What to Know About Investing in Age Statement Bourbon
When Brian Ward first began examining bourbon as a potential investment, he was struck by its divergence from Scotch whisky. Bourbon has long been defined by the scarcity of well-aged expressions and a historically limited focus on age statements, in contrast to Scotch whisky’s tradition of emphasizing age as a key indicator of quality.
“The combination of climate and fresh oak creates an accelerated aging process that explains why well-aged bourbon is scarcer than similarly aged Scotch,” explains Ward, a principal at Artory/Winston, a rare assets management firm that launched its own wine and whiskey investment fund in 2023, the Cask100. “By adding an age statement to bourbon, it helps with a few factors in the transparency of that bottle for a collector.”
Age statement bourbon, which prominently displays on the bottle label how many years that the whiskey has been aged, is gaining prominence as a growing segment of the market that is looking at bourbon not just as a drink, but as an asset.
“The age statement for bourbon is a relatively new phenomenon,” Conor O’Driscoll, master distiller at Heaven Hill Distillery in Bardstown, Kentucky, tells Observer. “As bourbon started its resurgence 20 years ago, there weren’t as many knowledgeable bourbon drinkers compared to Scotch drinkers. We were still fighting an uphill battle, but it’s not as bad as it used to be.”
Right now, according to Ward, age statement bourbon’s value appreciation is outpacing Scotch for a few reasons—namely, it is rising in value due to its scarcity, faster aging process, and growing global recognition, all of which drive demand and allow age-stated expressions to appreciate more quickly than their Scotch counterparts. For example, while a bottle of The Macallan 18 Year Single Malt Scotch increased from $300 to 350 to $450 to 500 between 2019 to 2024 (translating to 45 percent growth), Buffalo Trace’s 18 Year expressions doubled from $450 to $900 to $1,000 (more than 50 percent growth) in the same period.
Premiumization is a key driver here. American-made whiskey sales in the United States have dipped slightly—down two percent in 2024, according to market intelligence agency IWSR, reflecting an overall dip for spirits sales in general over the last year. Yet at the same time, interest in super-premium bottles continues to rise, and the retail sales value for American whiskey at premium and above price points is three times higher than at standard and below tiers.
This paradox—declining overall sales against increased interest in higher-priced options—has created a fertile ground for age statement bourbon as both a collector’s item and investment.
“When analyzing what to invest in, we look at diversity across different categories that might be compared to art,” Ward says, “with blue chip art equating to big name bourbons with a solid track record and emerging art symbolizing new bourbons that are promising with results and buzz.”
Is Age Just a Number?
Age statements are common for Scotch whisky because the Scotch market has historically emphasized age statements for quality, transparency and creating easy comparability for price justification. Under U.S. law, bourbon must be aged at least two years to qualify as “straight bourbon,” and if aged for less than four years, the bottle must display an age statement specifying its exact duration of aging.
“Comparing two- or four-year-old bourbon to a 10- or 20-year-old Scotch whisky is obviously a huge difference,” O’Driscoll explains. “Between four and eight years, bourbon starts hitting its stride. We have so many four-year-old products—some age-stated, some not—that are excellent. Between six and 12 years is where many bourbons reach full maturity, achieving a balance between time, the barrel’s influence, the angel’s share and all the flavor chemistry happening inside the barrel.”
Bourbon age statements are more challenging to achieve than those for Scotch due to several factors: the higher angel’s share loss in Kentucky’s climate, which reaches up to 4 percent annually compared to Scotch’s 2 percent; the strict requirement that all bourbon be aged in new charred barrels; and the limited number of distilleries maintaining aged stock.
“This scarcity, combined with bourbon’s growing global reputation, creates faster appreciation for age-stated bourbon compared to similarly aged scotch or the now-slowing market of Japanese whisky,” Ward says.
Yet production challenges behind age-stated bottles are significant. Even for established producers, the costs of maintaining a large inventory of aging barrels are steep, from warehouse space to evaporation losses. Barrels are expensive, and whiskey evaporates every year while accruing taxes.
Is Older Always Better?
