Introduction:The results of the 2018 Best of Panama (BOP) auction have been announced, with a natural-process Geisha fetching an astonishing $803 per pound, setting a new global record for green coffee bean auctions. Elida Estate further made history by winning both the washed and natural Geisha categories, becoming the first estate in BOP history to claim the "Double Champion" title. This article delves into the highlights of this year’s auction, including changes to the bidding categories, performance across groups, and the production challenges facing Panama’s coffee regions, helping readers grasp the pulse of the specialty coffee market.
The 2018 Best of Panama (BOP) auction results were officially released, with a natural-process Geisha becoming the auction’s top lot at an incredible $803 per pound, breaking the previous record. This natural Geisha, lot number BOP-GN-1, was successfully bid on by Taiwanese green coffee trader Black Gold Coffee. Meanwhile, Elida Estate claimed both the washed and natural Geisha championships, making it the first estate in BOP history to earn the prestigious "Double Champion" title.
The 2018 BOP auction kicked off at 7 AM on July 20th, featuring 49 award-winning coffee lots up for bid, and lasted approximately 6 hours and 30 minutes. Among the many entries, the Geisha variety remained the focal point, especially the natural-processed Green Tip Geisha, which captivated international buyers with its unique floral notes, bright acidity, and rich sweetness. In addition, the Bronze Tip Geisha showcased a fuller body and more pronounced sweetness, with relatively less pronounced acidity.
In 2018, BOP introduced a new grouping system, dividing the 49 coffee lots into five main categories: Geisha Natural (Honey), Geisha Washed, Traditional Varieties Natural (Honey), Traditional Varieties Washed, and Pacamara. Compared to 2017, the most notable change was the consolidation of all honey-processed coffees into the natural group, resulting in clearer and more market-aligned classifications.
In this year’s auction, Elida Estate’s natural-processed Green Tip Geisha (ELIDA GEISHA GREEN TIP NATURAL) won the Geisha Natural category with a price of $651 per pound. Although its winning bid did not surpass the overall top lot, it still demonstrated strong market recognition. Notably, Elida Estate’s washed and natural Geishas both claimed their respective category championships, marking the estate’s historic achievement as the first "Double Champion" in BOP history and showcasing its exceptional processing expertise with the Geisha variety.
In terms of pricing, the second highest price at this auction was achieved by Japanese roaster Saza Coffee, who bid $661 per pound. Within the Geisha Natural group, the highest price was Elida Estate’s Green Tip Natural Geisha at $803 per pound, while the lowest was $51 per pound. The Geisha Washed group also had 18 lots participating, with the highest price going to Elida Estate’s Green Tip Washed Geisha at $661 per pound, and the lowest also at $51 per pound.
For traditional varieties, the natural group included 5 lots, with the highest price from Duncan Estate at $54 per pound and the lowest at $27.50 per pound. The washed group had 3 lots, where the highest was from Emerald Estate at $100 per pound and the lowest at $32 per pound. The Pacamara group comprised 5 lots, with the highest price from Duncan Estate at $70.5 per pound and the lowest at $36.99 per pound.
Emerald Estate also put in a solid performance in this auction. Its Red Label Washed Geisha, ranked ninth in the Geisha Washed group, sold for $140 per pound, while its Red Label Natural Geisha, ranked third in the Geisha Natural group, fetched $151 per pound. Its Traditional Washed coffee, ranked third in that group, also achieved $100 per pound. While its overall performance was stable, there were no particularly standout surprises.
Notably, the Panama coffee-growing region faced widespread production declines in 2018, a trend that directly impacted the scale of this year’s BOP. Compared to the 163 entries in 2017, only 130 lots were submitted in 2018, a 20% decrease. For larger, well-known estates, the impact was relatively limited, but some smaller farms suffered severe production drops, preventing them from meeting the minimum requirement of 150 pounds per lot, and thus they did not participate in this year’s auction. This includes previously award-winning estates such as Finca La Mula, Finca Sophia, and Finca Nuguo, all of which were absent from the 2018 BOP.
The above content is compiled by CoffeeHunters, a coffee news website.
