Few names in Japanese whisky carry quite the same mystique as Karuizawa.

For collectors, the name immediately brings to mind rare single casks, long maturation, rich sherry influence and some of the most beautiful and sought-after Japanese whisky bottlings ever released.

Over the years, bottles from the original Karuizawa Distillery have become increasingly difficult to find, with exceptional examples achieving extraordinary prices at auction.

But the Karuizawa story did not simply end with the closure of the original distillery. Part of its physical whisky-making heritage survives today at Shizuoka Distillery. A new Karuizawa Whisky Distillery has also begun producing spirit in the town of Karuizawa, while another company bearing the Karuizawa name operates the Komoro Distillery elsewhere in Nagano.

For collectors, particularly those newer to Japanese whisky, it is therefore increasingly useful to understand the history and provenance behind these different names.

This isn't about questioning the legitimacy or quality of any modern distillery. They are creating their own chapters in Japanese whisky. It is simply about understanding which Karuizawa we are talking about.

Karuizawa 1965 Vintage Single Cask — an example of whisky from the original Karuizawa Distillery.

The Original Karuizawa Distillery

The Karuizawa most collectors know was the historic distillery at Miyota, near Mount Asama in Nagano Prefecture.

Established in the 1950s, it eventually became part of Mercian Corporation. Karuizawa was never one of Japan's largest whisky producers, with production relatively small compared with companies such as Suntory and Nikka.

The distillery became known for its use of Golden Promise barley and sherry-cask maturation, producing the rich, concentrated style that collectors today associate with mature Karuizawa. Dark fruits, spice, oak, leather, incense and extraordinary depth can be found in some of its greatest old casks.

At the time, however, Japanese whisky enjoyed nothing like the international recognition it has today. Production eventually ceased around 2000. The distillery later closed permanently and its equipment was dismantled.

Fortunately, much of the remaining whisky survived — and that was where the Karuizawa story became extraordinary.

From Closed Distillery to Japanese Whisky Legend

Remaining casks from the original distillery gradually appeared as individual casks and special bottlings. Whisky enthusiasts discovered just how distinctive mature Karuizawa could be, and collectors followed.

Over the years, I have had the opportunity to collect and experience many different Karuizawa releases — from the famous Geisha bottlings and samurai-themed releases to exceptional vintage single casks. Looking back at some of these old photographs today is also a reminder of just how diverse Karuizawa bottlings became.

A selection of original Karuizawa single-cask releases featuring distinctive Japanese samurai artwork.

The famous Noh releases, Geisha bottlings, samurai-themed releases and numerous other beautifully presented single casks helped make Karuizawa visually distinctive as well as desirable for the whisky inside.

But underneath all the artwork and beautiful packaging was something that could never be manufactured through marketing: genuine scarcity.

No more whisky was being distilled at the original Karuizawa Distillery. Every bottle opened meant one fewer unopened bottle remained. As more people around the world discovered Japanese whisky, demand for this finite supply continued to grow.

In March 2026, that scarcity was demonstrated spectacularly when two 1999 Karuizawa casks sold at Christie's in London for £2.125 million each. Christie's described them as likely the last two casks of Karuizawa whisky in existence.

It is quite a journey for whisky from a distillery that was once relatively little known outside Japan.

A Piece of Karuizawa Lives On at Shizuoka

There is a fascinating footnote to the closure of the original distillery. Although the original Karuizawa itself disappeared, part of its whisky-making equipment survived.

When Karuizawa's equipment was disposed of, Gaiaflow Shizuoka Distillery acquired its old pot-still equipment.

The story is slightly more complicated than simply moving one complete Karuizawa still to Shizuoka. The original Karuizawa had four pot stills. According to Shizuoka, serviceable components from three of the old stills were combined to create a functioning still. The main pot body had originally served as a spirit still at Karuizawa.

After restoration and reconstruction, it became what Shizuoka now calls Pot Still K — with the K referring to Karuizawa.

Interestingly, its role also changed. At Karuizawa the main pot had been used for spirit distillation; at Shizuoka, Pot Still K operates as a wash still.

And this isn't simply a historic object sitting inside the distillery for visitors to admire. Shizuoka actually uses it to make whisky.

Shizuoka Prologue K

One particularly interesting expression is Shizuoka Prologue K, released in 2020.

It was Shizuoka Distillery's first single malt whisky release, and the K in its name refers to the Karuizawa-derived Pot Still K used in its production.

