Whisky Monthly Update July 2026: Port Ellen overtakes Macallan

Market picture, July 2026

The secondary whisky market saw a quieter month in July, in part due to the usual summer lull. Close to 25,000 bottles changed hands at Whiskystats-tracked auctions, around 30% below the November peak but roughly level with a year earlier (700 fewer than in July 2025). The Whiskystats Whisky Index, which tracks the 500 most-traded whiskies historically, stood at 214.26 points: up 0.5% over the month and a third consecutive month of gains. For 2026 the index is up 1.95% (from 210.16), while year-on-year it sits 2.52% below the 219.79 points of July 2025.

As we focus exclusively on Scotch single malt whisky, we look specifically at the Whiskystats Scotland index. It stood at 205.10 points at the end of July: virtually flat over the month (−0.15%) and slightly higher for 2026 (+0.33%, from 204.43). Year-on-year it sits 2.71% below the 210.81 points of July 2025. That picture is consistent with the stabilisation we described earlier in our June monthly update.

Port Ellen takes the top spot from Macallan

Port Ellen remains the best-performing brand on the secondary market. In July, the 60 traded Port Ellen releases rose 1.1%, taking the Port Ellen index to +11.7% for 2026. The 100 most-traded Macallan releases, by contrast, fell 3.5% in July, a 3% decline for the Macallan index this year. Over the past twelve months Port Ellen stands at +8.5% against Macallan at −7.4%. As a result, in July 2026 Port Ellen took over the top position in Whiskystats’ brand ranking, a position Macallan had long held since the downturn in Japanese whisky.

Such shifts are driven by specific releases. A broad index is and remains an average, and is not an indication of the value development of any individual bottle or cask.

Brora rebounds sharply

Brora takes third place in the brand ranking. It stands at +15% for 2026, most of which was realised in July: the 23 traded releases rose 9.6%, making Brora the strongest gainer of the month, above Yamazaki. A move of almost 10% within a single month is exceptional and warrants caution; whether this level holds will become clear in the months ahead.

Quality over volume

That a name like Port Ellen, with a finite historical stock, a strong reputation and proven provenance, is leading the market while broader brands stay flat, illustrates how scarcity and quality can carry the value of a specific name. It aligns with the selective, quality-driven approach we take: not as much as possible, but the right bottles and casks. A structural trend is, however, no guarantee for an individual object; even within the premium segment, value remains dependent on market and timing.

Looking ahead: the 2026 H1 Report

Whiskystats also recently published its 2026 H1 Report, a detailed review of the first half of the year. We will return to it soon in a separate, more in-depth article.

About Scotch Whisky Investments

Scotch Whisky Investments has specialised in investing in Scotch single malt whisky since 2002. We manage over €350 million in assets and have operated under AFM licence since 2014. More than 1,600 investors build a portfolio of physical bottles and casks through us, retaining legal ownership while we handle the specialist work, from selection and provenance verification to storage in Scotland. Want to know more about what a whisky portfolio could look like for you? Feel free to arrange a no-obligation introductory meeting.

This information is general in nature and does not constitute personal financial advice. Investing carries risks, including value fluctuations and limited liquidity. Past performance is no guarantee of future results.