买家对于苏格兰已闭酒厂的威士忌一直都有趣, 但是常常是因为其稀缺性以及某些情怀和新奇感, 而这并不意味着这些酒就一定能拍出高价牌系列过 Playing Card 威士忌拍出了港 380 万元的高价邕羽生一郎他爷爷在 1941 年创的羽生家族酒厂中抢救出一批威士忌酒, 纸牌系列便是装瓶而

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Magazine 闻香烈酒文 /Charles Cutis MW WineAlpha 创始人, 葡萄酒大师曾在佳士得担任亚洲和美国葡萄酒部主管葡萄酒作家和记者, 出版了 The Original Grand Cru of Burgundy 一书寻找下一个威士忌繁荣期葡萄酒投资

Platinum Whisky Investment Fund 自作起 18 个内就获得了 26% 的收益, 到目前已经募了 900 万美元, 它奉行的战略便是用威士忌来使得投资多样化, 中包括各种类型的威士忌, 来自顶品牌的标志性风格的威士忌, 久 1902

无论在数量是价值都达到了倍的涨幅, 拍交量计 43000 瓶, 总值 956 万英镑包括买方佣金邕虽然葡萄酒拍场大 20 美元的交额相, 点量显得很小, 但是因少而精过一点而引来诸多趣邕美酒类藏家及投资家埃德纽马克 Ed Newmark 感觉那已经

Bonham's 的安德鲁柯 Andrew Currie 补充道 : 买家对于苏格已酒厂的威士忌一直都趣, 但是常常是因稀缺性以及某情怀和奇感, 而并意味着酒就一定能拍出高价邕人们最感趣的依旧是诸如格菲迪 Glenfiddich 邔麦伦 The Macallan

1 Magazine 闻香烈酒文 /Charles Cutis MW WineAlpha 创始人, 葡萄酒大师曾在佳士得担任亚洲和美国葡萄酒部主管葡萄酒作家和记者, 出版了 The Original Grand Cru of Burgundy 一书寻找下一个威士忌繁荣期葡萄酒投资同, 收藏级威士忌的稀缺性确保了上涨空间, 但交易价格却像葡萄酒那么透明译 / 杨莉相较于年来葡萄酒收藏场的景气, 收藏威士忌的价格一路猛涨邕是么鲜, 竟苏格威士忌在拍会已经少热了年邕克施科史那 Rickesh Kishnani 执掌的私募基金 Platinum Whisky Investment Fund 自作起 18 个内就获得了 26% 的收益, 到目前已经募了 900 万美元, 它奉行的战略便是用威士忌来使得投资多样化, 中包括各种类型的威士忌, 来自顶品牌的标志性风格的威士忌, 久 1902 年的特定年份威士忌, 以及罕见的日本威士忌邕科史那着到, 他预期收藏的一麦糖威士忌场在未来年内将以每年 15% 的度持续增值邕私人投资者对威士忌投资的趣日益增长邕英追踪威士忌拍行情的司 Rare Whisky 101 表示, 自 2010 年以来, 威士忌拍无论在数量是价值都达到了倍的涨幅, 拍交量计瓶, 总值 956 万英镑包括买方佣金邕虽然葡萄酒拍场大 20 美元的交额相, 点量显得很小, 但是因少而精过一点而引来诸多趣邕美酒类藏家及投资家埃德纽马克 Ed Newmark 感觉那已经的酿酒厂沉默酒厂过的存威士忌因稀性能确保威士忌作资产而持续增值邕纽马克尤注日本威士忌, 在一小众类别中, 羽生 Hanyu 和轻泽 Karuizawa 是最著的家沉默酒厂, 他的沉默酒厂的存在持续减少, 在较低的价格点买入类酒引发了买家们的趣邕伦敦龙拍行 Bonham's 的安德鲁柯 Andrew Currie 补充道 : 买家对于苏格已酒厂的威士忌一直都趣, 但是常常是因稀缺性以及某情怀和奇感, 而并意味着酒就一定能拍出高价邕人们最感趣的依旧是诸如格菲迪 Glenfiddich 邔麦伦 The Macallan 和达尔摩 Dalmore 等场流的品牌邕过管日本威士忌在洲流行已久, 日本威士忌的时尚风潮是全球酒类收藏场趋势中最最劲的邕科史那认部归于日本威士忌高细腻的风格邕龙拍行最创了史最贵的日本威士忌拍纪录全套羽生一郎 Ichiro Akuto 的纸 96 Mai-Juin 2016 葡萄酒评论

