The Macallan Folio series has captured the hearts of whisky collectors like few other releases in recent memory. These bottles are some of the most sought-after on the secondary market, commanding serious attention and serious money. But as we move through 2026, the question worth asking is a blunt one: are they actually a good investment today?
First, let’s give credit where it’s due. The Folios are a brilliant concept. They celebrate the iconic advertising work of David Holmes and Nick Salaman, the creative minds who arguably built the Macallan brand into the powerhouse it is today. It is somewhat ironic that a series dedicated to the story of marketing has itself become a masterclass in desirability.
That said, let’s not sugarcoat it. The liquid inside is a no-age-statement whisky. It’s not bad by any means, but is it worth the prices these bottles command on the open market? Categorically not. The value here lives almost entirely in the branding, the collectibility, and the story.
The real warning for prospective buyers lies in the 2022 price peaks. Folio 1 hit £16,000 in March of that year. Folios 2, 3, and 4 all peaked around £8,500 to £9,200 in the same window. Then came the fallout.
The Russia-Ukraine conflict triggered rising interest rates, inflation surged, and the entire alternative investment market cooled dramatically. Whisky was no exception. If you were sitting on several thousand percent returns in late 2021 and didn’t sell, that should serve as a hard lesson: whisky investment demands the same discipline as any other asset class. You have to understand the market, and you have to be willing to take profit.
Looking at the data from January 2025 through early April 2026, it becomes clear that there are really two Folio markets. Folios 1 through 4 trade in relatively small volumes, perhaps 80 to 90 bottles a year, reflecting genuine scarcity.
Folios 5 through 8, however, see volumes three to four times higher, with Folio 8 alone recording around 900 trades. That volume difference matters enormously. I don’t believe Folios 5 through 8 will ever reach the peaks that the earlier releases achieved. It is simply a reflection of how many bottles are out there.
So where does that leave us? If you can secure a Folio at release price through the ballot, go ahead. Every single release has shown a profit over its original purchase price given enough time. But if you’re considering spending serious money on the secondary market for a full set in 2026, I’d think twice.
Personally, I see better opportunities elsewhere. The Macallan Anniversary Malts, for instance, offer far fewer bottles in circulation, contain genuinely outstanding whisky, and present a stronger long-term investment case.
The Folios remain popular, liquid, and widely understood by the collecting community. Those are real strengths. But popularity alone doesn’t guarantee returns, and the data suggests the golden era for Folio gains may already be behind us. So I’ll put the question to you: are you buying any Folios in 2026, or are you putting your money elsewhere?
For a more detailed breakdown of The Macallan Folio market in 2026, watch my YouTube video.
Read the full article at Is The Macallan Folio Series Still A Good Whisky Investment In 2026?
