Bourbon was once hailed as the poor man’s drink. The spirit has since developed, however, from a mass-market American staple into a luxury class, and limited releases, higher prices, and brands vying for prestige have caused a crowded top tier.

Even though the premium field has widened, the very top of the market remains stubbornly narrow, according to whiskey expert Fred Minnick. 

During a blind tasting of his top 100 American whiskeys of 2025, Minnick evaluated leading contenders anonymously. Even without labels, the rankings reflected the same hierarchy seen at retail and on the secondary market. The most scarce, high-status bottles still rose to the top, regardless of brand recognition. 

George T. Stagg claimed the number one spot, followed by Sazerac Rye 18 Year at number two. Both are part of the Buffalo Trace Antique Collection, one of the most limited and consistently in-demand product lines in American spirits. Buffalo Trace, beyond its Antique Collection, also produces the popular—and often hard to find—Eagle Rare, Blanton’s, Weller, and Pappy Van Winkle whiskey brands.

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Minnick’s ranking reinforced a key dynamic shaping the bourbon market. While dozens of producers now compete in the premium tier, demand continues to concentrate on a small set of legacy brands whose supply is structurally constrained by long aging cycles and finite inventory. Scarcity, not novelty, appears to be one of the most powerful differentiators at the top end.

That scarcity has also shaped customer expectations. “People who are out buying bourbon want to buy something that feels fancy,” Minnick said, who’s next book, Bottom Shelf, comes out next month. “Bourbon, which used to be the poor man’s drink, is now like a fancy man’s drink.”

Those changing expectations are reflected not only in pricing and branding but in how elite bourbon is judged. Minnick noted that higher proof and longer finish—once defining markers of top-tier releases—no longer carry the same weight on their own. “For the first time in my career, I’m breaking protocol,” he said. “I’m not rewarding the longer finish.”

© Fast Company