Distilleries have helped create this market by releasing ever more expensive and older bottles. These limited-edition spirits have whetted the appetites of collectors and turned the whiskeys into an investment. For example, last month, the Glenlivet released just 800 bottles of 1969 vintage single-malt whiskey, priced at $750 apiece. Buyers in Asia and the Middle East, where vintage spirits are very popular, are also helping to drive prices up.

The American demand is not yet as strong, but it’s seen as the next frontier. “We feel like there’s great potential,” says Richard Brierley, vice president of Christie’s and head of wine and spirits sales. “We’ll have to educate and nurture this market.” To that end, the auction house plans to offer special tasting events for customers to help them learn more about vintage spirits.

This focus on education might seem odd given the popularity of wine auctions around the country. But many Americans don’t have any experience buying vintage spirits at auction, which is a bit different than bidding on wine or shopping in retail stores. For one thing, nobody is sure exactly what kinds of spirits will be popular with American collectors, though single malts from popular brands like Macallan and the Glenlivet, as well as 19th-century cognacs, will no doubt be good sellers. Christie’s also expects vintage American bourbon and rye whiskies to be popular, especially those from the Prohibition era.

No matter what kind of spirit you bid on, it should have an undamaged cap and have been properly stored (upright and sealed). Also, while wines mature over time, once a spirit is bottled, it doesn’t change. Don’t be overly concerned if the level of alcohol in the bottle is a little low. “Old and rare collectible whiskeys often have some evaporation, which is generally acceptable to the collectors market,” says Green. The condition of the label isn’t necessarily a major factor when it comes to value, depending on the rarity of the spirit.

But perhaps the biggest difference between buying vintage spirits and wine is that once you open a bottle, you have more than a single day to enjoy it. As long as you recap it tightly, you can drink it over the course of several months. “It’s a pleasure that lasts over a long time,” Brierley says. “With a bottle of wine, the only thing that remains is an empty bottle and a tasting note.”

Noah Rothbaum is the author of the new book The Business of Spirits: How Savvy Marketers, Innovative Distillers, and Entrepreneurs Changed How We Drink.