Have at it people.
Have at it people.
Who cares? Not me!
I actually just saw my first bottle on the shelf. Great place, the manager told me they were asking $3,500 for it, but he could get it to me for $3,000. We shared a glance and then we both started laughing. Crazy price indeed. Parts of this story are a clear shill job on behalf of Michter's (I especially love the line about rock stars who "can't get enough of the stuff"), but towards the end there's some decent analysis of perspectives and motivations of collectors, which just makes the hocking that much worse, IMO.
For only 273 bottles to be made, I can see the price getting ridiculous. To me, I refuse to pay multiples of MSRP for PPVW. Even if it is 23 yrs old - it's still just bourbon, right? But until the bubble bursts, I think we'll see more of these ultra-premium bottlings hit the market. These aren't made for folks like us (or most of us?) who enjoy drinking it (because I can guarandamntee that there isn't a whiskey out there I would taste and say "Damn - I'd pay anything for a bottle of that! More than $3k? Sure!")
It only costs 3 bitcoins!
It's crazy! It's a NAS and not even a bourbon. I also want to know what percentage of it is the 30 yo whiskey too!
I also think that ultra premium probably means "ultra expensive", and not "the best bourbon you will ever drink"
Yawn . . . . . . . . . . . .
Maybe I should have put this in the joke of the day thread.
Economist Robert Shiller, who won a Nobel prize for his work on bubbles, has a good list (it uses the same methodology as is used to diagnose mental illness) that can be used to gauge bubbles. Let's look at the bourbon market and the frenzy and irrationality displayed in the chase to obtain some bottles by any means possible and the accompanying justifications for worth.
- Sharp increase in price? Check. The secondary market values of many bourbons have seen very rapid price increases. Buying one of these bottles and reselling can instantly net a windfall profit. People fall over themselves to pay double what they would have last year. The retail-level increases are here too (e.g. Michter's Sour Mash) as they manufacturers don't want to be left out. Supply and demand? Yeah, I heard the same thing about real estate and the fact they aren't making more land.
- Public excitement about the price increases? Check. Whole social media groups exist for no reason but this. I still remember the day when a secretary told me to buy investment property because I could get rich like her.
- Stories of people earning money and those feeling envious or left out? Check. Social media and internet forums are abuzz with stories talking about that big haul and the money to be made from flipping, while others talk about how they cannot find anything. Competition is fierce, a la 2007 houses - multiple offers on Pappy are commonplace.
- Growing interest from the general public? Check. There are people who have never even tasted bourbon that are chasing bottles like Pappy now.
- Accompanying Media Frenzy? Check. Article after article about bourbons that even billionaires can't buy. Marketers talking about how a Lamborghini is more obtainable that a bottle of their bourbon. Whisky investment articles are the best and are probably written by the same fools who said to buy investment property when it was at peak.
- "New Era" theories to justify said price increases? Check. Popularity has exploded and we are in a different time for bourbon seems to be a common theme. Prices can only go up seems to be another. Ahh, reminds me of 2007 real estate.
We are definitely in a bubble period. How long will this last? I wish I knew, it could very well go for quite some time; the real estate bubble lasted for longer than I thought it would. In the interim, people told me how wrong and stupid I was - funny because when it popped, smart investments yielded me a large amount of money while some of these same people lost their entire life savings...I look forward to buying some stills for the scrap copper and some inexpensive fancy bourbon to mix with my Coke.