The Specialty Coffee Association of Panama has announced that the total value of coffee sold in the Best of Panama 2023 auction reached about $1,680,423.53 (US$1,085,275) setting a new record for the Best of Panama event.
A total of 6081 bids were placed across 50 lots of coffee with scores of 92 or higher for Geishas (washed and natural) and scores of 89.13 or higher for non-Geisha varietals (washed and natural). These 50 lots were auctioned by Sensible Coffee on 29 and 30 August, lasting for 11 hours.
This resulted in an average price of about $1344.34 (US$868.22) per kilogram, breaking last year’s record of about $1,639,090.94 (US$1,058,581).
The highest bid was from Carmen Estates By Panama Red Carmen Café Trading for a 25-kilogram lot of washed Geisha for about $15,491.59 (US$10,005) per kilogram, scoring 96.5 points.
With cupping notes of floral, jasmine, sweet orange, lemongrass and sugarcane, this lot has broken the record for the highest sale price of the Best of Panama auction.
The Best of Panama is a platform developed to support coffee growers in the country by promoting the coffees through the evaluation of lots in various stages of the competition. The annual event first took place in 1996 and is judged by national and international experts in the global coffee community.
The Best of Panama consists of a competition that determines the best quality coffee produced by Panama farmers, followed by an auction of each lot.
For the full results of the auction, click here.