commerce
Secondary market
No legal definition
Resale of bottles and casks after first retail sale — through auction, broker or private trade — at prices set by demand rather than by the producer.
Not a legal term
No whisky regulation in Scotland, Ireland, the United States, the EU or Japan defines this. It is a trade or marketing term, so it is only actionable if its use is actively misleading.
Worth knowing
The frictions are local rather than whisky-specific: in most US states reselling alcohol without a licence is unlawful, while UK private sales are broadly permissible though a person trading regularly may be treated as a business. Cask investment schemes are not regulated financial products in the UK, so investors have no FCA recourse.
Related terms
Last reviewed 2026-07-30 · All glossary terms