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1、Fine&Rare Whisky Market at AuctionOctober 2025Quarterly UpdateWHISKY INTELLIGENCE REPORTCover image:Sothebys(Bowmore-Arc-54 Iridos Edition)Executive SummaryGlobal Macro OutlookStabilisation in the Secondary Market?Struggles in the Primary MarketInsights into Data MethodologyDisclaimerContents4612223

2、032Executive SummaryNoble&CoWhisky IntelligenceQuarterly Report October 2025Noble&CoWhisky IntelligenceQuarterly Report October 202545We live in interesting times.As is well known by now,the days of lower interest rates,quantitative easing,alternative asset investment and one-way increases in most a

3、sset classes are over.The reversing of globalisation trends,re-shoring,the energy shock and grain shortages from the Russian invasion of Ukraine and the post-Covid re-building of supply chains all led to higher inflation,increased pricing power and higher interest rates that have not yet receded.ral

4、ly(as interest rates are unlikely to fall significantly from current levels anytime soon)but a more benign outlook is probable.This report is the final one of a series of twelve that were supported by The Macallan as a way of creating more independent research.Our thanks to The Macallan for the supp

5、ort along the way.As a result,we have pivoted the focus more onto bottles and brands than in past reports with the aim to show what is going on underneath the headlines.Given the change in the market conditions,it is likely we will pivot further with this analysis in future but more will be revealed

6、 in due course.In the meantime,if you would like to discuss bespoke research or data requests on the secondary or primary market(see Commercial Spirits Intelligence for more on this),please do not hesitate to contact us.Slinte MhathUnsurprisingly,this has led to a re-appraisal of the required return