What does the 2024 Panama Geisha coffee auction result mean?

The 2024 Panama auction closed with Hacienda La Esmeralda's natural Geisha fetching $10,013 per kilogram, about 71,898 RMB, a record for panama geisha coffee beans. Hacienda Los Lajones' washed Geisha followed at $10,002 per kilogram, and multi-variety lot prices nearly tripled from last year.

The competition was founded in 1996 by the Specialty Coffee Association of Panama and held its 28th edition in June, with the auction on August 7-8. The top lot scored 95.13 points. In 2023, Hacienda Carmen set the previous mark at $10,005 per kilogram. Retail pour-over prices have risen in step.

The 28th Best of Panama (BOP) competition and auction of 2024 have successfully concluded. This year's top lot was won by Hacienda La Esmeralda's natural Geisha, fetching a bid price of $10,013 per kilogram (approximately 71,898 RMB), setting a new world record once again. Meanwhile, Hacienda Los Lajones' washed Geisha followed closely at $10,002 per kilogram, and prices in the multi-variety category nearly tripled compared to last year. From $2.37 per pound in 2002 to today's five-figure USD level, BOP auction prices have continued to climb, and the prices of top-lot pour-over coffee in domestic coffee shops have risen accordingly. This article will provide a complete overview of this year's competition, highlights from each category, and historical context, giving you a comprehensive look at the market trends for Panama's finest coffees.

In June of this year, Panama welcomed the 28th Best of Panama competition (BOP) of 2024. This green bean competition was initiated and founded by the Specialty Coffee Association of Panama (SCAP) in 1996.

The competition aims to select the finest quality coffee beans from within Panama and, through the BOP auction platform, open bidding to buyers worldwide. Winning beans from past editions, due to their exceptional flavor and outstanding quality, often fetch high prices. Between August 7 and August 8, the 2024 BOP auction was successfully held, and the results have now been officially announced.

Geisha Washed Category

Geisha Natural Category

Multi-Variety Category

It is worth noting that this year's top lot was won by Hacienda La Esmeralda's natural Geisha. This lot ranked first in the competition with a high score of 95.13 points, and in the auction stage fetched an astonishing price of $10,013 per kilogram.

Converted at the current exchange rate of approximately 7.16 RMB per USD, Hacienda La Esmeralda's natural Geisha comes to about 71,898.1 RMB per kilogram. This figure not only shocked the coffee world but also rewrote the world record once again.

Looking back at the 2023 BOP auction, Hacienda Carmen won that year's championship with a washed Geisha scoring 96.5 points, with a transaction price of $10,005 per kilogram, which at the time simultaneously set new world records for both competition score and selling price.

Although this year's natural Geisha from Hacienda La Esmeralda did not surpass the previous edition in terms of score, its bid price of $10,013 per kilogram successfully broke the world record. Additionally, in this year's auction, emerging force Hacienda Los Lajones took first place in the Geisha washed category with 95.5 points, at a transaction price of $10,002 per kilogram.

Many industry insiders pointed out that overall prices this year have risen significantly compared to previous years. Taking the 2023 BOP multi-variety category as an example, Hacienda Dark Moon's Chiroso fetched a bid price of $488 per kilogram; while in the 2024 BOP multi-variety category, the same estate's Chiroso fetched $1,630 per kilogram, roughly three times last year's price.

Best of Panama BOP has been held since its first edition in 1996. In 2002, the selling price of the winning coffee was $2.37 per pound, which at the time was already five times the global market price. In 2004, Hacienda La Esmeralda brought the Geisha variety to the BOP competition and auction, and with an exceptionally high cupping score and a transaction price of $21 per pound, the Geisha variety rose to fame overnight. Since then, BOP auction prices have continued to break records.

Earlier in China, a coffee shop once offered pour-over coffee made from the 2023 BOP top lot, Hacienda Carmen, priced between 4,988 RMB and 13,333 RMB per cup. The pricing of such high-priced coffee requires comprehensive consideration of multiple factors including auction costs, shipping, taxes, store operating expenses, and roasting losses. With this year's auction prices rising further, if a coffee shop were to sell a cup of the top lot, the price would likely be even higher.

The above content is compiled by CoffeeHunters, a coffee news website.