Vintage goods are a unique set of goods that accrue value over time. Unlike producers for many other vintage goods, Scottish distilleries often mature their stocks to different ages and sell a product line that varies significantly in quality. This article develops a theoretical model to examine this maturation strategy and identify market conditions under which a dis- tillery would produce multiple ages of whisky. An empirical analysis of distilleries’ product lines confirms results from the model and highlights the determinants of variety and substitut- ability between brands.