The rarefied world of scotch collecting is dominated by a few big names: Macallan, Dalmore, Springbank, Bowmore, Ardbeg. Nowadays, these distilleries command high auction prices and often release expensive limited editions explicitly intended for collectors—bottles that are out of reach for nearly everyone.

That wasn’t always the case, though. If you started collecting scotch in the 1980s and '90s, and even more recently for some distilleries, bottles were fairly priced. Back then, of course, it wasn’t obvious that scotch would become a collector’s item, and even less obvious that certain distilleries would rise to the top.

Now, scotch collecting is an established part of the whisky market. And today’s collectors are asking: what’s the next Macallan? What whisky should I buy now, at a reasonable price, that will appreciate significantly in a decade or two?

I have some educated guesses, and I spoke with Christopher Coates, director and editor-at-large at Whisky Magazine, for his input. His top piece of advice: avoid the hype. Instead, he says, seek whiskies that are “scarce, good-quality liquid from people you trust, packaged nicely—that ticks all the boxes. That should go up.”

Also, he says, look at the bottles that are actually being drunk, and not just sitting on shelves. “The stuff that's actually going to go up in value is the stuff that wasn't a manufactured collectible, had a reasonable price to begin with, and that people are drinking, because only by people drinking it does it become more scarce,” Coates explains. “Only then does the word get out that that was good, and therefore the bottle is of value.”

Avoiding “manufactured collectibles,” which often don’t taste all that good, is part of this strategy, he adds. Their likelihood of appreciation rests on future collectors not caring that the quality is poor—perhaps because the brand itself is more important than the actual whisky. “They could put vinegar in that bottle and certain people are always just going to want to buy it,” Coates speculates. “Maybe that's the case! But when push comes to shove you have to hope that it's the reputation of the liquid in the bottle that ultimately is going to determine the value.”

Given all that, these are my bets for whiskies that, in ten or twenty years, you’ll really wish you’d stashed away.  

New Collectible Scotch: Distilleries

Kilchoman

I remember tasting some of Kilchoman’s first bottlings in 2012, when the whisky was only a few years old, and thinking, “Yeah, this is good.” The Islay distillery is turning 20 this year and has gone from strength to strength, especially in annual releases like its grain-to-glass 100% Islay. “They have room to become a cult distillery and they already have a cult following,” Coates says, calling the whisky’s quality “unimpeachable.” Look especially for single-cask bottlings to grow in value; American importer ImpEx usually has a few each year.

Glen Scotia

In some ways disadvantaged by its location in Campbeltown, where Springbank sets the bar, Glen Scotia nevertheless merits a serious look from collectors, especially its single casks. The whisky is always great; the heritage is sound; and packaging is nice without being ostentatious. Don’t miss the distillery’s annual special release for the Campbeltown festival, which usually makes its way stateside only to linger at well under $100—until people in the know snatch it up.

Kilkerran

Another Campbeltown whisky, the overlooked younger sibling of Springbank, made at Glengyle Distillery. “I do not understand why it’s not on the hype train,” Coates says. “It plays second fiddle to itself—it doesn’t have Springbank on the label.” Kilkerran is a young brand—Glengyle was reopened in 2004 after nearly 80 years—and limited, since it’s made for only three months of the year. But its lightly peated profile and oily character attract devoted fans, and in a couple decades’ time, there will be a deeper catalogue of mature bottlings to appreciate.

Glen Garioch

There has long been a niche market for Glen Garioch made before 1994, when the distillery closed its floor maltings and the whisky went from moderately smoky to completely unpeated. But the little-known distillery never achieved wide recognition, which has kept prices in check. Parent company Suntory recently restored the floor maltings and reintroduced direct-firing to Glen Garioch’s wash still, an indication that it’s about to push the whisky much more into the spotlight. Start buying those old bottles now.

Ardnamurchan

Opened just over a decade ago, by the same family that owns Adelphi Selection—an indie bottler Coates also recommends as potentially collectible—Ardnamurchan has invested heavily in production quality, and it shows. While releases so far have ranged widely in terms of flavor profile and availability, all have hit a high bar for quality, with the best meriting praise far beyond their tender years. Eventually Ardnamurchan will settle into a standard range, cementing the rarity of the early years’ one-offs.

New Collectible Scotch: Independent Bottlers

Thompson Bros.

Dubbed “the Chichibu of Scotland” by K&L Wines, Thompson Bros. is a blender-bottler and also owns the tiny Dornoch Distillery. The distillery’s whisky has just barely been released at 6 years old and probably will end up being a solid collectible option, but we’re not ready to make the call yet. The blends and independent bottlings from Thompson Bros., however, are well worth seeking out for their sterling quality and value. The actual Thompson brothers, Phil and Simon, are members of the family that owns the Dornoch Castle Hotel, home to a legendary whisky bar, and the source of the brothers’ expert palates.

Gordon & MacPhail

In 2023, this esteemed company announced that it would cease filling casks of new make from outside producers—the source of its independent bottlings—to focus on its own single malt distilleries, Benromach and The Cairn. While it will be years, even decades, before the last G&M casks are emptied, now’s the time to start buying bottlings that look likely to appreciate. Think older stock from places like Highland Park (less than $1,000 for a 44-year-old distilled in 1952) or Macallan (41-year-old distilled in 1973 for, again, less than $1,000)—magnitudes less expensive with a G&M label than when bottled by the distillery itself.

Douglas Laing and Hunter Laing

Two other indies, formed from the split of the original Douglas Laing back in 2013, when brothers Fred and Stewart Laing went their separate ways with different parts of the family company. Coates sees excellent deals to be had from both sides, like 25-year-old 1970s Ardbeg for under $1,000—something you’d never find from the distillery itself these days. “If you want that in your collection this is going to be the only place to go,” Coates says. “There’s only so much of it in existence. The price should go up.”

And hopefully, he adds, “there's people drinking that stuff as well. Because why wouldn't you?”