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The 23rd place at the Panama Specialty Coffee auction fetched a staggering price, with the naturally processed Gesha variety from the Elida estate of the Lamastus family selling for $1029 per pound, breaking BoP's auction record.

The 49 lots at the auction brought in nearly $560,000 for farmers, averaging just over $100 per pound. Of the 43 100-pound lots sold, none were priced below $28 a pound, reflecting the high prices buyers were willing to accept.

Such prices are in stark contrast to the global commodity coffee market, where, at the time of writing, the iced coffee futures price, the "C price" for the September contract, is at an extremely low level of $1.076 per pound.

At the BoP auction, coffee is divided into five categories: natural gypsum and specialty gypsum;washed-process Geshas; natural process Pacamaras; other varieties of traditional natural and specialty coffee; and other varieties of traditional washed craft coffee.

If not the birthplace of the Gesha gene, which originated in Ethiopia, Panama has become the starting point for the reputation and economic returns associated with the Gesha variety (known as geisha by most Panamanian producers), at the high end of the specialty coffee trade.

A longtime competitor to BoP auctions, the Lamastus family has been a major force in Panamanian specialty coffee, with its owner Wilford Lamastus (Sr.) He was a key figure in the founding of the Panamanian Specialty Coffee Association, the auction organizer. The family's natural craft "Elida Geisha Green Tip" scored the highest score ever at the BoP competition in May and broke auction price records this week.

Elida Geisha ASD set a record of $1029 per pound of coffee last night. After the auction, Wilford Lamastus Jr. wrote on Instagram: "This coffee scored 95.25 points, setting another record." "Since my father and a few of his colleagues started pushing for the creation of the Panamanian Specialty Coffee Association, 29 years later, the association has set new records and made Panamanian geisha a global brand. Today, Elida wins the prize for best coffee, but it actually has to do with Panama because in the long run people remember the origin and variety, not the individual producer.

Japan's Saza Coffee is believed by producers to be the leader of the consortium, while U.S. buyers include Klatch Coffee (Rancho Cuc Munger), Willoughbys Coffee & Tea (Branford, Connecticut) and Dragonfly Coffee Roasters (Boulder, Colorado).

Earlier this year, Klatch Coffee made headlines around the world when it sold last year's BoP premium coffee, another naturally-processed Gesha coffee from the Lamastus family's Elida estate, for $803 a pound-calling it the most expensive coffee ever. It offers a personal tasting experience in San Francisco for $75 per cup.

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