NOÉ? Yes exactly: Bottling of average 30 year old sherry. So you guys have finally a good ex-sherry cask and moaning like: "ooh so pale..."
Colour does not matter. Have you ever nosed this dram outside of the warehouse 9 (at like 20°C)? It is an actuall sherry bomb.
So you are asking why it is that pale from 14 years of maturation? PX NOÉ is matured in Criadera y Solera system and according to Bunnahabhain the cask was one of the ones in the system.
So not that much colour in the whisky.
So I would bet: If it would have the exact same taste but much darker everyone would be like: What a great sherry dram!
Do not buy because of the colour - buy because of the taste!