Noble&Co：2025年第一季度威士忌情报报告（英文版）

Even accounting for seasonal dips, these downturns mark a deeper weakness in the auction market. A continued retreat from high-value sales — particularly bottles over £10,000 — reveals a shift in collector behaviour, with top-end buyers and owners either stepping back or withholding stock, leading to a significant contraction in the premium segment. The result has been a reshaping of the market dynamic, with mid-tier and lower-value whiskies now dominating the share of sales by both volume an