Scotch collectors are not like you and me, the writer F Scott Fitzgerald might have said. They pay crazy prices. The cost of top whisky has rocketed in recent years. Using auction values, an index of the best ones has increased 262% in the past five years.

Over a decade whisky investors would have quintupled their money. That is a far better return than on most assets. Needless to say, global equities are well behind at 2.5 times. Among collectibles, only classic cars have come close — doubling — in the period up to June 2020, says Knight Frank...

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