Sienna Jevremov, head distiller at Widow Jane Distillery in Brooklyn, New York, notes that historically, bourbon was rarely aged beyond eight years, but the craft whiskey movement has shifted people’s perceptions of younger expressions.
“I feel rather lucky to be working in the American whiskey world that does not have such a strong sense of great age being required on its products,” Jevremov says. “That being said, there has become more and more desire for aged American whiskeys closer to that of single malts. For me, as a blender, this creates a challenge that I have not previously had before.”
For collectors and investors, scarcity is often part of the allure.
“I’ve come to notice a strong attraction to older age statements, and people are definitely more willing to pay more for an older whiskey,” adds Jevremov. “That being said, there is a premium to older whiskey as it requires more investment into creating the product to begin with.”
While some distilleries, like Heaven Hill, focus on a balanced approach that includes both age-stated and non-age-stated offerings, others see the emphasis on age as a necessary evolution for bourbon’s reputation. Ward argues that this particular kind of transparency builds trust.
“Age statements provide verifiable data for collectors to validate investment value in the market as well as increased liquidity and less volatility, similar to vintage wine,” Ward says.
O’Driscoll, however, pushes back against over-reliance on age as a marker of quality. “Our goal is to make great bourbon, regardless of the age statement,” he says. “When whiskey sits too long in a barrel, it can become over-extracted, tasting more like wood than bourbon. Some of the best bourbons we produce are in the six-to-12-year range, where the flavors reach full maturity without becoming dominated by oak.”
Torrence Tompkins, chief operating officer of Downtown Spirits, a retail and wholesale outlet for beer, wine and spirits in Seattle, points out the variability in consumer preferences while underscoring the neverending power of brand appeal.
“A brand’s reputation and history plays the largest role in determining its appeal to collectors,” he says. “There is no one-size-fits-all answer to determining the optimal age for bourbon to appeal to collectors.”
Widow Jane vice president Michele Clark says the distillery includes age statements on the bottle when it becomes a point of pride, explaining that if it resonates with the blender, it will resonate with the consumer.
“I find that whiskey goes through growth spurts, no matter its age,” Clark says. “It’ll have a pocket where it’s settling on its new season of extraction or breathing, and the whiskey just doesn’t have that hum. Or it is in a stage of tannins that haven’t settled into place yet and are still astringent.”
Jevremov also cautions against assuming all older bourbons are inherently superior.
“The older the whiskey becomes, sometimes the flavors can become more extreme and varied, so keeping flavor consistent can be hard,” Jevremov says. “They also fall out of the purview of perceived known whiskey flavors more often than not.”
For investors, navigating the world of age statement bourbon requires discernment. Ward advises focusing on well-established brands like Buffalo Trace, Elijah Craig and Pappy Van Winkle, which have a track record of holding value. “These are the blue-chip bourbons,” he says. However, he also suggests looking at emerging names with limited releases, such as Wilderness Trail or Bardstown Bourbon Company.
“Buffalo releases are the bitcoin of the whiskey world, and newer brands are akin to new cryptocurrencies aiming to make it big,” echoes Tompkins.
Still, the risks are clear. As Tompkins notes, “The market for bourbon investment may already be peaking. If you’re buying solely as a speculative investment, you may find diminishing returns,” he says. “My advice? Buy what you enjoy drinking. At least that way, you’ll always come out ahead.”
O’Driscoll has a similar investment tip: “Buy two bottles—one to drink and one to hold. That way, even if the investment doesn’t pan out, you’ll still have something to enjoy.”
The Best Age Statement Bourbon Whiskeys on the Market
- Basil Hayden 10 Year Old Kentucky Bourbon
- Elijah Craig 21 Year Old Single Barrel Bourbon
- Four Roses 20 Years Single Barrel Bourbon
- Heaven Hill Heritage Collection 18 Year Old Straight Bourbon
- Knob Creek 18 Year Bourbon
- Smooth Ambler Old Scout 7 Bourbon
- Widow Jane The Vaults Aged 15 Years Straight Bourbon
- Wild Turkey Master’s Keep 17 Year Bourbon
Basil Hayden 10 Year Old Kentucky Bourbon
The extended aging process reveals layers of complexity in this high-rye bourbon, where the additional time in charred American oak develops pronounced flavors. Aromas of oak and vanilla mingle with the spice characteristic of its mash bill, offering a profile that is both refined and approachable. The caramel sweetness complements the rye’s signature kick, creating a smooth yet dynamic experience. Basil Hayden 10 Year Old is best enjoyed neat or on the rocks, allowing its flavors to shine. Its moderate proof ensures the whiskey remains accessible without overwhelming the palate.
