The sugarcane spirit has come a long way since its days of being considered as a bottom-shelf spirit. Today, rum is fetching eye-watering prices at auctions and serving as a serious investment for those who really know their liquor
As the world of spirits continues to expand and evolve, rum is experiencing a renaissance among collectors and connoisseurs. Long overshadowed by the whisky market, rum is finally stepping into the spotlight, with aficionados recognising its potential as a high-quality, collectible spirit. But what's driving this shift, and why is now the moment for rum to shine?
Rum's history stretches back centuries, with roots in the Caribbean, where sugar cane plantations produced the molasses that would become the base for this versatile spirit. Over time, rum production spread to other parts of the world, creating a wide array of styles and flavours, from light and crisp to rich and complex.
This diversity of tastes and aromas has captured the attention of collectors, who are beginning to explore the depths of rum beyond the mass-produced, overly sweet bottles often found at bars and on store shelves. Instead, they're uncovering the world of aged rums, single-cask releases, and limited-edition expressions that showcase the craft and skill of master distillers.
The growing popularity of craft spirits has played a significant role in rum's ascent. As consumers seek out unique, artisanal products with a focus on quality, small-batch distilleries have flourished, pushing the boundaries of rum production and elevating the spirit to new heights.
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There are producers like Maison La Mauny, a distillery based in Martinique that produces a range of high-quality rums using sugarcane grown on their estate; California-based Lost Spirits Distillery, which uses the controversial, high-tech THEA (The High-Energy Accelerated Aging) method that uses a proprietary reactor to expose the rum to intense light and heat and mimic the oak-ageing process; and Nine Leaves from Japan, which produces a range of artisanal rums using Japanese sugarcane and traditional rum-making techniques.
This spirit of innovation has made rum an exciting and dynamic category, attracting the interest of collectors who are eager to discover the next big thing, or those who are looking for something different or who may have been priced out of the whisky market.
According to a report by Grand View Research, the global market for premium spirits, which includes fine rums, was valued at US$1.16 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.6% from 2021 to 2028.
"It's naive to think the older the bottle, the better the quality hence the higher the price for wines, scotch, cognac—but rum has finally made its mark and has begun to be spoken in the same manner as its brethren thanks to the education of various distillers," says Tiana Ludhani, the proprietor behind Hong Kong rum bar The Daily Tot. "Pernod Ricard's acquisition of Havana and its stake [in the producer of Carribean rum brand] Bumbu, plus Diageo's purchase of Don Papa and so on is a significant sign of the growth and value of rum especially for serious collectors."
The parallels between whisky and rum are clear: both are aged spirits with diverse flavour profiles that can be influenced by factors such as the type of barrel used, the length of aging, and the provenance of the spirit. As a result, it's no surprise that collectors who have previously focused on whisky are now turning their attention to rum, seeking out rare and exclusive bottles that showcase the best of what the category has to offer.
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Rum auctions have become increasingly popular, with some rare and collectible rums fetching high prices at auction. In 2020, a bottle of the 1943 Appleton Estate 50-Year-Old Jamaica Rum sold for US$52,000 at a Bonhams auction in Hong Kong; while a bottle of the 1977 Port Mourant rum sold for £12,750 at Sotheby's "Finest & Rarest Wines and Spirits" sale in May 2021.
One brand taking rum collecting to an extreme is Colombia-based Dictador, which regularly makes headlines for its highly limited releases of premium rums that attempt to bolster the credentials of the spirit as a vehicle for investment—using everything from Lalique hand-blown glass, to bottles painted by indigenous Colombian artisans, and even a 24-carat gold bottle that comes with an accompanying NFT series.
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In March, the brand exhibited a long-running series with French sculptor Richard Orlinski at DFS Group's 11th annual Masters of Wines and Spirits (MOWS) exhibition in Macau's City of Dreams, where rum and tequila are being featured for the first time alongside mainstays like whisky, fine wines and vintage champagnes. The '5 Decades' collection packages rum expressions from consecutive decades in fractal gorilla-shaped bottles hand-painted by the artist himself. The price tag? A cool MOP848,000 (approximately US$105,150), for which each buyer can connect with Orlinski to suggest their preferences for the bottle's colour and style.
"You have to be unique and collectible, so this is what we try to do," explains Dictador's regional managing director for Asia, Katharina Schittko. "We try to use the best casks and [bottles to] do something special."
With its rich history, diverse flavour profiles, and the rise of innovative craft distilleries, it's clear that rum is poised to become the next big thing in the world of collectible spirits. As the market matures and more collectors become aware of the potential that lies within the category, it's likely that we'll see even more investment and interest in this exciting spirit.
"The rapid premiumisation of rum—especially dark rum—has led to a renaissance of this beautiful complex spirit," says Ludhani. "It's a sip worth waiting for."
The 11th Masters of Wines and Spirits exhibition is open to the public until the end of April, while the collection is available for purchase at T Galleria by DFS in City of Dreams Macau.
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