Shizuoka Prologue K (2020) — Shizuoka Distillery's first single malt release. The “K” refers to Pot Still K, reconstructed using components from the former Karuizawa Distillery's pot stills.

For Japanese whisky enthusiasts, I find this rather special. The original Karuizawa Distillery can never produce whisky again, but part of the equipment that helped create its spirit continues working at another Japanese distillery.

Of course, this distinction is important: Prologue K is Shizuoka whisky. It is not Karuizawa whisky.

The barley, water, fermentation, production environment, maturation and decisions of the whisky makers belong to Shizuoka. But Pot Still K provides a fascinating physical connection between one of Japan's legendary closed distilleries and a new generation of Japanese whisky making.

And Now There Is a New Karuizawa

This brings us to another fascinating development.

In 2022, Karuizawa Whisky Co., Ltd. established a new Karuizawa Whisky Distillery in the town of Karuizawa.

For collectors, there is an important distinction to understand. This is not the former Mercian Karuizawa Distillery physically reopening. It is a newly built distillery, at a different location, using new equipment and producing newly distilled spirit.

However, it would be equally misleading to suggest that the new operation has no connection whatsoever with the heritage of the original Karuizawa. There are meaningful human connections.

The project is headed by Shigeru Totsuka, whose family has a long history in sake brewing. More significantly for Karuizawa enthusiasts, Yoshiyuki Nakazato, who worked at the former Mercian Karuizawa Distillery and became its final distillery manager, joined the new operation. Former Karuizawa Malt Master Osami Uchibori was also involved as an adviser during the development of the project.

So perhaps the fairest description is:

It is a new distillery with genuine human and philosophical links to the original Karuizawa, but it is not the original distillery itself.

I think both parts of that sentence are important.

I Had the Opportunity to Taste the New Karuizawa Spirit

I was fortunate enough to meet with the Sales Director of the new Karuizawa Whisky Distillery, who brought along a bottle of their new make for me to taste.

The sample was bottled at 63% ABV.

A 63% ABV new-make sample from the new Karuizawa Whisky Distillery that I had the opportunity to taste.

Naturally, tasting new make is completely different from tasting Karuizawa whisky that has spent decades interacting with wood. Nevertheless, I was pleasantly surprised.

It was actually rather good.

There was already enough character in the spirit to make me genuinely curious about what extended maturation might eventually bring.

For me, that experience also reinforced an important point. The new Karuizawa should not be dismissed simply because it isn't the original Karuizawa.

Equally, from a collector's perspective, whisky produced there should not automatically be considered to have the same provenance, rarity or history as whisky distilled decades ago at the original Miyota distillery.

The new whisky deserves the opportunity to establish its own reputation. Having tasted the spirit myself, I am certainly interested to see where that journey leads.

Patience Until 2033

One aspect of the new Karuizawa project that I particularly respect is its patience.

The distillery completed its first distillation at the end of 2022 and has committed to ageing its whisky for at least ten years before releasing its first official single malt. That means the first release is expected in 2033.

In today's whisky industry, where new distilleries naturally face pressure to begin generating revenue, that is a significant commitment.

Will the finished whisky taste like old Karuizawa?

Personally, I don't think that should necessarily be the objective. The equipment is different. The distillery is different. The casks and maturation journey will be different.

What ultimately matters is whether the whisky is excellent in its own right. Based purely on the new make I tasted, I am certainly interested to find out.

Unfortunately, we'll have to be patient!

And There Is Also Karuizawa Distillers

There is one more name collectors may encounter, and this is where things can become slightly confusing.

Karuizawa Distillers Inc. is another, completely separate Japanese whisky company.

Established in 2019 by Koji Shimaoka, with former Kavalan Master Blender Ian Chang as co-founder and Master Blender, the company operates the Komoro Distillery in Nagano Prefecture. Distillation at Komoro began in 2023.

Despite the corporate name Karuizawa Distillers, its whisky-making operation is the Komoro Distillery. It is not the former Mercian Karuizawa Distillery, and it is not the new Karuizawa Whisky Distillery established by Karuizawa Whisky Co.

Again, there is nothing negative about this. Komoro is an exciting modern Japanese distillery with its own people, philosophy and whisky to create. It is simply useful information for collectors to understand.

So, Which Karuizawa Are We Talking About?

The easiest way to understand the landscape is to separate the three stories.

Original Karuizawa / Mercian-era Karuizawa

The legendary closed distillery at Miyota. Its surviving whisky was distilled before production ceased around 2000. No more can ever be produced.

Karuizawa Whisky Distillery / Karuizawa Whisky Co., Ltd.

