Introduction:The 28th Best of Panama (BOP) competition and auction in 2024 has come to a successful close. This year’s top lot was won by Elida Estate’s Natural Geisha, fetching an astonishing price of $10,013 per kilogram and setting a new historical record. This article will analyze the competition rules, the performance of champions in each category, as well as the recent auction price trends of BOP, helping you gain a deeper understanding of the market value and flavor characteristics of these top-tier pour over coffee beans.
The 28th “Best of Panama (BOP)” international competition and auction officially concluded recently, once again drawing global attention from specialty coffee buyers. Notably, this year’s top lot was claimed by Elida Estate’s Natural Geisha, which sold for an incredible $10,013 per kilogram (approximately NT$71,898 or RMB 71,898), not only breaking the individual champion record but also setting a new highest-ever price per kilogram in BOP auction history.
The BOP auction took place on August 7th and 8th. All selected coffees underwent rigorous cupping screenings and were scored by an international panel of professional judges. In addition to the top lot, this year’s winner in the Geisha Washed category was Loroni Estate’s washed Geisha, which scored 95.5 points and achieved a high auction price of $10,002 per kilogram, second only to Elida Estate. Competition in the Multi-Origin category was equally fierce, with some lots seeing prices surge nearly threefold compared to last year, demonstrating the continued strong demand for high-end specialty coffee.
Looking back at the history of the BOP competition, its origins date back to 1996, when it was established by the Specialty Coffee Association of Panama (SCAP) with the aim of discovering and promoting the finest coffee beans in Panama. Among them, the Geisha variety, first introduced at BOP in 2004 by Hacienda La Esmeralda, quickly gained popularity due to its unique citrus, floral, and tea-like flavor profile, becoming a top-tier variety sought after by coffee enthusiasts worldwide. Over the years, BOP has not only served as a quality benchmark in the specialty coffee industry, but its auction prices have also become an important reference for observing market trends.
In this year’s competition, the Geisha Washed category continued to shine. Loroni Estate won the championship in this category with a score of 95.5, with the sale price almost reaching the highest level, showing that the washed processing method still earns high praise in the competition. For Natural Geisha, Elida Estate topped the competition with a score of 95.13. Although the score did not surpass the 96.5 achieved by Carmen Estate in 2023, the final auction price narrowly broke the world record, fully reflecting the market's emphasis on scarcity and brand effect.
It is worth mentioning that the Multi-Origin category performed exceptionally well this year. For example, Finca Luna Nueva’s Chiroso variety sold for $488 per kilogram in 2023, but this year it skyrocketed to $1,630, an increase of up to threefold. This trend not only shows growing consumer interest in niche varieties but also reflects an increasing preference for special processing methods and micro-lots.
Historical data shows that the prices of BOP award-winning coffees have been steadily climbing since starting at $2.37 per pound in 2002. In 2004, Hacienda La Esmeralda made a name for itself with the Geisha variety, selling at $21 per pound and achieving extremely high cupping scores, also establishing Panama’s position in the global specialty coffee map. Today, with the expanding international demand for high-end pour over coffee, BOP auction prices have shifted from being “sky-high” in the past to today’s “standard-level premium prices,” directly influencing pricing strategies of specialty coffee shops both domestically and abroad.
Taking the domestic market as an example, coffee shops previously offered pour over coffee made from the 2023 BOP top lot, Carmen Estate, with single cup prices ranging from NT$4,988 to NT$13,333. The high prices were mainly due to bidding costs, international shipping, tariffs, roasting losses, and store operating expenses. With this year’s Elida Estate Natural Geisha auction price setting a new record, if domestic coffee shops introduce this bean in the future, the single cup price is expected to rise further, potentially offering an ultimate-level tasting experience.
In summary, the 2024 BOP competition once again highlights the extraordinary potential of Panama’s Geisha variety and underscores the specialty coffee market’s relentless pursuit of quality, scarcity, and processing methods. For coffee enthusiasts, understanding the BOP competition and auction trends helps deepen appreciation for the intrinsic value of top-tier pour over coffee, and enables one to better savor the unique flavors and origins of each cup.
The above content is compiled by CoffeeHunters, a coffee news website.
