Two of the headline lots featuring The Macallan whisky failed to sell in Bonhams’ online auction in Hong Kong, with Japanese whiskies instead tempting buyers.

Neither The Red Collection nor The Reach found new homes during the sale, which began on 15 November and ended on St Andrew’s Day, the national holiday commemorating Scotland’s patron saint, on 30 November.

The Red Collection featured 40, 50, 60, 71, 74, 77 and 78-year-old whiskies, and marked the first time that the seven-bottle set had gone on sale through Bonhams.

The collection carried a pre-sale estimate of between HK$5,000,000 (£503,000) and HK$7,500,000 (£755,000).

The Reach, Macallan’s second-oldest release, was distilled in 1940 and bottled when it was 81 years old.

The three hands that form its stand – which was created by Scottish sculptor Saskia Robinson – represent current master whisky maker Kirsteen Campbell, former Macallan chairman Allan Shiach, and distillery workers from the 1940s.

Its pre-sale estimate stood at between HK$1,300,000 (£131,000) and HK$1,800,000 (£181,000).

Mark Littler, an independent whisky broker and consultant, said: ‘Sadly I’m not surprised these lots didn’t sell.

‘When The Red Collection launched in 2020, the market was strong, but the near impossibility of acquiring key age statements like the 60 year old made completing a full set challenging, leading to waning interest.

‘Subsequent re-releases of age statements, such as the 40 year old, have contributed to the perception of the series as open ended, reducing its appeal to collectors.’

He added: ‘The Reach debuted at the height of the market in 2022 but has since seen prices fall dramatically – from nearly £400,000 early in 2023 to £130,000 by year-end.

‘Much of the earlier value growth in modern whisky – post 2015 – was driven by speculative buying.

‘Following the market correction, collectors now focus on truly rare bottles.

‘While this presents excellent opportunities for informed buyers, many still lack the confidence to navigate the current landscape.’

Other Macallan lots did find buyers, with a Lalique 60 year old selling for HK$450,000 (£45,300), a Lalique 57 year old fetching HK$375,000 (£37,800), and Lalique 55 year old also going under the hammer for HK$375,000 (£37,800).

A bottle of 48-year-old Johnnie Walker Masters of Flavour blended Scotch whisky also changed hands for HK$150,000 (£15,100).

The sale marked the opening of Bonhams’ Asia head office. While the two star Macallan lots floundered, Japanese whiskies proved popular during the online Hong Kong auction.

The Hibiki 40 Year Old, the oldest blended whisky made by spirits giant Suntory, sold for HK$425,000 (£42,800), towards the upper end of its HK$340,000 (£34,200) to HK$500,000 (£50,300) valuation.

The blend drew on whiskies from each of Suntory’s Japanese distilleries – Chita, Hakushu, and Yamazaki.

Eighteen lots featuring Hanyu’s playing card series – which the auction house described as ‘one of Japan’s most coveted whisky series’ – also went under the hammer.

A spokeswoman for Bonhams told Decanter: ‘The top two Macallan lots were not sold; however, we saw notable results for Japanese whiskies in this auction, including the Hibiki 40 Year Old, which sold for HK$425,000.

‘Additionally, all 18 bottles of the Hanyu Ichiro cards offered were sold, with a combined price above estimate.

‘In particular, Hanyu Ichiro’s Malt – King of Diamonds – first edition sold for HK$525,000, and Hanyu Ichiro’s Malt – Ace of Spades – first edition sold for HK$325,000, both exceeding their high estimates.’

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