Elijah Craig 21 Year Old Single Barrel Bourbon
Aged for over two decades, this single-barrel bourbon represents an uncommon achievement in whiskey production. Elijah Craig 21 Year Old delivers a mature profile, balancing the depth of oak with caramel. Its extended time in the rickhouse enhances complexity without allowing the wood to dominate. The resulting whiskey offers a full-bodied, syrupy texture and a smooth finish with restrained heat. This expression appeals to collectors and connoisseurs seeking an exceptional example of long-aged bourbon.
Four Roses 20 Years Single Barrel Bourbon
A rare single-barrel expression highlights the interplay between high-rye content and a meticulously developed aging process. The OBSV recipe used for Four Roses 20 Year Single Barrel brings a balance of spice, fruit and floral notes. The two decades spent in oak create a profile rich with dried fruits, cinnamon and toffee, while a touch of leather adds depth. Despite its extended aging, the oak remains well-integrated, ensuring the flavors are cohesive and layered. With limited barrels produced, this bourbon exemplifies the heights achievable through patience and precision.
Heaven Hill Heritage Collection 18 Year Old Straight Bourbon
Eighteen years in the barrel allows this whiskey to develop a deep profile defined by its mash bill of corn, rye and malted barley. Bottled at 120 proof and unfiltered, Heaven Hill Heritage Collection 18 Year Old retains the natural complexity imparted during aging. Aromas of black tea and toasted almonds set the stage for flavors of vanilla, caramel and a sprinkle of pepper. The warm, dry finish lingers with notes of oak char and citrus, rewarding those who appreciate bold yet balanced bourbons. It is an expression that stands out for its craftsmanship and clarity.
Knob Creek 18 Year Bourbon
Twice the aging of the standard expression results in a bourbon with profound depth and maturity. Knob Creek 18 Year Old’s rich copper color reflects the layers of caramelized oak and subtle vanilla waiting in the glass. A bold yet measured sweetness emerges, accented by baking spices that add warmth and complexity. The texture is full-bodied, delivering an immersive sensory experience that lingers with floral and fruit notes. This release captures the essence of refined bourbon-making at its finest.
Smooth Ambler Old Scout 7 Bourbon
A high-rye mash bill and seven years of aging create a bourbon with bold character and balanced flavors. Smooth Ambler Old Scout 7 Bourbon preserves its vibrant profile through an unfiltered blending process, where apple and cherry tobacco intertwine with subtle leather undertones. A long, smooth finish highlights the benefits of extended aging, showcasing the interplay of spice and sweetness. Bottled at 99 proof, it offers versatility for sipping or crafting cocktails. This expression reaffirms the value of thoughtful sourcing and careful blending.
Widow Jane The Vaults Aged 15 Years Straight Bourbon
Fifteen years in the barrel and a finish in Amburana wood casks result in a bourbon of remarkable character. Widow Jane The Vaults Aged 15 Years combines traditional aging with the rare Brazilian oak’s warm spices, floral undertones and tropical hints. Aromas of cherry blossom and cinnamon bark lead to flavors of roasted yam, green tea and honey, while the exceptionally long finish reveals black licorice and coconut—a distinctive offering for bourbon enthusiasts.
Wild Turkey Master’s Keep 17 Year Bourbon
Seventeen years of aging across different rickhouse environments produce a bourbon with nuanced flavor development. Barrels from brick rickhouses contribute earthy notes, while those from wood structures add caramel and vanilla. Wild Turkey Master’s Keep 17 Year balances these elements beautifully, opening with a smooth, silky texture that transitions to a subtle spiciness on the finish. With its lower proof and carefully curated profile, this whiskey delivers a harmonious blend of oak, tobacco and sweetness. Its restrained complexity makes it a distinguished addition to any collection.