A bottle of Scotch whisky billed as “the most sought-after” in the world sold Saturday for almost 2.2 million pounds ($2.7 million), an auction record for a bottle of wine or spirits.

The Macallan Adami 1926 sold at Sotheby’s in London, after a bidding war between would-be buyers on the phone and in the room.

Just 40 bottles of The Macallan 1926 were bottled in 1986 after being aged in sherry casks for 60 years. Twelve of the bottles, including the one sold Saturday, had labels designed by Italian painter Valerio Adami.

Another bottle from the same cask was sold by Sotheby’s in 2019 for almost 1.5 million pounds, which was a record for wine or spirits until Saturday.

“The Macallan 1926 is the one whisky that every auctioneer wants to sell and every collector wants to own,” said Jonny Fowle, Sotheby’s global head of spirits.

He said the record-breaking sale was “nothing short of momentous for the whisky industry as a whole. ”

The bottle sold Saturday is the first to have undergone reconditioning by the distillery ahead of auction. This included replacing the cork and applying new glue to the corners of the bottle labels.

Wall Street closes its 3rd straight winning week with a tiny gain

The NYSE edged higher in quiet trading, closing out a third straight winning week and keeping November on track to be its best month in a year.

The S&P 500 rose 0.1% Friday, near its highest level in three months. The Dow was little changed, and the Nasdaq composite rose 0.1%.

Several retailers reported better results for the latest quarter, joining a long list of companies in what’s been a stronger earnings reporting season than hoped. But the main reason for this week’s leap for stocks was rising hope that the Federal Reserve is done hiking interest rates and may turn to cutting them next year.