买家对于苏格兰已闭酒厂的威士忌一直都有趣, 但是常常是因为其稀缺性以及某些情怀和新奇感, 而这并不意味着这些酒就一定能拍出高价牌系列过 Playing Card 威士忌拍出了港 380 万元的高价邕羽生一郎他爷爷在 1941 年创的羽生家族酒厂中抢救出一批威士忌酒, 纸牌系列便是装瓶而邕羽生家族素以清酒闻, 今日备尊敬的威士忌在日只是辅业邕羽生酒厂在 2000 年售出,

2 买家对于苏格兰已闭酒厂的威士忌一直都有趣, 但是常常是因为其稀缺性以及某些情怀和新奇感, 而这并不意味着这些酒就一定能拍出高价牌系列过 Playing Card 威士忌拍出了港 380 万元的高价邕羽生一郎他爷爷在 1941 年创的羽生家族酒厂中抢救出一批威士忌酒, 纸牌系列便是装瓶而邕羽生家族素以清酒闻, 今日备尊敬的威士忌在日只是辅业邕羽生酒厂在 2000 年售出, 但羽生一郎留了 400 桶威士忌邕他批藏中精选 54 桶装瓶, 每瓶酒制带扑克牌案的酒标虽然包含再发行版在内际总 58 张牌过邕每一桶装瓶时无论是酒标邔酒本身是数量都很独特, 例如 122 瓶黑桃和 3690 瓶黑白彩色小丑过 Chrome Joker 邕据说存世的全套威士忌只套, 因稀, 套威士忌的价格屡创高邕期拍会, 龙拍行创瓶日本威士忌酒拍高邕一瓶 52 年酒龄蒸馏于 1960 年被称小鸡过 T he Cockerel 的轻泽 Karuizawa 威士忌拍出了超万港的价格邕轻泽是日本酒业史的一个传奇, 羽生一样, 它于 2000 年停产, 自那时起备青睐的一麦芽糖威士忌的价格就一路猛涨邕威士忌私幕基金 Platinum Whisky Investment Fund 迅认识到种威士忌的独特, 他们所持的酒类投资中就包含了诸如 1981 Founder s Cask #2084 等数瓶珍稀威士忌邕意思的是日本威士忌的火爆是最几年来的现象邕专家相信日本最早的威士忌出现在 1870 年代, 而最早的蒸馏厂在 1924 年开邕日本威士忌的发展离开信次郎 Shinjiro Torii 的推动, 他开了第一家日本威士忌蒸馏厂, 厂来了今天的得利 Suntory 邕他在山崎 Yamazaki 建厂, 了在苏格学制酒的竹鹤孝 MasatakaTaketsuru 蒸馏师邕十年竹鹤孝离开厂, 创了日一威士忌 Nikka 的酒厂邕如今得利和一在日本威士忌场是中力量邕得利旗山崎 Yamazaki 和白州 Hakushu 酒厂, 一旗则余 Yoichi 和宫峡 Miyagikyo, 仙 Sendai 酒厂邕箱根 Fuji Gotemba 酒厂麒麟团 Kirin 所, 一小型酒厂 : 信州 Shinshu 邔白橡木 White Oak 以及羽生一郎家族创的秩夫 Chichibu 邕 2008 年秩夫酒厂开始酿威士忌, 但现在绝对是轻泽和羽生导了拍会邕英 Rare Whisky 101 司表示他们跟踪的轻泽价格指数已经在去 9 个涨了 74.92%, 绝无仅的涨势让一人质疑种增长是否持续邕时, 价格较低的余和山崎的威士忌在拍行开始吸引一批粉丝邕然而, 认日本威士忌的价值和预测价值是码邕相, 葡萄酒场堪称明的范邕诸如 WineMarketJournal.com 和 wine-searcher.com 等类靠的线工千万的交供了参考, 葡萄酒收藏的估值工作得容一邕但是稀烈酒的交信并容得到邕 Zachys 拍行的杰夫莱 Jeff Zacharia 说 : 拍行通常会发拍结果, 但供商和代理并总是能找到销售数据, 要想交方和私人销售方面拿到相信更是困难邕美的场尚在初期阶段, 大部拍地在欧洲, 次是香港和美邕诸如 Craigslist 邔 Reddit 和一非开的 Facebook 小组等线论使得私人交得容起来, 私人交量巨大, 但几乎能去量化个场邕知道 Facebook 就某个群在最年的开交额达到了 200 万美元邕过葡萄酒顾司 Wainwright Advisors 的大卫温赖特 David Wainwright 在威士忌私募基金 Platinum Whisky Investment Fund 估值评估工作, 对述看法他并认邕他格基于英的拍会结果来行估值, 他说 : 英葡萄酒经纪商 / 贸商的交量在葡萄酒拍场相形见绌, 但是威士忌场一样, 在英拍会交到高端威士忌交量的大头邕时要注意到 Platinum Whisky Investment Fund 要注的是苏格威士忌, 是另一个用英拍场的原因邕过然而日本威士忌的交要中在洲邕 Zachys 等拍行会拍结果, 日本威士忌的场显得很明, 原因在于日本大量的交私人性质, 本质倾向于隐匿低调的日本威士忌拍行时发威士忌的拍结果邕一场的隐蔽性引发了假酒题邕知专家尔夫巴克鲁德 Ulf Buxrud 在他的网站 buxrud.se/webb/ 就假酒题讲得细而生动邕他述了威士忌酒瓶于瓶塞换, 就很容假,e-bay 存在的灰色空瓶场导面流出许多假酒邕追一个威士忌繁荣期潜力让人大赚特赚, 然而要的是要忽略享威士忌的乐趣邕威士忌的整体品质较以往已是前所未的好, 对于各地心的收藏家们来说, 充满活力的场意味着更多数量和品种的威士忌得唾手得邕总而言, 知道在收藏威士忌时, 你既能因爱好去收藏, 时又能拿它赚钱, 是错的邕葡萄酒评论 Mai-Juin

