Auction Radar: The Macallan and Karuizawa Lead Sales in March

The Macallan Time:Space 84 Year Old led auction sales in March, although perhaps not for the value the buyer was hoping for.

Released in 2024 as the oldest Scotch whisky ever bottled (since bested), Time:Space has struggled in the secondary market. It has failed to find a buyer and/or meet the reserve in its previous five auction appearances. But one bottle found a new home at Sotheby’s Hong Kong, where it sold for HKD 1 million ($127k).

That was in line with the low estimate, but significantly below the retail price (Hedonism Wines currently has one in stock for £155,000 ($210k)). But this seller is not the only one who decided to crystallize a loss in March. According to Whiskystats, March trading volumes were down 13% from last year, but hammer prices fell significantly faster, by 24%.

Still, there were green shoots for long-term collectors as the Whisky Stats Whisky Index, which tracks the 500 most traded whiskies, gained 2.7% in March compared to previous trades. That was driven largely by Japanese whisky, which is starting to show signs of recovery after the biggest fall in value of any category.

That may have been driven by interest surrounding two Karuizawa casks that went up for auction at Christie’s on March 10. The casks sold for £2,125,000 (US$2,852,000), including all fees, to become the highest value lots sold by Christie’s wine and spirits. It was a significant result considering some Karuizawa bottles have fallen 70% from their peak trading values in 2023.

Karuizawa bottles are gaining, but much of Japanese whisky’s recent gains at auction have come from Hanyu. Those bottles have gained as much as 60% in the last three months, according to Whisky Stats. But it’s still a long way back to anything like the prices seen in 2023, with Hanyu falling as much as 75% from peak to trough.

None of One

The award for oddest listing of the month goes to the Grand Whisky Auction, where the Old Pulteney Bow Wave made a surprise appearance after it was sold at the 2023 edition of the Distillers One of One charity auction. As a unique piece, and the oldest whisky ever bottled by the distillery, it commanded a premium price of £68,750 ($83,000) on the day. That makes sense for a live auction where 100% of proceeds go to a good cause.

It makes less sense online against hundreds of other bottles. That difference was laid bare in stark terms when the listing failed to meet reserve, with the highest bid standing at £30,000 ($40,600).

This remorseful buyer wasn’t the only one unwilling to admit defeat, though, as 2,603 listings failed to find a buyer or meet reserve in March. This includes six of the ten highest bids on Whisky Auctioneer, which included a Brora Triptych (highest bid, $25,000) and a Dalmore Cask Curation Port Edition ($19,000).

The Biggest Sales of March 2026

1. The Macallan, Time:Space 1940 – $130,239
2. Glenfiddich, Rare Collection 1937 – $95,000
3. Yamazaki, 35-year-old – $86,703
4. The Macallan, Fine & Rare 1937 – $63,325
5. The Macallan, Fine & Rare 1972 – $57,000
6. The Macallan, The Red Collection 78-year-old – $54,745
7. Cedar Brook, Plankinton Reserve 1903 – $53,196
8. The Macallan Tales of The Macallan Volume 1 1950 – $45,614
9. The Macallan, Peerless Spirit 65-year-old – $44,702
10. LeNell’s, Red Hook Rye – $44,322
11. The Macallan, 2018 Release 52-year-old – $40,523
12. Karuizawa, Sakura 1981 – $38,235
13. Bowmore, 1964 – $35,793
14. Van Winkle, Special Reserve 1975 – $35,447
15. The Macallan, The Red Collection 50-year-old – $32,924
16. Karuizawa, Single Cask 1965 – $30,924
17. Karuizawa, 1964 – $30,384
18. The Macallan, Fine & Rare 1938 – $27,862
19. Old Rip Van Winkle, 18-year-old – $27,862
20. Bowmore, 1961 – $25,327