The new distillery in the town of Karuizawa. Distillation began in 2022, and there are genuine personnel connections to the former distillery. Its first official single malt is expected in 2033.

Karuizawa Distillers Inc. / Komoro Distillery

A separate modern Japanese whisky producer established in 2019. Its whisky is produced at Komoro Distillery.

Three different stories — and each deserves to be understood on its own merits.

Why This Will Matter Even More to Future Collectors

Today, experienced Japanese whisky collectors will probably find the distinctions fairly obvious. Twenty years from now, perhaps they won't be.

Imagine looking through an auction catalogue in 2045. You might see original Karuizawa distilled in the 1960s, 1970s, 1980s or 1990s appearing alongside whisky distilled by the new Karuizawa operation after 2022.

The word Karuizawa could legitimately appear in descriptions of both, but the bottles will represent completely different periods of Japanese whisky history.

This is why provenance matters. Rather than buying simply because a famous name appears on the label, collectors should understand the producer, distillation year, cask number, bottler, packaging and history of the individual bottle.

That's not just good advice for Karuizawa. It's good collecting practice for any rare whisky.

Why Original Karuizawa Remains So Special

None of these modern developments diminish the importance of original Karuizawa.

It has a combination of characteristics that would be extraordinarily difficult to recreate. It came from a relatively small distillery. Production ended before Japanese whisky achieved today's worldwide popularity. The distillery itself disappeared. Its remaining whisky became finite. Many of its greatest releases came from individual casks, and some of those casks produced truly exceptional whisky.

A selection of original Karuizawa Geisha releases — examples of how whisky, scarcity and distinctive Japanese artwork came together in many collectible Karuizawa bottlings.

Then there is the artwork. Noh masks, geishas, samurai and other Japanese cultural themes transformed many releases into objects that collectors enjoy looking at almost as much as drinking.

All of these factors came together organically over decades. That history cannot simply be recreated.

Age Isn't Everything

When collecting original Karuizawa, it is also important not to become obsessed purely with age statements.

Older does not automatically mean better.

Individual Karuizawa casks can differ enormously. Collectors therefore look at vintage, cask number, cask type, ABV, number of bottles released, bottler, provenance and the reputation of the particular release.

An exceptional younger single cask can sometimes be more interesting than an older but less distinguished one.

This is part of what makes collecting Karuizawa so fascinating. You never really finish learning about it.

Old and New Can Coexist

Personally, I don't think whisky enthusiasts need to choose sides.

We can celebrate the original Karuizawa for what it was while also being genuinely interested in what today's Japanese whisky makers will create.

The original Karuizawa represents an extraordinary chapter in Japanese whisky history. Shizuoka preserves a small physical connection to that history through Pot Still K. The new Karuizawa Whisky Distillery is beginning another chapter, with some people who actually worked at the former distillery involved in the project. And Karuizawa Distillers' Komoro Distillery is pursuing its own vision of modern Japanese single malt.

These stories can coexist.

Whether any of today's newer whiskies eventually become as celebrated or collectible as historic Karuizawa is something nobody can predict.

Time — and ultimately the whisky itself — will decide.

A Collector's Perspective

Would I still collect original Karuizawa today? Absolutely.

But I would be selective.

I would look for bottles with something that makes them particularly interesting: an important vintage, exceptional cask, beautiful label, established series or historical significance.

At the same time, having personally tasted the new make from the new Karuizawa Whisky Distillery, I am genuinely interested to see what eventually emerges from its warehouses.

I don't expect it to be the old Karuizawa.

Nor should it have to be.

It deserves the opportunity to become something in its own right.

Conclusion: One Famous Name, Different Chapters

Perhaps the most interesting thing about Karuizawa today is that we can look backwards and forwards at the same time.

The original distillery gave us whiskies that became some of the great collectibles of Japanese whisky. That chapter is finished. Its surviving whisky is finite, and that historical provenance is one reason it remains so desirable.

But another chapter is now being written.

New spirit is sleeping in casks in Karuizawa. Part of the equipment from the former distillery continues working at Shizuoka. And elsewhere in Nagano, another generation of Japanese whisky makers is creating its own story at Komoro.

For collectors, the important thing is simply to understand the differences.

We should not confuse new Karuizawa with old Karuizawa. But neither should we dismiss something simply because it is new.

Having tasted the new Karuizawa spirit myself, I'm looking forward to seeing what happens next.

The original Karuizawa is part of Japanese whisky history.
The new Karuizawa is still creating its history.

There is room in the whisky world for both.