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At this year’s Best of Panama auction, a 20-kilo lot of washed Gesha coffee from Hacienda La Esmeralda sold for $604,080, or $30,204 per kg. For reference, the commodity coffee price on August 7, when the auction took place, was $2.98 per pound (about $6.57 per kg).
The Best of Panama competition is organized by the Specialty Coffee Association of Panama—after the competition, winning lots are sold in an online auction. After 549 bids, Dubai’s Julith Coffee won the first-place lot, at a price more than triple the previous record, set last year at $10,013 per kg for a coffee from the Lamastus Family Estates.
Julith just opened last week. Head roaster Serkan Sagsoz described the coffee as “the absolute pinnacle of flavour, craftsmanship and terroir.” The coffee scored 98 points, also a record.
“This result is recognition of the efforts of our entire team and the dedication that Panama has put into cultivating excellence,” said Rachel Peterson of Hacienda La Esmeralda in a press release. “We are thrilled to see how the world values the history and passion behind every cup of our precious coffee.”
Reaction to the auction was split, with many social media users offering congratulations to those involved. Arash Hassanian, CEO of Roastronix, which provided roasters for the competition, called the result “stunning,” noting that “it proved once again that Panama continues to set the global standard for excellence in coffee.”
There was also criticism of the high price at a time when many farmers struggle to make ends meet. Author and photographer Lucia Bawot noted that “all of that money could be put to use in so many other ways, ones that could support coffee communities that really need it.”
Read more on the record-setting auction from Global Coffee Report here.
