Pappy 23 Hammers at $2,750 — 47% Off Peak

Today's Cut covers Pappy Van Winkle 23 Year hammering at $2,750 on Sunday's April 12 cycle — the bottle's lowest multiple over MSRP since 2019 and a 47.1% compression from the $5,200 peak. First Sip explains the secondary market — what it is, what it isn't, and why those prices are a signal about real scarcity. Today's Cut Spotlight is Heaven Hill Bottled-in-Bond 12-Year at $89.99 — twelve years, 100 proof, BiB-grade, the cleanest age-stated value buy on the spring shelf. Full American Whiskey Industry Brief at chasingtheunicornpodcast.com/the-brief.