REFLUX I’m still struggling with the prices for these expensive bottles. Inevitably we get asked if a hefty purchase will appreciate in value. Our not being a member of any financial regulatory authority doesn’t deter the question or our best attempts to answer, but it is difficult and dangerous, hindsight being what it is. This is an old rant but one that increasingly concerns me. I am convinced that the market for new bottlings costing over £ 200 is static while the availability continues to grow. Our ‘deals’ page features heavily discounted Glenmorangie, Glen Moray and now Highland Park 1958 at £300 off the recommended price of £990. While it is a delight to offer these prices, those who paid the full price can justifiably feel a tad pissed-off. The Glen-morangie was initially an internet exclusive at £169 and at that time was bought enthusiastically by collectors loyal to the brand, yet for two years we have been offering the unsold stock for £74 less. So much for any future loyalty. Now I hear of Ladyburn ’73 being sold in the US at a third of its asking price—3,500 bottles retailing at £390. That was predicted. Fortunately I don’t have to comment on the 36 new Macallan bottlings (up to £4,000) as I have been excluded from selling them. Despite giving six days as part of the think tank that guided their creation—but that’s a personal gripe and yes, they were part of the group that made me a Keeper of the Quaich. Too many still calculate that if one chap pays a thousand quid at auction for an old bottle then they can sell 600 similar bottles at that price. Yet when these ‘£grand’ bottlings come up for auction they rarely achieve even the retail price! So what advice do I have for you, the consumer? Well, if you’re a collector don’t worry—buy what appeals (but beware of ancient bottles, these days it’s very easy to create authentic looking bottles and flog them for £grand prices!), but if you’re an investor, hedge your bets and keep each under £200 or so.