World’s Best Coffee Captures Record Price in Online Auction
World famous coffee estate, Hacienda La Esmeralda, set another record when its Esmeralda Especial coffee sold for a stunning $130 a pound during an online auction on May 29. The Panama coffee producer was recognized for producing the world’s best coffee during the Specialty Coffee Association of America’s (SCAA) 2007 Roasters Guild Cupping Pavilion Competition on May 7, an event Hacienda La Esmeralda also captured in 2005 and 2006. This year marks the third time in four years that the Panama coffee producer sold coffee for a world record-setting price.
After nearly eight hours of negotiating by six different bidders, 10 bags of Esmeralda Especial – each weighing 50 pounds – sold for $65,000 . Commercial-grade coffee is currently selling in the commodity market for just above a dollar per pound. The winning bid was entered by an alliance consisting of 49th Parallel Roasters, Coffee Klatch Roasting, Groundwork Coffee Company, Intelligentsia Coffee & Tea, The Roasterie, Roastermasters.com (Willoughby’s Coffee & Tea) and Zoka Coffee Roaster and Tea Co.
“Today’s sale of Esmeralda Especial affirms the decision made by 30 experienced roasters during our recent SCAA Cupping Pavilion event, which Hacienda La Esmeralda won this year,” said SCAA President, Dawn Jantsch. “The sale also supports the position specialty coffee holds as a premier beverage in the culinary industry.”
Price Peterson, owner of Hacienda La Esmeralda, said, “The response of buyers participating in today’s auction underscores the current demand for premier specialty coffee. The exceptional demand for Esmeralda Especial as well as the other coffees entered in this auction also serves to raise the awareness of the premier quality of specialty coffee that is grown by the farmers of Panama.”
In addition to Esmeralda Especial, 24 other lots of specialty coffee totaling nearly 19-thousand pounds – ranging in price from $1.95 to $11.80 a pound – were sold in the online auction, which was hosted by the Specialty Coffee Association of Panama. All of the coffee sold in the online auction received high marks during the “Best of Panama” cupping competition held in April.
To view the results of the auction, visit:
http://auction.stoneworks.com/includes/pa2007/final_results.html
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Source: www.businesswire.com
