On Whiskystats, we collect and identify tens of thousands of secondary market price observations each month. An obvious use case for this data is to assess the value of a particular bottle of whisky. If the whisky was recently traded on auctions, that price information would give a good idea of the current market value. However, if the whisky has not been sold in the secondary market for quite a while or never at all, finding a good measure for the value becomes more complex. One approach would be to look for “similar” whiskies with up-to-date price information and then summarize those prices to get an estimation. Our Whisky Pricing Machine follows this approach but does it more efficiently and with a solid statistical rationale.
As the Whisky Pricing Machine is learning how the market prices depend on specific features like the brand, vintage and age, it can also be used to price bottles that do not currently exist. This can be useful when, e.g. trying to assess the value of a cask by running the hypothetical whisky features through the Whisky Pricing Machine.
As the Whisky Pricing Machine is constantly updated with the latest price observations, the estimated market values will always reflect the current market conditions.
The more detailed the information about the whisky features is, the more precise the estimations will be. Please note that all estimations have to be interpreted with caution nevertheless.
Beware that there is no guarantee that the displayed values are correct. Also, note that the methodology behind the Whisky Pricing Machine may change as we try to improve the overall accuracy.
See here for more information on how the Whisky Pricing Machine works.
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