5 Tips When Investing in Rare Whiskey
If you’re looking for an investment with historically good returns, consider rare whiskeys. This spirit has been gaining in popularity over the past few years, and the prices continue to go up. If you’re thinking of investing in some rare whiskeys, here are a few tips to help you get started.
1. Do Your Research
Like any investment, it’s important to do your research and learn as much as you can about rare whiskeys. You’ll want to know what to look for when buying, how to store it, and what the potential risks are.
A great place to check out rare whiskeys is Sotheby’s Auction House.
Sotheby’s is the world’s largest marketplace for art and luxury. It just makes sense to purchase from a well-trusted source.
2. Find a Reputable Dealer
When you’re ready to start buying, it’s important to find a reputable dealer who can help you find the right bottles. A good dealer will be able to advise you on which whiskeys are likely to increase in value and help you avoid any scams.
It helps to check out online forums and reviews before choosing a dealer.
3. Inspect the Whiskey Before Buying
Once you’ve found a few bottles that you’re interested in, it’s important to inspect them closely before making a purchase. Check the labels for any damage and make sure the seals are intact. It’s also a good idea to ask the dealer for a certificate of authenticity.
This will help ensure that you’re getting a genuine product and not a fake.
When inspecting the whiskey, also take note of the color. Rare whiskeys should have a deep amber color. If the whiskey is too light, it may be an indication that it has been watered down and is not worth as much.
Finally, give the whiskey a smell before you buy it.
4. Know Your Limits
When investing in rare whiskeys, you should know your budget and stick to it. There are some very expensive bottles out there, and it’s easy to get caught up in the bidding. If you have a limit in mind, be smart enough to not go over it.
It’s also a good idea to set a budget for storage. If you’re planning on buying a lot of rare whiskeys, you’ll need to have a safe place to store them. Proper storage can be costly. Make sure to factor that into your budget.
5. Invest In The Right Glassware
If you’re going to invest in rare whiskeys, you might as well invest in the right glassware to enjoy it. The right glassware can enhance the flavor of your whiskey and make the experience even more enjoyable. There are many different types of glasses to choose from, find the ones that best suit your needs.
You can also find whiskey stones online or at your local liquor store. These are small stones that you can put in your glass to keep your whiskey at the perfect temperature.
Finally, don’t forget about a good quality bottle opener. You’ll need this to open your bottles of rare whiskey!
If you have some other tips you’d like to share about investing in rare whiskey, please do so in the comment section below.
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Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is an AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals.