From a now closed distillery: Original Port Ellen 37YO

“It’s said that form is temporary, but class is permanent. Scotch Whisky is an iconic product which appeals around the world, and the industry’s great resilience means that our long-term potential for continued growth is clear.”

- Mark Kent, Chief Executive at Scotch whisky

Class is permanent. The world is turbulent, markets react, and top-tier whisky is temporarily under pressure. But precisely because of this, opportunities arise.

Port Ellen 37YO 17th release is both an iconic, rare whisky: A treasure from a closed distillery.

– and is traded today lower than a year ago.

The question is not whether the potential is there.

But whether you position yourself while the market is weakened.

Before you dive into the analysis, here are the key points:

• Only 2,988 bottles released – and there will be no more
• The lowest Wine-Searcher price on Port Ellen 37YO is currently significantly higher than your price of €2,150*
• Strengthened trade relations: The tariff on Scotch whisky exports to India is being halved from 150% to 75%. India is a huge whisky market.
• Positive news for a prioritized growth market: The tariff on Scotch whisky in China is being reduced by 5%

The iconic Port Ellen reborn

In 1983, on Islay in Scotland, the stills at the Port Ellen distillery were turned off for the last time. The low demand at the time for single malt for blends (which was what the whisky market revolved around back then) had forced the proud distillery to its knees. Almost 15 years later, in 1997, the world’s largest spirits producer, Diageo, acquired what remained of the old distillery – including the remaining stock of sublime single malt.

The acquisition was a strategic masterstroke of significant scale and has, among other things, led to substantial investments in the renovation and reopening of the distillery, so that new Port Ellen whisky can once again be presented in the future. Since the distillery resumed production last summer, it will naturally take many years before the world sees new Port Ellen with age – and there will always be a difference between Port Ellen from the original distillery and from the new one. This is from the original.

We are among the few in the world who have managed to gain access to Port Ellen and produce a mini-documentary from there. You can watch it here:

What is Port Ellen 17th Special Release – 37 YO

In 2001, Diageo released the first bottles in their Special Release series. 6,000 bottles that instantly achieved cult-like status. This was followed by 16 years of annual releases, gradually becoming smaller and smaller. In 2017, only 2,988 bottles of Port Ellen 17th release from 1979 marked the final release in the series. Since then, a few and highly limited releases have seen the light of day. Most recently, 274 bottles of Port Ellen 1978 44 YO Gemini at a recommended price of over €30,000.

Price adjusted and particularly attractive in comparison

Here, you have the opportunity to secure bottles from the original Port Ellen before 2,888 bottles are reduced to zero. And although €2,150* is costly, the cheapest offer on the 17th Special Release – 37 YO right now is respectively €3,024 on wine-searcher.com and €3,195 on whiskybase.com.

Add to this that temporary turbulence has resulted in the price here being adjusted by -12% since mid-2025, when we last offered it for investment. If you were among those who invested back then: Be patient. If you did not position yourself last time: Take advantage of the opportunity.

*price excluding duty, VAT and taxes.

US tariffs: What does it mean for you?

In April 2025, the USA introduced a 10% tariff on whisky, which resulted in a clear decline of -7% in export value and a drop of -15% in volume between May and December 2025. And although the United Kingdom is working hard to remove the tariff burden, there is still pressure on the industry. A pressure that has resulted in price declines on top-tier whisky: And that presents an obvious opportunity to position yourself right here.

But as Mark Kent says, the long-term potential for continued growth is clear.

Monumental trade agreement

Alongside the above firefighting, the United Kingdom has long been working to strengthen its trade relations in emerging markets as well as the world’s 4th largest economy: India, which until now has had a significant import tariff on Scotch whisky.

After years of negotiations, the United Kingdom and India have reached agreement on a “landmark agreement”, as Prime Minister Keir Starmer described it.

The tariff on whisky exports to India will be halved from 150% to 75%, which gives the United Kingdom an immediate advantage compared to international competitors in the Indian market, and the tariff will fall to 40% by 2035.

Tariff reduction in prioritized growth market

In recent decades, China has developed into a premium-focused market with a strong appreciation for Scotch whisky. And precisely for that reason, the British government has focused its efforts and cooperation in this growth market. The Scotch Whisky Association has just announced that the tariff on Scotch whisky in China is being reduced from 10% to 5%, and this is yet another piece in the potential for future growth for Scotch whisky in the global market.

RareWine Invest opinion

Despite the import tariff, India is the largest market for Scotch whisky measured by volume. A massive reduction in the tariff will inevitably boost the existing imports – also of top-tier whisky such as Port Ellen 37YO 17th release. A tariff reduction of 5% in China will result in the same here. And support the long-term potential.

So we are left with a tariff burden from the USA that creates major challenges for the whisky category – now you can position yourself in one of the most sought-after whisky assets at a time when the market is temporarily weakened. Because:

Form is temporary, but class is permanent.

Available for investment

Port Ellen 37YO - 17th release 1979 

Investment price per bottle € 2.150*