Best of Panama coffee auction raises over US$3 million

The Best of Panama auction concluded with total sales exceeding US$3 million, following nearly 20 hours of bidding on 50 lots of high-end coffee. The auction featured 750 kilograms of specialty coffee, including 40 Geisha lots and 10 varietal lots, attracting bidders from 21 different countries.

The most expensive lot was the Elida Geisha Torre from Lamastus Family Estate, which sold for US$270,060, averaging US$18,004 per kilogram. This lot was purchased by JD.com. Other high-value sales included a Lérida Waterfall Geisha Natural from Finca Lérida, which sold for US$202,575, and a Laurina lot from Hacienda La Esmeralda that fetched US$63,240.

Wilford Lamastus of Lamastus Family Estate noted that the auction saw unprecedented results, with five Geisha coffees selling for over US$10,000 per kilogram. The high demand, particularly from Asian markets, contributed to the extended duration of the virtual bidding process.