bottles including sought-after Japanese whiskies, which took up almost 30% of the lot. Other lots included The Macallan and other single malt Scotch whiskies; Cognac and brandy; blended Scotch whisky, Bourbon, rum and other whiskies as well as Kweichow Moutai.
The auction saw 80% of the lots sold, and 435 of the 942 total lots were offered without a reserve price, meaning the item for sale was sold regardless of the hammer price.
It's a decision Freeman Ho, deputy director and spirits specialist at Sotheby’s Hong Kong, says has repeatedly proven to drive interest and competition, especially among young buyers who are new to either auctions or spirits.
Aside from three Speyside single malts, Japanese whiskies claimed the top-10 lots, frequented by distilleries such as the aforementioned Hanyu, Karuizawa – also now closed – and Suntory’s Hibiki.
Ho says ultra high-ticketed whiskies usually purchased for investments – such as ones from the now-defunct distilleries – have dropped close to 50% compared to 2014, when Jim Murray's Whisky Bible named the Yamazaki Single Malt Sherry Cask 2013 as the 'World Whisky of the Year', catapulting the category to global stardom.
"Buyers don't feel like these brands are ever going up anymore so they're determined to sell," he says. For reference, the Hanyu Ichiro's Malt Card Series 10 of Spades #9204 was sold in a Christie's auction for HK$1,250,000 in September 2022 – more than double that of its current hammer price.
Reputable extant producers – such as Miyagikyo, Hakushu and Yamazaki – however, are doing well, says Ho, noting that the quality of liquid has seen substantial improvements in the past two years. While supply is catching up with more widespread global distribution networks and ageless releases, Ho says demand is still there, especially for age stocks.
Also noteworthy are new, independent micro distilleries that have sprouted in the last three to five years, finally birthing their first bottles in small quantities made from pot stills "the size of your bathtub".
"Because these distilleries are so micro and obscure, they are hyped up to be a craft, hidden gem – something that's very exciting for a small and passionate crowd of collectors," says Ho.
"Scotch whiskies have around 140 active distilleries, which translates to roughly 140 brands, if you don't count independent bottlers. Japanese whiskies operate in a closed market, meaning independent bottlers are far and few. In the past five years, the six to seven distilleries have grown to 20, offering a lot more choices for collectors."
While Moutai hammer prices didn’t make the top-10 lots sold, Ho observed an increasing number of the category’s Chinese buyers purchasing for collection, “out of appreciation of its craftsmanship and history”, rather than investment or consumption. Compared to when Moutai was first offered by Sotheby’s back in 2021, when its global head of whisky and auctioneer Jonny Fowle said buyers were “100% Chinese”, Ho said he’s since seen a growing interest from Westerns and Southeast Asians. 
