BLACKBIRD ASSETS WHISKEY EXCHANGE A New Wholesale Auction Series Offers Fresh Opportunities for Buying and Selling WRITTEN BY MARGARETT WATERBURY
PHOTOS PROVIDED BY BLACK BUTTON DISTILLING
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uctions aren’t uncommon in the spirits industry. Hardly a week goes by without a breathless news story revealing the astronomical sums some magnate or heiress has recently shelled out for a venerable Scotch whisky or a batch of collectible bourbon accompanied by an EFT. But Jason Barrett, president of Black Button Distilling, and David Fiegel, managing director of Blackbird Asset Services, had a different kind of whiskey auction in mind when they created their Whiskey Exchange, a new wholesale auction series designed exclusively for the trade. The exchange, which the two describe as a marketplace, provides a venue for producers to both sell and purchase bulk lots of spirit, including casks of aged product. Barrett says the idea came about when he attended a liquidation auction conducted by Blackbird Asset Services for a distillery that was going out of business. Afterwards, he approached Fiegel with an idea. “This makes a good format and opportunity to bring unique products to light,” said Barrett. “Why does it have to wait until somebody’s going out of business? Couldn’t we do this more often?” The first Whiskey Exchange took place in July of 2021. Held entirely online, the live virtual auction attracted about two dozen prospective buyers, who vied for the opportunity to purchase just over 100 casks of aged Canadian whisky, divided into multiple lots. Barrett and Fiegel say it was a successful proof of concept. “There were some good deals, and there was some intense competition for certain lots,” said Barrett. “If you’ve got a fair group of people in the room, the market gets to set the price.” The duo is now gearing up for “There were some good a second Whiskey Exchange in February 2022, with plans deals, and there was to hold auctions twice a year some intense competition moving forward. for certain lots. If you’ve Live auctions are a unique got a fair group of people venue for buying and selling in the room, the market wholesale spirits. For sellers, gets to set the price.” it provides an opportunity to quickly generate a return from — J A S O N B A R R E T products that might not fit a PRESIDENT, BLACK BUTTON DISTILLING W W W . ARTISANSPIRITMAG . C O M
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