Glenfiddich – 12 Year Old (Caoran Reserve)
70cl / 40%
£99.00
- Malt type: Single Malt
- Region: Speyside
- Chilfiltered: Yes
- Coloring: Yes
Tasting Notes
Berries, Honey, and Ripe Apple
Earthy Peat Smoke, Mineral Salt and Cinnamon Undertone
Slightly Salty and Smokey
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A seminal ‘ghost bottling’ whose value is accelerating, directly linked to the terminal scarcity of this discontinued peated Speyside experiment.
At-a-Glance
| Field | Details |
| Distillery / Bottler / Country & Region | Glenfiddich / Distillery Bottling / Scotland, Speyside |
| Category | Single Malt Scotch Whisky |
| Age / Vintage / Bottled | 12 Years Old / Discontinued Prior to 2010 |
| ABV & Size(s) | 40% / Not stated in the text. |
| Cask / Treatment | Not stated. |
| Natural Colour | Not stated. |
| Non-Chill-Filtered | Not stated. |
| Cask Strength | No |
| Bottle count / Outturn | Not stated in the text. |
| Intended channel | Global Retail (Discontinued) |
| Packaging | Not stated in the text. |
| Notes on discrepancies | Terminal scarcity is the key driver: the available global supply is fixed and decreasing daily through consumption. |
Historical Context
The Glenfiddich 12 Year Old Caoran Reserve represents a critical, historical segment of the Speyside single malt market. This expression was officially discontinued prior to 2010. Its permanent removal instantly conferred upon it the coveted status of a seminal ‘ghost bottling.’
The term 'ghost bottling' means the available global supply is fixed and decreasing, regardless of future market demand. This designation dramatically alters its valuation mechanism. The Caoran Reserve was an early, defining peated experiment for Glenfiddich, and its accelerating appreciation validates the niche demand for this specific regional style within the broader Speyside market.
Technical Specification & Variant Map
The primary investment driver for the Caoran Reserve is the mechanics of terminal scarcity. The expression was bottled at 40% ABV, which was common for many core and mid-range single malts during its production period. The liquid's reputation, combined with its fixed supply, is the driving force behind its escalating value.
Documented variants
The technical data provided does not list specific verifiable ABV, sizes, or market variances for this bottling.
Variant Matrix
| ABV | Volume | Market | Era cues | Relative desirability |
| 40% | Not stated | Secondary Market | Discontinued Pre-2010 (Ghost Bottling) | Extremely High (Terminal Scarcity) |
Packaging & authenticity checklist
Sourcing requires verifiable provenance from reputable auction houses to mitigate the moderate risk associated with older discontinued bottlings. The integrity of the closure and fill level are paramount.
Regulatory/terminology notes
The Terminal Scarcity mechanic ensures that the rate of consumption directly correlates with the rate of price acceleration. The 40% ABV reflects the bottling standard of its timeframe.
Pricing & Market Dynamics (GBP)
Auction records confirm a consistent and highly robust pattern of price increases since its discontinuation.
Pricing stratification: Appreciation is accelerating due to the terminal scarcity (supply will hit zero). The Caoran Reserve's ceiling is exponentially higher than continuous releases.
Liquidity & sourcing note: Exceptionally high liquidity, driven by proven and consistently growing demand.
Distillery/Bottler Snapshot
Glenfiddich is a globally recognized, established Speyside brand. The Caoran Reserve is critical as it validates the niche demand for the Speyside peat anomaly, serving as a benchmark for the value of current peated offerings.
Sourcing
Target formats/eras: Bottles with verifiable provenance from reputable auction houses.
Red flags to avoid: Products with unverifiable provenance due to the moderate risk profile.
Condition thresholds: Pristine condition is highly valued.
Margin/velocity expectations: Aggressively acquire for accelerating growth.
