The Distillers One of One Auction has been a huge success.
The first two iterations have raised a combined total of £4.3m ($5.8m), smashing the low estimate average by over 200%.
On October 10, 2025, prominent collectors will fly to Edinburgh from across the globe to dig deep again, not only for a charitable cause but to get their hands on what is invariably the oldest and rarest release from their favorite distillery.
But (and there’s always a but) the Scotch whisky landscape has changed significantly since the last auction.
Sales and revenue are down, and there has been a huge slide in auction revenue. Noble & Co reported a 53% reduction in hammer prices from October 2024 to January 2025, as people at all ends of the wealth spectrum cut back on discretionary spending.
Sotheby’s global head of whisky, Jonny Fowle, tells me the downturn doesn’t necessarily affect Distillers One of One. “There are too many high-value releases coming out,” he says. “Not only the number of distilleries releasing them, but also the number of units per release. If you’re releasing something over £50,000 ($67,000), even 100 or 200 bottles is a lot.
“Newer bottles have been released at really high prices, where there’s no headroom, and they have not done that well [at auction]. There are numerous occasions on which pricing has outstretched its realistic capabilities, and collectors are feeling hard done by, like they’ve got a bad deal. That’s going to have to change.”
If the problem is the number of bottles available in each release, Distillers One of One solves it. With 30% of bidders new to Sotheby’s, there’s fresh momentum. Beanie Epsey, managing director of Distillers One of One, thinks the auction may have caught the eyes of art collectors.
“More often than not, the people who spend the highest amount of money at Distillers One of One are people who really care about whisky first and art second.”
Jonny Fowle
“I think there’s a broader appeal”, she says. “The level of detail, time, and thought that have gone into the lots, they do transcend whisky. We have brought a significant new pool of people into this auction who were previously not regularly transacting within the spirits category.”
Still, it’s hard to imagine someone with no taste for whisky spending six figures on a bottle (the Port Ellen Prism has a top-end estimate of £300,000 ($405,000). Fowle agrees, saying that while the data might suggest otherwise, ultimately, the biggest money is going to come from known bidders’ pockets.
He says: “The crossover between art and whisky at Sotheby’s is bigger than the crossover between wine and whisky. What we have to be realistic about is whether you’re going to convert someone interested in art and not in whisky to bid in the sale.
“I don’t think you’re going to find somebody who collects Keith Haring suddenly walk in and buy Port Ellen Prism, even though £300,000 might be well within their reach. More often than not, the people who spend the highest amount of money at Distillers One of One are people who really care about whisky first and art second, and the people who have been involved every year.”
And it needs to go even further beyond a passion for whisky as a category. The winning bidder will likely have tasted most of the lots at invite-only sessions with private client teams and Sotheby’s. Even for one-of-one bottles, collectors expect to sample before spending big.
Fowle says: “People will buy without trying [the whisky], for sure, but in most cases the winning bidder has tried it first. It’s a personal investment and being able to taste it brings you a little bit closer to it. And people always seem willing to put their hands a bit deeper in their pockets after having tasted it.”
Epsey agrees, saying: “No one is going to spend that level of money on something that they haven’t fully experienced and fully comprehended.”
The mission now is to get liquid to lips. Sotheby’s has hosted dinners in New York and London, while distilleries run their own tastings. If they succeed, the big bids will follow, or will they?
“It’s always hard to tell,” Fowle cautions. “That’s the beauty and terror of an auction. Even the day before, you have no idea. Most of the action in this auction happens on the day and until then you just have no idea what people are going to do. I think we are at a point in the industry where people are looking for some good news and I do think that it sits outside of the normal scope of industry. It’s for charity, it’s all unique, and it’s a community builder. It should exceed most people’s expectations.”
Lots to Watch
Port Ellen Prism
Estimate: £150,000-£300,000
Port Ellen reopened in 2024 after 40 years of closure, and until recently had done very little in terms of releases. Prism more than makes up for the lack of action. At 46 years old, it’s the oldest release ever to emerge from the distillery. Visually, it is one of the most spectacular of the 39 lots. The 1.5-liter bottle had to be formed by a scientific glassmaker due to its cylindrical shape. That’s housed in a glass structure designed by artist Wilfried Grootens. It weighs 200 lbs, so don’t expect to take it home in your hand luggage.
Glenfarclas Gallon
Estimate: £24,000—£45,000
At the other end of the spectrum, we have the Glenfarclas Gallon of 58 Year Old Single Malt. The no-fuss distillery has let the liquid do the talking, presenting one of its oldest expressions in a 4.5-liter version of its old bottle. It’s even got a screw cap. But it’s caught the eye of Fowle, who says: “It’s just a ginormous version of something that they could release as standard, and it drinks incredibly well. That really stands out: simple, but exciting.”
The Glenlivet Spira
Estimate: £60,000—£110,000
One of the world’s most recognizable Scotch brands, The Glenlivet Spira is expected to be one of the highest sales of the auction. This 60-year-old whisky is the oldest ever released by the distillery and is presented in a decanter inspired by its copper stills.
Livingstone The Macbeth Collection William Shakespeare 63 Year Old
Estimate: £20,000—£26,000
The Livingstone collection has its critics, but no one will be thinking twice about this release when it goes under the hammer. Old Mortlach is highly prized by collectors, and they don’t get any older than this. To boot, the whisky comes with an original illustration of William Shakespeare by Sir Quintin Blake. This is one that could go above and beyond its high estimate.
The Distillers One of One auction is scheduled for October 10, 2pm BST, sothebys.com
