Has Karuizawa whisky become more of an investment product than a consumable spirit?

To put it this way, if you had asked this question fifteen years ago, the answer might still have been "it's mainly for drinking." But if you ask now, the answer is almost certainly: Karuizawa whisky is absolutely seen more as an investment.

You can imagine it like this:

Karuizawa is like a deceased genius painter, such as Van Gogh. When he was alive, his paintings, though good, might have just been considered fine art. But once he passed away, and no new works could ever be created, every painting he left behind became a limited edition.

The Karuizawa distillery ceased production in 2000 and later closed down completely. This means that not a single new drop of Karuizawa whisky will ever be produced again. Every bottle currently in circulation, once consumed, is one less bottle in existence. This "limited edition" quality is the most crucial step in its transformation from a beverage to an investment.

Then, it happened to coincide with the global surge in popularity of Japanese whisky over the past decade, with prices for brands like Yamazaki and Hakushu skyrocketing. As a legendary, "discontinued" distillery, Karuizawa was naturally elevated to an iconic status, becoming the jewel in the crown.

So, look at the current situation:

1. Exorbitant Prices: A random bottle of Karuizawa is no longer a matter of hundreds or thousands of yuan; it's tens of thousands, hundreds of thousands, or even millions at auction. This price point has completely detached it from the realm of "drinking." If you buy a bottle of Maotai, you might think about opening it for a holiday. If you spend hundreds of thousands on a bottle of Karuizawa, your first thought is definitely not "what should I pair it with tonight?" but rather "how can I store it properly to prevent evaporation?"

2. Who is Buying? The main buyers of Karuizawa are no longer just whisky enthusiasts; they are primarily investors and collectors. They buy it not to savor its flavor, but for its scarcity and potential for future appreciation. It has become part of the asset allocation for the wealthy, placed in the same basket as famous paintings, antiques, and limited-edition luxury watches.

3. Too Expensive to Drink: Of course, some people will still drink it. But think about it, opening a bottle that might be worth a small car – what kind of occasion would that be? The person drinking it might be a top-tier millionaire themselves, or it might be for a truly momentous occasion. At this point, the act of "drinking" itself has become a form of performance art, a display of wealth and status, rather than simply enjoying the alcohol and flavor. For ordinary people like us, one sip could be several months' salary, which is simply too extravagant.

So, to summarize: due to extreme scarcity caused by the distillery's closure, coupled with the boost from the Japanese whisky trend, Karuizawa's financial attributes have far surpassed its drinking attributes. It now exists more as "liquid gold" in auction houses and collectors' cabinets, rather than a drink on our ordinary dinner tables.