Macallan 今個月出咗個黃盒，定價 £1,100。上一代嘅紅盒兩年前都係 £1,100 推出，今個星期喺英國拍賣場，出價得返一半左右。
Macallan released a yellow case this month at £1,100. The red one before it also launched at £1,100, two years ago. At UK auctions this week, bids for it sit at about half that.
黃盒叫 TIME : SPACE Sherry Cask，9 月 17 號喺倫敦 Harrods 開賣，20 年。個黃色有講法，Macallan 話靈感嚟自釀 Sherry 嘅 Palomino 葡萄，同安達魯西亞嘅陽光。
The yellow case is TIME : SPACE Sherry Cask, a 20-year-old that went on sale at Harrods in London on 17 September. Macallan says the colour comes from the Palomino grapes used to make sherry, and from the Andalusian sun.
今次最大嘅賣點係 Valdespino。Valdespino 係 Jerez 最老牌嘅 Sherry 酒莊之一，歷史可以數到 1264 年：嗰年西班牙國王 Alfonso X 賞咗幅地俾騎士 Alonso Valdespino。佢哋嘅 Fino Inocente 用單一葡萄園 Macharnudo 嘅葡萄釀，喺 Sherry 界好有名。
The headline this time is Valdespino, one of the oldest sherry houses in Jerez. Its story goes back to 1264, when King Alfonso X of Castile granted land to a knight called Alonso Valdespino. Its Fino Inocente, made from grapes grown in the single Macharnudo vineyard, is well known among sherry drinkers.
Macallan 喺 Jerez 有自己嘅箍桶廠，2023 年仲買咗 Valdespino 母公司一半股份。Valdespino 特登釀咗一款似 Oloroso（一種比較濃身嘅 Sherry）嘅酒，用嚟「養」呢啲新桶。2024 年，Macallan 由第一批養好嘅 200 個桶入面揀咗一部分，嚟整今次呢支酒，亦係佢第一次用 Valdespino 嘅 Sherry 桶。即係話，支酒大部分時間同平時嘅 Macallan 一樣，喺 Sherry 桶度陳；最後先轉入 Valdespino 嘅桶，加多一層味道。
Macallan has its own cooperages in Jerez, and in 2023 it bought half of Valdespino's parent company. Valdespino made a sherry especially for the job, close in style to oloroso (a richer, fuller sherry), to season the new casks. In 2024 Macallan picked some of the first 200 casks seasoned this way for this whisky, the first time it has used Valdespino sherry casks. So the whisky spends most of its life in sherry casks like any other Macallan, then moves into the Valdespino casks at the end for one more layer of flavour.
咁點解紅盒會跌得咁犀利？我哋睇，最大原因係大家買酒嘅習慣變咗。高端威士忌嘅價錢已經連跌三年，喺 Knight Frank 奢侈品投資指數入面，每年都跌大約一成。Macallan 母公司上個財年收入跌咗 14%，佢哋自己都承認，係 25 年、30 年呢啲貴酒賣少咗，反而 12 年有雙位數增長。
So why has the red one fallen so far? As we see it, the main reason is that the way people buy whisky has changed. Prices for top-end whisky have fallen three years in a row, by roughly a tenth each year on the Knight Frank Luxury Investment Index. Macallan's owner saw revenue drop 14% last year, and it said so itself: fewer 25 and 30 year olds sold, while the 12 year old grew by double digits.
紅盒本身數量亦唔少。Whisky Hunter 記錄咗 840 支上過拍賣，推出嗰個月已經有 53 支。
There are also plenty of red cases about. Whisky Hunter has tracked 840 of them at auction, 53 in the launch month alone.
TMG 都見到同一件事。幾年前，客人喺我哋度買 Macallan，主力係 18 年同 25 年；近兩年主力變咗 12 年，平均每支嘅價錢跌咗一大截。大家由「買嚟收藏」，轉咗做「買嚟飲」。
We see the same thing at TMG. A few years ago, our customers mostly bought Macallan 18 and 25. Lately it's mostly the 12 year old, and the average price per bottle has dropped a long way. People have moved from buying to collect to buying to drink.
呢排我哋成日聽到人講：TMG 好似少咗賣威士忌？其實我哋倉入面嘅威士忌仲有好多，Macallan 都有唔少款。我哋只係改咗入貨嘅方法。以前限量版一出，大家就搶貨；而家拍賣數字話我哋知，限量版出咗唔一定會升。所以我哋會睇住市場數字先入貨，唔會見到限量就搶。
We often hear people say TMG sells less whisky these days. In fact our warehouse still holds plenty of whisky, including a good range of Macallan. We have only changed how we buy. A limited release used to mean everyone rushed to buy it; auction numbers now tell us a limited release won't necessarily rise. So we watch the market data before we buy, and we don't chase every limited edition.
價錢幾時會升返？今年上半年，拍賣價好似跌到差唔多，Macallan 今年到 6 月只係升咗 0.7%。至於幾時會真正回升，我哋暫時仲未睇到。
When will prices come back? Auction prices seemed to level off in the first half of this year, and Macallan was up just 0.7% to June. When they will truly recover, we can't see yet.
如果你想自己飲、想送禮，或者純粹鍾意個樽，你就唔使諗佢會唔會升值，揀你自己鍾意嗰隻色就得。黃盒我哋仲未有貨；紅盒 Mastery 我哋有現貨，HK$9,980。想日常開多支，我哋 anCnoc、Old Pulteney、Balblair 嘅單一麥芽都有，由幾百蚊起。
If you want a bottle to drink, to give, or simply because you like the case, you don't need to worry about whether it will go up in value. Pick the colour you like. We don't have the yellow one yet; the red Mastery is in stock with us at HK$9,980. If you'd rather open something every day, we also carry single malts from anCnoc, Old Pulteney and Balblair, starting from a few hundred dollars.
你買 Macallan，係飲多定收藏多？歡迎喺我哋 Facebook 留言話我哋知。
Do you buy Macallan to drink or to keep? Tell us on our Facebook page.
資料來源 Sources
- Wikipedia: Valdespino
- SherryNotes: Valdespino bodega profile
- The Spirits Business: The Macallan debuts Time: Space Sherry Cask
- 88 Bamboo: Macallan takes 50% stake in Valdespino's parent (2023)
- The Whisky Wire: TIME : SPACE Sherry Cask launch
- PR Newswire: The Macallan introduces TIME : SPACE Collection (2024)
- Whisky Hunter: TIME : SPACE Mastery auction data
- Outlook Business: Knight Frank index 2026
- The Whiskey Wash: Knight Frank 2024
- Knight Frank 2025 index summary
- The Spirits Business: High-end Scotch drags Edrington FY sales down
- Scotch Whisky Investments: 2026 half-year update (Whiskystats data)
- TMG 銷售走勢：TMG 網店 2021 年 1 月至 2026 年 9 月 17 日 Macallan 銷售紀錄（只顯示走勢） / TMG sales trend, Jan 2021 to 17 Sep 2026 (trend only)
Product images: The Macallan press materials via the sources above.
