The definitive benchmark for collectible and investment-grade American whiskey. Tracking 45 premium expressions across tiers and styles since 2020.
Equal-weighted average of 45 tracked expressions (excludes Old Rip Van Winkle 25 as a single-bottle outlier). Q1 2026 modestly edges above the 2023 level, while remaining below the 2021 peak.
| Period | Index Value | Period Change | Cumulative Return | Market Context |
|---|---|---|---|---|
| 2020 (Base) | $1,061.89 | — | 0.00% | Index launch year |
| 2021 | $1,355.13 | +27.61% | +27.61% | Cycle peak — bubble year |
| 2022 | $1,248.93 | −7.84% | +17.61% | Correction begins |
| 2023 | $1,215.33 | −2.69% | +14.45% | Continued softening |
| 2024 | $1,117.96 | −8.01% | +5.28% | Market trough |
| End Q1 2025 | $1,099.80 | −1.62% | +3.57% | Stabilization |
| Mid Q2 2025 | $1,114.47 | +1.33% | +4.95% | Recovery signal |
| End Q2 2025 | $1,139.20 | +2.22% | +7.28% | Momentum building |
| Mid Q3 2025 | $1,150.82 | +1.02% | +8.37% | Steady recovery |
| End Q3 2025 | $1,116.09 | −3.02% | +5.11% | Seasonal softness |
| End Q4 2025 | $1,128.20 | +1.09% | +6.24% | Holiday consolidation |
| End Q1 2026 | $1,233.51 | +9.33% | +16.16% | Edges above 2023 level |
Biggest movers in the latest period. Aged single barrels and cask strength expressions led gains; accessible expressions continued to normalize. Note: many of these expressions trade infrequently at auction — prices reflect point-in-time snapshots and can be volatile between periods due to low transaction volume rather than fundamental value shifts.
Indexed to 100 at year-end 2020. American bourbon has significantly outperformed scotch and Japanese whisky indices over the full period, trailing only the Nasdaq.
| Index / Asset Class | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Q1 2026 | Cumulative |
|---|---|---|---|---|---|---|---|---|
| 🥃 Bourbon 40+ Index (45 exp.) | $1,062 | $1,355 | $1,249 | $1,215 | $1,118 | $1,128 | $1,234 | +16.2% |
| Whisky Icon 100 (Scotch) | 658 | 789 | 792 | 679 | 622 | 555 | 543 | −17.5% |
| Japanese Whisky Index | 532 | 714 | 810 | 647 | 471 | 418 | 396 | −25.6% |
| Liv-Ex 100 (Fine Wine) | 319 | 393 | 420 | 360 | 327 | 313 | 321 | +0.6% |
| Wine Market Journal 150 | 2,622 | 3,238 | 2,828 | 2,657 | 2,581 | 2,656 | 2,702 | +3.1% |
| Nasdaq Composite | 12,888 | 15,645 | 10,466 | 15,011 | 19,722 | 23,241 | 22,105 | +71.5% |
Secondary market price data (USD). Q1 2026 column shows latest values with period change vs Q4 2025. Old Rip Van Winkle 25 is listed for reference but excluded from index calculations.
| Expression | 2020 | 2021 | 2022 | 2023 | 2024 | Q1'25 | MQ2'25 | EQ2'25 | MQ3'25 | EQ3'25 | Q4'25 | Q1'26 | Chg |
|---|
Key themes, drivers, and outlook for the premium bourbon secondary market.
The index reached $1,233.51 in Q1 2026, edging +1.5% above the 2023 level ($1,215) on the back of strong cask strength and aged single barrel performance. However, the index remains roughly 9% below the 2021 cycle peak of $1,355, reflecting a market still working through post-bubble normalization.
The clearest Q1 theme is bifurcation: ultra-aged and cask strength expressions dominated gains. William HeavenHill 15 CS (+43.7%), Black Maple Hill 16yr (+37.5%), and Elijah Craig 23yr (+35.5%) all surged, reflecting renewed collector appetite for rare, high-proof aged releases with demonstrable scarcity.
Mid-range and broadly available expressions continued to face headwinds. Four Roses LESB (−25%), Woodford Double Oaked (−14.8%), and Weller 12yr (−9.6%) reflect ongoing normalization of pandemic-era premiums as secondary supply remains elevated for accessible releases.
The Van Winkle family showed broad recovery in Q1: Old RVW 25 returned to $37,500, Pappy 23yr climbed to $3,622 (+16.7%), and Pappy 15yr reached $1,483. This signals the ultra-premium Pappy tier has found its floor after the 2024 correction and renewed demand from serious collectors.
Bourbon 40+ (+16.2% since 2020) has significantly outperformed both Scotch (Whisky Icon 100: −17.5%) and Japanese whisky (−25.6%), as well as fine wine benchmarks (Liv-Ex: +0.6%). Only the Nasdaq (+71.5%) outpaces bourbon over the same period — though with substantially higher volatility.
With over 15 years in the wine and spirits industry, I've had the privilege of working at the intersection of passion and investment — managing the Cask100 alternative asset fund, serving as Director of Wine & Spirits for Winston Artory Group, and most recently as Auction & Acquisition Advisor for K&L Wine Merchants.
Along the way I noticed a persistent gap: while scotch, Japanese whisky, and fine wine all had established tracking indices, American bourbon — one of the most actively traded collectible spirits — had none. The Bourbon 40+ Index is my attempt to fill that gap with rigorous, transparent data.