New Year’s Eve 1999 was celebrated in hundreds of different ways worldwide as billions rang in a new millennium. From fireworks and parties to light shows, the year 2000 was welcomed in style. However, celebrations were much more understated in a small, family-run Campbeltown distillery. The Springbank Millennium Collection is one of Springbank’s most ambitious collections, and yet it has flown slightly under the radar on the secondary market for more than 20 years.
The History of the Springbank Millenniums
The Springbank Millennium Collection, Image via Whisky Auctioneer
The Springbank Millennium Collection was released between September 1998 and March 2001 in celebration of the new millennium. The series contains 6 high-age statement whiskies ranging from 25 to 50 years old. They are presented in clear glass bottles with cream labels bearing the Springbank gothic ‘S’ and the age statement of the bottle. The bottles also come with wooden presentation cases.
Whilst there are not any records of the original prices of the Springbank Millennium bottles, the entire collection could be bought at auction for £3,500 as recently as 2012. (If you happen to know the original release prices, please let us know).
The collection contains the following bottles:
Springbank Millennium 25 Year Old 46.7%
Springbank Millennium 30 Year Old 46.7%
Springbank Millennium 35 Year Old 46.7%
Springbank Millennium 40 Year Old 40%
Springbank Millennium 45 Year Old 40.1%
Springbank Millennium 50 Year Old 40.5%
Bonus Bottles – The 20cl Collection
Upon the release of the Springbank Millenniums, Springbank ran a marketing campaign with a twist. Any purchaser of the entire collection also received 6 limited edition Springbank Millennium miniatures. The miniatures themselves have become something of a legend on the secondary market. This is because the bottles have notoriously bad capsules, meaning that finding miniatures with decent fill levels is extremely rare. In addition, Springbank also released 50 sets of 200ml Springbank Millennium miniatures to 50 people who sent in photographs of their Millennium vertical. As such, there is every chance that one lucky connoisseur is out there sitting on a Springbank Millennium vertical complete with 200ml bottles and miniatures.
How Have The Springbank Millenniums Performed At Auction?
As previously stated, in 2012 a vertical of Springbank Millenniums was purchased via Scotch Whisky Auctions for £3,500. This result is somewhat anomalous considering that there is a distinct lack of results for the entire vertical. It is much more common to see individual bottles sold. However, the results for individual bottles are also incredibly scarce in 2012, with only the 25 year old and the 30 year old being sold in that year.
Since online auctions started gaining popularity in the early 2010s, there have been only 365 results for the Springbank Millenniums, including miniatures and full verticals, of which only 580 were released. Since then, the prices of the Springbank Millenniums have risen dramatically. In 2023 so far there have been 10 results for the Springbank Millennium bottles. They are as follows (prices ex. buyer’s fees):
- Springbank Millennium 30 Year Old – £3,950 – Jan 2023
- Springbank Millennium 30 Year Old – £3,300 – Jan 2023
- Springbank Millennium 35 Year Old – £4,900 – March 2023
- Springbank Millennium 25 Year Old – £2,300 – March 2023
- Springbank Millennium 30 Year Old – £4,000 – March 2023
- Springbank Millennium 40 Year Old – £4,400 – March 2023
- Springbank Millennium 35 Year Old – £5,200 – March 2023
- Springbank Millennium 45 Year Old – £5,800 – March 2023
- Springbank Millennium 50 Year Old – £12,000 – March 2023
- Springbank Millennium 30 Year Old – £2,700 – March 2023
Taking the cheapest 2023 prices, a vertical will now set you back £32,100 (~£37,000 after commission). That is an 817.143% increase on the purchase price of a vertical just 11 years ago.
So, an entire Springbank Millennium vertical can be bought for less than the price of a Macallan 1928 50 Year Old Anniversary Malt, and a Balvenie 1937 50 Year Old on its own will set you back 69% of the cost of an entire Millennium vertical. There are 225 years worth of maturation contained in the Springbank Millennium bottles, which is astonishing value for money considering the price of other 50 year olds on the market alone, without 25, 30, 35, 40 and 45 year olds completing the set. From our perspective. The Springbank Millenniums are extremely undervalued on the market. So, will that ever change?
Comparable Bottlings
Of course, £37,000 is a lot of money. But, £37,000 for an entire vertical of 6 bottles of 25-50 year old Springbank is incredible value for money in comparison to other high-age statement bottlings on the market.
Take, for example, the Macallan 1928 50 Year Old Anniversary Malt. The 50 year old was released in 1983 and was the oldest whisky released by Macallan at that time. It has a label reminiscent of the Macallan 25 YO Anniversary Malts, except that the ‘50’ on the label is in blue rather than red. It is, like the Millenniums, presented in fairly understated packaging. The difference lies in the price. The most recent sale of the Macallan 1928 to Year Old was at Sotheby’s New York where the bottle sold for £61,029.70 (£79,338.60 with buyer’s fees).
Another comparable release would be the Balvenie 1937 50 Year Old. The last result for the Balvenie 1937 50 Year Old at auction was in May 2022 when the bottle sold for £19,462.50 at Sotheby’s New York (£25,301 including buyer’s fees). The Balvenie was bottled by the Milroy brothers, John and Wallace, after they discovered four forgotten casks in the corner of Balvenie’s warehouse upon a visit to the distillery in 1988. It has since become one of the most sought-after bottles of whisky on the market for collectors. Since its first appearance at an online whisky auction in 2008 the bottle has sold just 17 times.
So, an entire Springbank Millennium vertical can be bought for less than the price of a Macallan 1928 50 Year Old Anniversary Malt, and a Balvenie 1937 50 Year Old on its own will set you back 69% of the cost of an entire Millennium vertical. There are 225 years worth of maturation contained in the Springbank Millennium bottles, which is astonishing value for money considering the price of other 50 year olds on the market alone, without 25, 30, 35, 40 and 45 year olds completing the set. From our perspective. The Springbank Millenniums are extremely undervalued on the market. So, will that ever change?
Why So Cheap?: Springbank’s Pricing Strategy
Springbank has a long history of releasing bottles at a price lower than what would be expected for a large and successful distillery. For example, in 2022 Springbank released a 30 year old bottling, limited to just 1,800 bottles, for £850. This is an incredibly low price for a 30 year old whisky, let alone a Springbank.
There is reason to believe that this low-pricing model could be changing upon the release of the Springbank Countdown collection However, the longevity of Springbank’s low-pricing habits could be the reason that luxury bottlings such as the Millenniums are still selling at prices far below the average for bottles of this standard. It remains to be seen whether or not the release of the Countdown Collection – at a price more in line with what we would expect for Springbank whisky – has a bearing on the market prices of other Springbank bottlings. Could Springbank finally be pricing its whisky according to market norms and its standing as a brand? Or is this a one-off pricing change specifically for the Countdown Collection?
If Springbank can increase the prices of bottles on the secondary market then there is potentially a lot of upward mobility for those existing bottlings, including the Millennium Collection. If you are interested in reading more about Springbank’s pricing strategies and the new Countdown Collection, click here, and watch this space.
The Springbank Millennium Miniatures, image via Whisky Auctioneer
Conclusion
Considering the age statements, the potential, and the marketing of the Springbank Millenniums on release, it is incredible that they have managed to stay relatively quiet on the secondary market. This vertical is incredibly rare and contains high-age statement whisky from one of the most infamous (and one of the only family-run) distilleries in Scotland. Springbank has a long and fascinating history of which this collection is very much a part. There is also the potential for the market to recognise the quality of the series, making this vertical a fantastic collecting opportunity for any Springbank connoisseur or investor.
