Panama's elite coffees continue to fascinate global buyers, as evidenced by the $10,005 paid per kilogram ($4,588 per pound) of a washed Geisha sold by e-auction in August. The price is the highest ever paid for a coffee at auction.
Produced by Carmen Estate, the coffee scored 96.5 in the Best of Panama 2023 competition held three months earlier. The buyer was New Zealand's Coffee Tech Company. The auction sold 25 kilograms of this bean for a total of $250,125.
The event auctioned 1,250 kilograms of coffee in 50 lots of 25 kg each, for a grand total of $1,085,275. The average price per kilogram was $868.22 ($393.81 per pound), from 6,081 online bids. Most buyers were from Asia.
The 50 lots were selected from the top coffees cupped at Best of Panama. These included 18 natural Geishas, 18 washed Geishas, and 14 lots of varietals. The washed and natural Geishas all scored at 92 points and above, while varietal non-Geishas, both washed and natural, rated at 89.13 and above.
In bidding for natural Geishas, the highest price was $2,504 per kilogram, for a lot from Mount Totumas Coffee. The top price in auctions of varietals was $488 per kg for a Chiroso produced by Black Moon Farm.
Th Best of Panama competition, held in May and June, was the 27th annual edition of the cupping, organized by the non-profit Specialty Coffee Association of Panama, which has 50 members.