Good whiskey takes a while to mature (the lowest PVW ages for 15 years) so if there is a spike in demand, producers cannot react quickly.
Good whiskey takes a while to mature (the lowest PVW ages for 15 years) so if there is a spike in demand, producers cannot react quickly.
Also, careful with the aging comparisons. Single malt whiskey routinely ages for over a decade and the really expensive stuff for significantly longer than that. But Pappy is a bourbon, and it is unusual for bourbons to age for 15 years, not because it's expensive but because it's often counterproductive. I think? several of the Buffalo Trace Antiques are even no-age-statement.
The sweet spot for bourbon seems to be in that 8-12 year market. Unfortunately that stuff is basically the hardest to sell these days. It used to be that a 6 year bourbon was fairly easy to find (VOB for instance used to do that at bottom shelf prices). But now thats treated like an antique. While if you have 12 year old barrels sitting around it makes sense to hold them until they are into ridiculous ages for the collector market.
I've had a 23 in a glass and liked it fine, but I've had vanity whiskey that completely blew my head off --- Thomas Handy, Stagg, Booker's Rye --- and the Pappy wasn't one of them.
(I'm off to Michigan this weekend and my plan is to spend a fixed % of the price of the beach house we rented on whiskey, so this stuff is very top-of-mind for me right now. Had this thread not occurred, I'm like 90% sure I'd have gotten talked into buying Kavelan, so it's already a major win.)
At the end of the day, not liking something and not believing it is appropriate value are different than 'this stuff is broken'. Which seems to be the state of lots of micro distilleries.
[edit] also, i didnt want to imply I didn't like the Kavalan only that everyones whiskey guy is selling that stuff in Chicago right now. I havent actually tried it, mostly cause i blew my budget on mezcal a while back.