1. Welcome to Global Spirit Merchants…….
GSM were established as an answer to the ever increasing demand for
Single Malt Whisky across the Asia Pacific regions.
As Hong Kong’s leading specialists of Single Malt Whisky and pioneers of
Whisky investment here in Asia, GSM have a solid reputation and network
of supply that ensures our private clients have access to the most exclusive
and sought after Single Malt Whisky in the market.
We trade only the very finest examples of rare and exclusive Single Malt and are Asia's preferred hub for securing and
trading for investment purposes. GSM specialize in all of the markets best performing whiskies together with many
exclusive limited edition bottles and private cask offerings from the likes of Macallan, The Dalmore & Bowmore.
With head offices in Hong Kong & trading offices in Shanghai, GSM are well positioned to
meet the investment requirements of both corporate and private clients throughout Asia.
As the Whisky market continues to boom, GSM provide a successful diversification from
the more traditional investments such as stocks & shares, bonds, managed funds and
even property.
The details within this 2012 Edition / E- Brochure will educate you further and provide
all the facts and figures you’ll need to make an informed decision in this rapidly
expanding and highly lucrative market.
Market History
Single Malt Whisky is Asia’s leading liquid investment and substantial prices
are paid for bottles from the most prestigious distilleries.
Until the late 1980s, Single Malt Whisky remained relatively rare outside
Scotland, however in the last decade there has been a consistent growing
demand from countries like Russia, India and in particular China.
Since the year 2000, sales in China alone have risen from $10 Million HKD, to
over $1Billion HKD per annum and this figure is rapidly on the rise as China
forecasts sales to rise a further 100% in the next 3-5 years.
To track the market’s performance at auction, the (WH) Index was
established in 2008 and since then prices at auction have risen significantly.
From 2008-2011, the prices of the top ‘100 Whiskies’ increased in value by a
phenomenal 163%, outstripping some of the very the best performing
investments , including Gold which appreciated by 146% in the same period.
In 2011, the Whisky market showed consistency throughout, with the overall
value of Single Malt Scotch increasing every quarter. It is fair to say the
demand for Single Malt Whisky has exploded in Asia and GSM are perfectly
positioned to assist our private clients in developing high yielding investment
portfolios in this rapidly expanding market.
GSM targets only the very best performing whiskies which have risen in excess of 297% since 2008 (source. FT Adviser).

2. Market Expertise
Together with a team of market analysts and Whisky experts, GSM’s Chief
Adviser is one of Greater China's leading independent voices on whisky and sits
on judging panels for both the World Whisky Awards & International Wine &
Spirits Competition here in Asia.
Steve Notman actively works with the Scottish Government promoting Scotch
Whisky in Mainland China, along with the Scotch Whisky Association and
leading Scotch Whisky brands specifically on Whisky mentorship, protection
and training.
Not only was Steve mentored by some of Scotland’s leading Master Blenders
and Distillers that include Whyte and Mackay's Richard Paterson, he also
received high commendations from Scotland’s First Minister Alex Salmond and
will this year become the youngest in history to receive Scotch Whiskies most
prestigious award to services to the industry by becoming a ‘Keeper of the
Quaich.’
Market Performance
*The above graph shows performance of Single Malt
Whisky at auction from 2008-2011*
‘WM’ INDEX - 2008-2011

3. Portfolio Management “
As part of our on- going service, GSM assigns each new
client an experienced Portfolio Manager to assist in
developing a tailor made portfolio that meets your
investment requirements. You will receive detailed
market updates, portfolio assessments and advice
regarding the development of your whisky portfolio.
GSM will guide and advise all private clients throughout
the term of investment ensuring maximum results from
the market. We deal only in the very finest, rare and
unique bottles from all of the leading distilleries & private
bottlers that are proven performers in the market.
We aim to provide you with a diverse range of
investment opportunities ranging through the spectrum
of short (1-3 years), medium (3-5 years) or long term
holds (5-10 years).
Trading
There are a number of different exit strategies you may consider when trading your Whisky Portfolio.
The most successful option is to trade through one of Asia’s leading
auction houses and our partners in Hong Kong, Bonhams. In 2010,
Bonham’s Hong Kong took the grand stage of Asia’s hugely
successful first year of Whisky auctions.
In 2011, these ground breaking auctions started to gain huge
momentum with many of the featured whiskies yielding returns of
over 50%-300% above their estimated highs. We believe 2012 is
set for even greater success with four highly anticipated auctions
scheduled starting in March.
For the first time, private clients here in Asia are in a position to
benefit directly from the massive demand for Single Malt Whisky
sweeping across the Asian markets.
GSM’s Private Client Department will assist clients in arranging the necessary paperwork for auction and in
identifying the highest prices in the market to trade your portfolio. Auction fees typically work out at around
15%.
Alternatively, you may wish to benefit from our in-house trading division which will arrange for your stock to be
sold privately with a brokerage of only 10%. This strategy has proven to be an extremely efficient trading
platform for existing clients and one which is exclusive to GSM clients.
Storage & Insurance
When you open your trading account with GSM, a private Storage &
Insurance account will be opened in your name.
We use facilities in Hong Kong & Macau that ensure your Whisky is
stored and insured professionally and can only be accessed by yourself
or signatory on the account.
This allows for complete transparency and security of investment at all
times. Storage & Insurance fees are very minimal and work out at
approx. HKD$200 per case, per annum.