3 Finding the Next Whisky Boom Prices in recent years for collectible whisky have skyrocketed as the market for collectible wine has been stagnant at best. Recent price trends have caused collectors to sit up and pay attention, particularly those who want to ensure that their collection increases in value. This is not exactly new, as Scotch whisky has been selling well at auction for at least the last five years. What is new is the intensity with which people have been getting into whiskey collecting. One example is Rickesh Kishnani, who heads up the Platinum Whisky Investment Fund. The fund reported a gain of 26% in value in the first 18 months of operation, and has raised US$ 9 million to date, pursuing a strategy of diversifying their holdings with a variety of types of whisky including iconic bottlings from top brands, vintage-dated whisky as far back as 1902, and rare Japanese bottlings. Kishnani notes that he expects the collectible single malt whisky market to appreciate at approximately 15% per year for the next 3-5 years. Private investors also show growing interest. Rare Whisky 101, a UK-based company that tracks the number of bottles sold there at auction, shows an eight-fold increase in volume and value since 2010, with over 43,000 bottles sold for a turnover (excluding buyer s premium) of 9.56m. Tiny numbers in the context of the approximately US$ 2B for fine and rare wine, but it is precisely this boutique aspect that is drawing interest. Ed Newmark, private U.S.-based wine collector and investor, expressed dissatisfaction with the returns for fine wine recently, saying I m only buying whisky these days. He feels that the rarity of the stocks from distilleries that have closed (known as silent stills ) ensure the continued appreciation of whisky as an asset. Newmark is particularly focused on Japanese whisky. In this niche category, the two most notable silent stills are Hanyu and Karuizawa, but stocks at other distilleries are now running low, fueling interest at lower price points. He is soon to bring the first tranche of his collection to market and is very excited with the prospects. Andrew Currie, of London auction house Bonham s adds, There has always been interest in whiskies from closed distilleries in Scotland but often because of their scarcity and a certain element of romance and novelty. This doesn t, however, always translate into high auction prices and it is in the mainstays of the market - Glenfiddich, The Macallan and Dalmore, for example - where most interest continues to lie. The fashion for Japanese whiskey, however, is among the newest and strongest trends in spirits collecting globally, although they have long been popular in Asia. Kishnani ascribes this in part to the elegant, almost delicate style of the whiskies. Bonham s recently made auction history with the most expensive Japanese whisky lot ever sold a complete set of the Playing Card whiskies fashioned by Ichiro Akuto, which sold for HK$ 3.8 million. The Playing Card series was bottled from the casks salvaged by Akuto from his family s Hanyu distillery, founded by his grandfather in The Akuto family was best known for their sake production, and the whisky that is so revered today was a secondary business. The operation was sold in 2000, but grandson managed to set aside 400 casks of whisky. Choosing 54 lots from this treasure trove, Akuto labeled each with different images drawn from a deck of cards (although there are actually 58 cards in total including re-releases). Each bottling is unique, not only in its label, but in the contents of the bottle itself, and in the amount released, which varies from 122 bottles for the Ace of Spades to 3,690 for the Chrome Joker. It is said by some that only three complete sets exist, and it is this rarity that helped drive the price of this lot to record levels. In the same sale, Bonham s also captured the record for the single most expensive bottle of Japanese whisky ever sold. This bottle, the 52 year old Karuizawa bottling (distilled in 1960) known as The Cockerel, which sold for more than HK$ 918,000. Karuizawa is one of the legends of Japanese distilling.

