THE WORD WHISKY

means "water of life" in Gaelic. And for many whisky drinkers, that water had better be Scotch.

Indeed, Scotch is considered nothing short of a luxury item. While good bottles can be had for as little as $35, true connoisseurs will pay hundreds or even thousands of dollars for a bottle that's truly special.

For the uninitiated, Scotch is whisky that has been distilled in Scotland and matured for at least three years. It uses malted barley combined with other grains, local water and often peat to create its distinctive taste.

To find the best of the best, we spoke with Scotch experts and paid a visit to New York City's Brandy Library, a high-end spirit bar that stocks nearly 270 varieties of Scotch. What exactly makes a fine Scotch, we wondered? In the name of journalistic research, we dug in deep to find out.

A Great Bottle of Scotch
When it comes to any luxury item, many people simply seek out quality based on price alone. The higher the price tag, the better the quality, right? Not so fast.

Even very inexpensive Scotch whisky can be very good, says F. Paul Pacult, editor of the F. Paul Pacult Spirit Journal, a quarterly newsletter. He points to Chivas Regal and Johnnie Walker Black Label, both 12 years old, as two good bottles that retail for about $20 each. "Ounce for ounce, these two are just unbeatable," he says. Another good value with a surprisingly low price tag is Duggan's Dew Blended Scotch Whisky, which goes for roughly the same price.

The Scotch whiskies that fetch truly high prices are those that are hard to find. When a distillery closes, has a hiccup in production or releases a limited edition, the bottles automatically increase in price. "It may not be the best single malt out there, but it'll sell out just because it's rare," says Ethan R. Kelley, the spirit sommelier at the Brandy Library. Older bottles can also fetch a steep price. For example, Internetwines.com, an online retailer, is selling a 1964 bottle of Glenlivet Single Malt Scotch for $2,667.

Those looking for a fine bottle of Scotch don't need to spend that much, however. Shoot instead for bottles in the $75 to $125 range, says Kelley. Do so, "and a vast world opens up to you," he says.

That said, what defines greatness is, of course, a highly personal assessment. Many things can affect the taste of Scotch. Which ones are worth paying for depends on what tantalizes your taste buds. Here's what to consider:

Malt
Scotch whiskies come in three different styles: single malt, blended and vatted malts. Single-malt Scotch is a whisky produced from 100% malted barley at a single distillery in Scotland. Blended Scotch whisky is a mix of malts from one distillery, while vatted malts are a mix of casks (blended and single malt) from several distilleries. Grain alcohol (from corn or rye) is often added to blends and vatted malts to soften the flavor.

Single malts tend to have bolder tastes, while blends are often smoother. "[Blends] are a little bit easier to drink right out of the gate," says Pacult.

Region of origin
Whole books have been written on how a Scotch whisky's origin affects its flavor. Scotches are very individual in nature but may share common characteristics by region, says Kelley. Those from Islay, for example, tend to have flavors of smoke and peat. Speysides are often sherry-ish. Lowlands Scotches are light and crisp.

Age
During the aging process, the whisky matures, incorporating flavors from the wood cask and the environment while losing others through evaporation. The flavors are also altered through slow oxidation.

People are under the impression that older is better but that's not always the case, says Kelley. Most 25- to 30-year-old Scotches are good, he says, but you'll also pay five times the price without seeing significantly improved quality.

Pacult says he prefers blended 12-year-old Scotches, while single malts are "captured at their best" when aged between 12 and 20 years.

No matter what, don't buy a bottle that doesn't display an age statement, Kelley advises. Even the label of a blend or vatted malt should reveal how long its whisky components have been aged.

Distillery/Bottler

Don't limit your Scotch to popular mainstream distilleries like Glenfiddich, says Kelley. Small distilleries are also turning out quality products. You may also want to consider independent bottlers, which often buy whisky from the major distilleries and then fiddle with it to create their own unusual concoctions.

, for example, recently bottled a Speyside single malt from the Benromach distillery. At $35 a bottle, it has "a flowery nose of fresh mint" and an "earthy palate with hints of tree bark."

And though we've told you a good whisky can't be judged by age alone, do check reviews of a distillery's 18-year-old whisky. Flavien Desoblin, owner of the Brandy Library, says experts look to this bottle when judging the quality of the entire distillery.

Cask aging
Scotch is aged in casks that were previously used for other liquors and wines. The most common are bourbon and sherry aging. Bourbon casks use oak barrels, Kelley says, which imparts less influence of the wood on the finished flavor. The resulting Scotch is a pale, yellow-gold. Sherry aging uses sherry wood casks that have been used by winemakers in the Jerez area in Spain. More wood flavors are incorporated, says Kelley, resulting in a Scotch that is a deep red and has a sweeter, more tannic taste. Other, less-used cask aging for Scotch uses oak casks that previously held port, Burgundy or Sauterne.

Color
Color isn't an indicator of quality, says Kelley. Rather, it gives you an idea of where the whisky is from and how it's been aged. Do be wary of older Scotch that has taken on a black color or is cloudy, he warns. "If you can't see through it, I'd be a little nervous," he says. That indicates that the wood flavors have taken over.

Kelley's Picks