I tried Pappy Van Winkle, the bourbon that resells for thousands of dollars more than it costs, and I'm convinced it's overhyped

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• Pappy Van Winkle is so hard to find at retail that people will pay thousands of dollars on the secondary market for a bottle.
• I had the chance to try 10- and 20-year Pappys and talked to four experts about the hype.
• I enjoyed the flavor and would pay handsomely for a bottle, but it's mostly overpriced.
• Check out our guide to the best Pappy Van Winkle alternatives according to experts.

In the world of bourbon, a "unicorn" is a bottle of bourbon that you look for in every liquor store you enter, hoping to finally purchase it. Pappy Van Winkle is the unicorn for many bourbon lovers. Only released in small quantities in the early fall, Pappy is available in six varieties that vary in barrel ages, 10 to 23 years.

The youngest, Old Rip Van Winkle 10 Year, has an MSRP of $80, while the 23-year is $330. Yet, your chances of picking them up at your favorite liquor store are slim. Instead, the secondary market is where many turn. There, it costs 15 times the MSRP, up to $5,000, and prices are rising.

I didn't get a bottle of Pappy, but I talked to four experts and tasted two varieties.

What the experts have to say about Pappy

I talked to a few experts about the Pappy phenomenon. Jeremy Johnson, the owner of the Louisville bar Meta and who made news for selling Pappy Jell-o shots, has tried several Pappy Van Winkle varieties. He prefers Van Winkle Special Reserve 12 Year and believes the rarest Pappy, Pappy Van Winkle 23 Year, isn't nearly as good. But, he said neither is worth the secondary market prices. "Get something else," Johnson said.

Pappy Van Winkle 15 Year is a favorite of Fred Minnick, author of "Bourbon Curious." He was slow to pass judgment when asked if it was overpriced. "Pappy means something to people," Minnick said. "It's special to people for the sake of it being what it is. It's like the hunt and the effort is as important for people as the whiskey is."

Legendary Buffalo Trace tour guide Freddie Johnson shared a similar sentiment. He said that drinking Pappy is about sharing a rare bottle with friends. You take it slow, and you tell them the story of how you got it. In that sense, Pappy is priceless.

With the experts divided, I knew I needed to try Pappy for myself. Here are my experiences with Old Rip Van Winkle 10 year and Pappy Van Winkle 20 Year.

My review of Old Rip Van Winkle 10 Year

To get a taste of Pappy Van Winkle, I combed the bourbon whiskey menus of bars in Louisville, Kentucky. The best deal I found was a $28-pour of Old Rip Van Winkle 10 Year at The Silver Dollar. While there, others were also getting Pappy pours and taking photos with the bottle.

As a frugal person, I felt a heavy pressure to get the most out of the pricey Pappy pour. I closed my eyes. I asked for silence. I needed to savor every last drop.

The nose had a strong sweet caramel odor with baking spices and a hint of cocoa. The creamy texture coated my tongue and revealed a fruity, almost cherry-like palate. The oak came through and lingered for a pleasant, warm finish.

Overall, I appreciated the complex, smooth taste. If it were easily accessible, this would be a great daily sipper. I'd pay up to $200 for a bottle (2.5 times retail) but not more. On the secondary market, where it sells for $800 and more, I think it's overpriced.

My review of Pappy Van Winkle 20 Year

While interviewing Henry Kwok, the owner of the bourbon bar Henry's Place in Okemos, Michigan, I noticed a Pappy Van Winkle 20 Year on the top shelf. The aspect of bourbon culture that Kwok likes most is how quick people are to share, whether it's tastes of fine bourbons or general help. So, when I mentioned I was writing about Pappy, Kwok was happy to give me a taste.

The nose balanced smokiness and sweetness. I enjoyed the complex combination of subtle flavors: campfire, fruit, and oak. The taste was smooth, with no notes dominating. The medium finish didn't linger but wasn't too short. 

I love a good peaty scotch, so I preferred the smoky Pappy Van Winkle 20 Year over the 10 Year. Still, it's wildly overpriced on the secondary market, starting at $2,500. However, I'd drop $300 on a bottle (slightly more than MSRP) but not more.

Where to buy Pappy Van Winkle

Finding a bar that offers Pappy Van Winkle bourbon is easy, especially in large cities. Call your local bourbon bar or find its American whiskey menu online to see if it's available. Prices vary from bar to bar, so shop around for a reasonable price.

The process for getting a bottle varies from state to state. If price isn't an issue, check out the links in this article. If you decide to shop elsewhere, watch out for counterfeits and scams, especially if the bottle is selling for lower than 10 times the retail price.

Buying a bottle of Pappy at retail is the ultimate bourbon challenge. The process varies by state. Virginia does it by lottery. In some states, liquor stores announce when Pappy will be on the shelves, and you can camp out for your chance at a bottle. Other places put their allocated bottles out at random throughout the year. 

Another strategy is to develop relationships with your local liquor stores. Drop-in regularly for odds and ends. For instance, if you want vodka and don't care what kind, ask them what brand gives them the most significant profit margin and buy that one. Once you've developed a relationship, see if they can let you know when rare bottles come in.

The bottom line

Taste is subjective, but bourbon aficionados love hunting for the hard-to-find bottles, the unicorns. While I think Pappy is overpriced on the secondary market, the experience of acquiring it at retail is priceless: You're likely to make friends along the way and have a fantastic story to share.

Check out more bourbon coverage:

• Pappy Van Winkle bourbon sells for $3,000+ a bottle. These 5 alternatives are cheaper and better, including one that uses Pappy's exact recipe.
• I toured 8 distilleries on the Kentucky Bourbon Trail – here are the 16 best whiskeys I tried and where to buy them
• I roadtripped the Kentucky Bourbon Trail and stayed in an Airbnb that used to be a distillery. Here's a look inside.