Following the fine wine market’s less than stellar recent performance according to the Herald focus has shifted in some quarters to rare, single malt, whisky as a possible liquid investment. The reported returns may on the surface seem to outstrip fine wine but the pitfalls are numerous. Whilst similar in form fine wine has a number of advantages. The Liv-ex index is updated daily whilst the IGS (investment Grade Scotch) 1000 is only updated quarterly. Wine can be a 3 – 5 year investment whilst investment in whisky is long term with buyers being recommended to hold for between 10 – 20 years so it will have less appeal to certain investors. Whisky lasts for over 50 years so cannot be classed as a wasting chattel and is therefore subject to capital gains tax unlike fine wine. Finally realising any uplift in value is mainly possible only via auction. There are few merchants or brokers to keep the market liquid (no pun intended). Therefore fine wine’s fundamentals still give it the edge in the literally liquid investment stakes.