Cash in the Cellar: The New Market for Old Liqueurs
Auctions for vintage wines and whiskies are nothing new, nor are record-breaking prices for rare bottles. However, the ongoing interest in cocktails, which only grew as people mixed their own drinks during the lockdown, has boosted a burgeoning market for vintage liqueurs, and for the savvy buyer there are real bargains to be had.
Home-mixologists and high-end bars alike are turning to auction sites to source decades-old bottles of everything from Amaretto to Zwack. Aside from the novelty of “drinking history”, there are subtle differences between old and new liqueurs.
As Isabel Graham-Yooll, the auction director for the online platform Whisky.Auction explains, “We have seen a steady increase in bidders seeking classic cocktail ingredients. As the liqueurs that were popular in our grandparents’ day come back into fashion more bottles have been discovered and put on the auction market. Demand has climbed as professional and amateur bartenders have looked to take their classic cocktails to the next level with high quality vintage ingredients.”
Some drinks will have been reformulated. This may have been due to changing consumer tastes, for ease of sourcing raw materials, to reduce production costs, or in response to changes in food standards or alcohol duty, all of which can mean that some old bottles are constitutionally different from their modern counterparts. Others were made to the same recipe as today, but despite the relative stability of liquids that are high in sugar and alcohol they may have been subtly changed by a long period in glass, with the effects of oxidation or the settling of particulates. Meanwhile, there are some liqueurs that may have ceased production, and only be available from a dwindling supply of historical bottles.
The market for such products is dynamic, and there can be significant differences in prices month-to-month, if for example a new cocktail bar is opening and looking to bulk-purchase old stock. Graham-Yooll says, “Whether you’re looking to invest in an old bottle to keep, or to use in vintage classic cocktails, the best value comes from looking for unfashionable liqueurs that are not as popular as they were in our parents’ day. Old kummel and kirsch for instance can currently sell for less than their modern-day equivalents. Famous brands such as Benedictine or Drambuie can also still be marvellously affordable at auction. You heard it here first. Their day will come again!”
The old liqueurs that make it to auction are found in all manner of places, from warehouses and storage units, clearing out inventory from bars or private collections, and from estate sales, but most often they are discovered in suburban liquor cabinets.
“Every bottle we auction is being sold by a private seller,” says Graham-Yooll. “Some sellers are collectors and traders but usually we are contacted by normal members of the public who have discovered unopened bottles in the back of their cupboards or they’ve inherited bottles that they want more information on. Anyone can use the free valuation page on our website to get an idea from our valuations team of what their bottles will be worth. Usually, people are delighted at how valuable these bottles can be, then they sell them in our monthly whisky and spirits auctions.”
For some enthusiasts, vintage liqueurs offer an opportunity to sample cocktails as they may have tasted in the past. For instance, in the , James Bond orders a martini specifying, “Three measures of Gordon’s, one of vodka, half a measure of Kina Lillet, shake it over ice, and then add a thin slice of lemon peel.” Unfortunately for anyone wanting to recreate this drink, following pressure to reduce its quinine content, Kina Lillet was discontinued in 1986. Lillet Blanc with a dash of bitters might be a reasonable substitute, but for those wanting to try the real thing, specialist auction sites offer the best hope of finding an elusive bottle of Kina.
The negroni’s simple recipe – equal parts gin, sweet red vermouth, and Campari – made it a favourite of amateur bartenders during the pandemic, and enthusiasm for the bittersweet cocktail remains strong. Campari is the only component of the drink for which the International Bartenders Association specifies a particular brand, and it is of particular interest to people seeking old liqueurs, as the alcohol content has varied over time and between regions, and the ingredients have changed as well. For instance, its vibrant red colour used to be achieved through the use of carmine, a dye derived from crushing cochineal, a parasitic scale insect that feeds on cacti. However, since 2006 this has been replaced with colouring that isn’t derived from animals. Anyone who still wants to sample some carmine can simply eat a red M&M, but if they want to experience it in a heavier, richer Campari, they should seek out an old bottle online.
One of the joys of mature liqueurs is that you are not restricted to using them to recreate museum pieces. You can play with them, mixing them with modern spirits, sometimes with surprising results. For instance, the intensity of flavour from some old vermouths is such that you can dial it back in relation to other components in a drink to achieve a similar flavour to what you would get if you only used new bottles, or you can stick with a trusted recipe for a punchier profile.
Another possibility is mixing vintage drinks from different eras, to find a recipe that is perfect for you. “I love experimenting with old and rare spirits and liqueurs,” says Graham-Yooll. “My favourite is of course a vintage negroni. Older bottles of Campari have evolved superbly, which has a huge (and very positive) impact on the flavour of the cocktail. As bartenders and home mixologists have discovered this, we’ve seen the price increase in our monthly auctions. I use an ancient amaro instead of a red vermouth and the result is astonishing. Rather than building the negroni in the glass, I chill the cocktail over ice in the mixing glass then serve in a martini glass. This was how it was done back in the 1970s. This variant has now become my go-to vintage cocktail at home.”
So, why not step back in time and sample a taste of yester-year by purchasing some vintage liqueurs? And if you haven’t checked what’s lurking behind the bottle of limoncello you brought back from that trip to the Amalfi coast, now might be the perfect time to cash in.
To buy or sell vintage liqueurs, visit the website here