The Lamastus family celebrates winning first place in the Geisha Natural category at the 2024 Best of Panama auction.
The Best of Panama auction broke all previously held auction records last Thursday, August 8, when the top two lots exceeded winning bids of $10,000/kg. The top 50 lots auctioned off at the Best of Panama competition collectively sold for more than $1.38 million. The weighted average price per kilogram was $1,360.
Run by the Specialty Coffee Association of Panama and hosted on the M-Cultivo platform, the Best of Panama auction is divided into three categories: Washed Geishas, Natural Geishas, and Varietals, which encompass all non-Geisha entries. The Lamastus family, whose private auction is scheduled for September 18, 2024, took home $10,013/kg for their Elida Natural Geisha Vuelta. Adaura Coffee earned $10,002/kg for their top Washed Geisha Kaizen. And for the first time, a non-Geisha varietal cracked the $1,000/kg mark; Black Moon Farm’s Constellation, a Chiroso varietal, sold for $1,630/kg.
Wilford Lamastus Sr. of the Lamastus Family Estates said that the record-breaking win is thanks to his clients who “deeply value quality,” and that he is “honored” by their purchase.
More than 200 bidders spent 11 hours — overnight for many, as the auction began on 8 August 12:00am BST which was 8:00am Tokyo time — placing more than 18,000 bids for the chance to win one of the lots. Tailoring the start time to favor buyers in Asia proved a worthwhile strategy.
In the end, two Japanese companies scooped up the top lots in each category. Saza Coffee, representing a group of buyers, spent more than $420,000 on the Lamastus Family Elida Estate’s Geisha Natural, Adaura’s Geisha Washed, and a lot from Hacienda La Esmeralda, all totaling just 60 kilograms of coffee. Definitive Coffee, also Tokyo based, won Black Moon Farm’s Chiroso, and will share it with several other roasters.
Saza Coffee is now a veteran Best of Panama winner, routinely taking home the top lot each year. The effort to bring top-scoring Best of Panama coffees to their customers takes years of researching and refining how best to roast, package, and highlight these unique coffees. They necessitate some pomp and circumstance, which they now offer their customers yearly.
”We hold a Best of Panama festival at Saza Coffee cafe for several days every year. At that time, we will serve top of Panama Geisha with a special price for only a few days at our cafe, giving our customers a meaningful experience,” said Taroh Suzuki of Saza Coffee.
For Hunter Tedman, SCAP President and owner of Black Moon Farm, the process to this year’s record-breaking non-Geisha varietal win also began years ago.
“Five years ago, when I first cupped a Chiroso, I knew it had the potential to be a Best of Panama contender. We planted our Chiroso in 2020, and while last year we were proud to take second place, we knew there was more potential. We returned to the drawing board, adjusted our processes, and the results speak for themselves.” Yoshihito Nakano at Definitive Coffee, also Tokyo based, and the winner of Black Moon Farm’s coffee seems to agree, “When we had a tasting session, we just loved this coffee… All of us were like ‘this is the coffee we need to win.”
For Tedman, reflecting on this year’s success is personal and communal, as he also serves as the Specialty Coffee Association of Panama’s president.
“At SCAP, we believe this success is the result of many factors coming together—bold decisions, strategic marketing, and farming practices that prioritize cup quality above all,” Tedman said. “Our goal this year was to elevate the Best of Panama experience for our clients, and we are incredibly proud to have culminated this year’s BOP with a flawless auction. We are also delighted to have M-Cultivo as a key partner in this accomplishment.”