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Whisky is proving to be one of the great modern collectables, attracting a young buying base as well as long-term, well-heeled enthusiasts. But before you dip your toe in the ‘water of life’ – the word whisky comes from the gaelic ‘usquebaugh’ with that meaning – it’s a good idea to develop a little understanding about how the market works.

For a start there are really two whisky markets: one for rare bottles left over from defunct distilleries or age-old bottlings; the other for new limited edition bottlings of rare casks put aside for special occasions some time ago.

To give you an idea of what these can make, a Hong Kong bidder has just beaten off competition from dozens of rivals to win a bottle of Bowmore 1966 Samaroli Bouquet at £50,000. It was first bottled 18 years after distillation in 1984 and only 720 bottles have ever been produced.

Check out its ranking among the 1000 best whiskies of all time on Whiskybase.com and you will find it at… Number One, with a rating of 96.49 out of 100.

Whether you are going to buy for investment or simply for drinking, it pays to start with the great whisky guru, Charles Maclean’s, Whisky Wheel (see whiskymax.co.uk) and to follow some of the experts, like Dave Broom (@davebroomwhisky) and Neil Ridley (@NeilDram).