4 Like Hanyu, it ceased production in 2000, and since then the prices for these prized malts has skyrocketed. The Platinum Whisky Investment Fund has been quick to recognize the value of this unique spirit, and their holdings include several rare bottles, including the 1981 Founder s Cask #2084 bottling. For a category as hot as Japanese whisky it is interesting to note that it is a fairly recent phenomenon. Experts believe that the first whisky was distilled in Japan in the 1870s, and the first public distillery opened in The motive force behind this development was Shinjiro Torii, founder of the company that would later become Suntory. He built his distillery at Yamazaki, and hired Masataka Taketsuru, who had learned his trade in Scotland, as distiller. Taketsuru left a decade later to found the company that would become Nikka; both Suntory and Nikka are still essential forces in the Japanese whiskey market. Suntory owns Yamazaki and Hakushu, while Yoichi and Miyagikyo (formerly Sendai) are both owned by Nikka. Fuji Gotemba is owned by Kirin, and then there are the smaller operations: Shinshu, White Oak, and Chichibu, founded by Ichiro Akuto of the family who built Hanyu. Chichibu opened in 2008, but at auction it is definitely Karuizawa and Hanyu who dominate the scene today. Rare Whisky 101 notes that their Karuizawa index has increased by 74.92% in nine months time, an unparalleled run up that has some wondering if the increases are sustainable. At the same time, less-expensive bottlings from Yoichi and Yamazaki are also gaining new fans and beginning to trade well at auction. Recognizing the value of Japanese whiskey and calculating it are two different things, however. By comparison, the market for fine wine is a model of transparency. The work of valuing a wine collection is eased by robust online tools such as WineMarketJournal.com and wine-searcher.com, referencing literally millions of transactions. Information on transactions of rare spirits, however, can be difficult to come by. Jeff Zacharia, of Zachys Wine and Liquors and Zachys auction house notes While auction houses typically publish their results, it is not always possible to find sales data for merchants and brokers, and even more difficult to find said information from traders and private sales. He continues, The American secondary market is still quite nascent, with the majority of auction taking place in Europe, followed by Hong Kong and the US. Private sales (facilitated by online forums such as Craigslist, reddit and secret Facebook groups) are enormous, but make it nearly impossible to quantify the market. I know of a single group on Facebook with nearly $2 million in public transactions over the past two years. David Wainwright of Wainwright Advisors, who performs the valuation for the Platinum Whisky Investment Fund disagrees. He bases the valuation for the fund strictly on UK auction results, noting Unlike the UK wine trade where the brokers/merchants dwarf the volume of the tiny auction market, whisky auctions still account for a significant chunk of the high end whisky market in the UK. Also it should be noted that the Platinum fund is mainly focused on Scottish whisky, again, another reason to use the UK auction market. The trade in Japanese whisky, however, is based largely in Asia. While auction houses such as Zachys and Acker Merrall publish their results, the market is considerably more opaque, due to the large number of private transactions in Japan, and the sometimes recondite nature of the Japanese auction houses selling the whisky. One problem stemming from the private nature of this market is the incidence of counterfeit bottles in the marketplace. Noted expert Ulf Buxrud documents this issue at length on his fascinating website He describes how whisky bottles with their replaceable closure are easier to counterfeit, and how a shadowy market in empty bottles on e-bay has led to a number of spurious re-fills that are obvious as counterfeits because of the difference in color of the whisky. As with any collectible, it is essential to purchase Japanese whisky from a known,

5 trusted, reliable source, and to inquire discreetly but firmly into the provenance of any important purchases. Chasing the next whisky boom has the potential to be an extremely profitable pastime. It s important, however, not to lose sight of the enjoyment of the spirit as well. Quality has never been better, and the dynamic nature of the market means that more whisky and more types of whisky are available to eager collectors everywhere. At the end of the day, it s good to know that when collecting whisky, you can do so for love AND for money.

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Microsoft Word - 第四組心得.doc 徐婉真這四天的綠島人權體驗營令我印象深刻, 尤其第三天晚上吳豪人教授的那堂課, 他讓我聽到不同於以往的正義之聲轉型正義, 透過他幽默熱情的語調激起了我對政治的興趣, 願意在未來多關心社會多了解政治第一天抵達綠島不久,