4. The Press: Who Says what?
Whisky investors cheered by rise in values
By Jane Bradley / Sunday 29 January
“Three-year figures reveal that an investment in the 100 best-performing whiskies in 2008 would have risen by 163 per
cent in 2011, while gold – which has soared due to the recession – rose 146 per cent. Diamonds rose by just 10 per cent,
while shares and crude oil stock values fell”.
http://www.scotsman.com/scotland-on-sunday/scotland/whisky_investors_cheered_by_rise_in_values_1_2084366
Whisky Set for Golden Decade
By Dominic Roskrow / December 30, 2011
“I think that whisky certainly has the ability to not only increase in value 10 fold, but 20 fold in the coming decade. Ten
years ago if a distillery came out with a bottle for say £1000, people thought this was crazy, but today expressions are
selling to from £5,000 to £20,000 pounds and selling. I would say that Scotch has certainly proved itself with this. Let’s
look at the original ‘Black Bowmore’ when it came out in the early 90s, it cost about £200. Today a bottle sells for £3000-
£4000”. http://thewhiskytastingclub.co.uk/Blogs/domblog/2011/12/30/whisky-set-for-a-golden-decade/
Liquid gold: Why whisky investments can hit the spot
By James Longman / December 17, 2011
“Fine whisky has been part of Scotland's heritage for more than 500 years, but it is only recently
that investment opportunities have opened up for its most famous export. With global demand for
luxury whisky on the rise, putting your money into rare bottles of Scottish single malt could make you some pretty neat
returns”. http://www.usatoday.com/money/industries/food/story/2011-12-18/cnbc-whisky/51911208/1
A Palatable Alternative Investment Market
By Andy Simpson – Investing in Whisky & Champagne December 2011
“If you’d bought the current best performing 250 bottles of whisky in 2008 (at auction in
the UK) they would have cost £42,508. In today’s market they would be worth £94,884, an increase of 123.21 per cent. If
you’d done the same with the top 100 bottles, the increase is 162.96 per cent and the top 10 would have gained by
297.62 per cent, according to the Whisky Highland index”.
http://www.ftadviser.com/2011/12/05/investments/alternative-investments/whisky-a-palatable-alternative-investment-
market-6NGTKARuUR0p4Eg2IbilLK/article.html

5. FAQ’s
How does the market work?
The underlying principles of Single Malt Whisky investment is influenced by the laws of supply and demand. On
the supply side, there are relatively few investment grade labels, whose production levels are extremely limited
in quantity. On the demand side, there are a growing number of high net worth individuals around the world
seeking to own and/or drink these Single Malts. The only way to ease the pressure is for prices to go up.
Investment grade Single Malt Whisky is also an improving asset. As Single Malt is aged in the cask it becomes
more desirable and therefore more valuable. At the same time, once the whisky is bottled it’s consumed making
it even rarer, which in turn adds yet more upward pressure on prices.
What is an investment grade Single Malt Whisky?
To be regarded as a good investment, a Single Malt requires all or most of the following attributes:
 It must have strong, consistent global demand and recognition.
 It must show consistent upward price movement beyond a minimum set return.
 It must be produced from a single cask limiting its quantity to a maximum of approx 500 bottles.
How do I monitor my investment?
Your Portfolio Manager at GSM will guide and advise you in make strategic investment decisions. We keep you
up to date with all market activity and advise when to buy, sell or hold your Whisky investment. We provide an
ongoing advisory service throughout the term of the investment and charge no management fees.
How much do I need to invest in a portfolio of Single Malt Whisky?
You can invest as little as HKD$50,000 for a small portfolio containing some very exclusive bottles. However, a
recommended minimum investment level of around HKD$200,000-HKD$500,000 will get you started with a
perfectly balanced portfolio.
How do I get involved?
So why invest in Single Malt Whisky?
- Top 10 risen by 297% since 2008 Carefully review the facts and figures. Consider a
- Thriving Auction Market budget that’s comfortable and make a note of any
- Decreasing Availability questions you may have. One of our brokers will be in
touch with you to discuss the market further and to
- Tangible Asset review trading portfolios.
- High Yielding
- Low Risk Alternatively, we invite you to make an appointment
to come into our HK Whisky Lounge for a private
- Tax Free Profits
presentation and portfolio selection. This can be done
- High Demand by contacting our HK trading room directly on
- Minimum Stress +852 3752 8178 or by email
- Consumable info@globalspiritmerchants.com
Head Office: Shanghai Office: Australia Office:
Suite 2304, The Kinwick Centre 2501 Wheelock Square Level 9
32 Hollywood Road 1717 Nanjing West Road 440 Collins Street
Central, Hong Kong Shanghai 200040 Melbourne Vic 3000
Phone: +852 3752 8174 Phone: +86-21-6157 5373 Phone: +61 386 780 389
WWW.GLOBALSPIRITMERCHANTS.COM