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| Scotch Shortage, Lee's Cafe and Bistro Chef Killed, Women's History Month |
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 by: Rebel - Havertown, PA
started: 03/04/16 8:55 am | updated: 03/04/16 8:55 am |
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Thirst for old single malt Scotch is booming around the world — from the U.S. to developing countries like China — pushing prices of older vintages through the roof, attracting savvy investors hoping to cash in and forcing distilleries to scramble to meet demand.
The problem is that age-labeled single malt Scotch has always been, by design, a limited commodity. Distillers produce a set amount in a given year with pretty much zero visibility about what demand will be like when the bottles start hitting venerable ages.
The industry woke up to the current boom too late. In the late 1980s, many distilleries were going out of business, and just a decade ago, Scotch exports were stagnating.
More capacity is being added now, but the bad news for whisky drinkers is the shortage could last another 10 to 15 years.
Enthusiasm for single malt Scotch — whisky made from the product of a single distillery rather than a blend — continues to surge. In the U.S., annual sales nearly tripled between 2002 and 2015, according to the Distilled Spirits Council of the United States.
Global single malt exports jumped 159% between 2004 and 2014, according to the Scotch Whisky Association. Asia now accounts for one-fifth of all Scotch exports, buying up a quarter of a billion bottles a year.
The world's most expensive Scotch was sold in Hong Kong: a large crystal decanter holding Macallan “M†whisky went for a whopping $628,205 at a Sotheby’s auction in 2014.
Pumping out more whisky
To combat the single malt drought, some distillers are ramping up production.
By early 2018, Macallan, one of the world’s most popular Scotch brands, will have a second distillery online. But it won’t be releasing bottles immediately — by law, all Scotch whisky must be aged for a minimum of three years.
In recent years, brands including Macallan, Highland Park and Oban have also started rushing out bottles whose labels don’t mention the whisky’s age.
It’s yet another way to help offset the strain on supply, as it gives Macallan the ability to release the best whiskies at its disposal rather than waiting years to put out more.
Meanwhile, prices are skyrocketing for older whiskies.
For example, a Black Bowmore whisky aged for 30 years before its 1994 release initially went on sale for $110 a bottle. But it now easily goes at auction for $7,000, said Notman.
The Investment Grade Scotch Whisky Index, which tracks auction prices, climbed 14% last year, beating other traditional assets. Gold tumbled more than 10% over the same period, while the S&P 500 was little changed.
Kishnani’s whisky fund in Hong Kong, an ever-growing collection of 7,500 bottles, has increased 26% in value since it started in 2014. The fund also includes older Japanese whiskies, which are similarly spiking in value. “Silent stills,†whiskies from closed-down distilleries, like Karuizawa, are doing exceptionally well, as stocks are even more limited.
With more supply on the way, prices will eventually peak in the years to come, said David Wainwright, who owns a wine and spirits advisory firm.
But for now, “there’s still plenty of mileage left out there,†he said. “Single malt Scotch prices definitely still have further to go.â€
The cook at a South Philadelphia restaurant is dead, and police say she was killed in the kitchen while the restaurant was open for business Thursday night. There were about ten people inside Lee’s Cafe and Bistro when the attack happened, according to Chief Inspector Scott Small. He says there was a struggle in the kitchen that ended with the 54-year-old cook’s throat being slashed. This happened in the basement of the restaurant at 5th and Washington just after 9 p.m. The kitchen is in the basement of the building. The first level is takeout and there is dining on the second level. Small says the customers and employees were interviewed by homicide detectives. So far there are no suspects. Authorities are viewing surveillance video looking for clues.
March is Women’s History Month and the National Constitution Center is celebrating by honoring women who shaped American history. All month long, visitors can go on a self-guided tour that highlights how women helped to influence the Constitution with the goal of inspiring the next generation. Other programs include the new exhibit, “Heading to the White House,†that focuses on the nation’s First Ladies and their impact.
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