Why roasting deserves more attention at coffee auctions

• The 2025 Best of Panama recently set a new world record for coffee prices; Hacienda La Esmeralda received US $30,204/kg for its washed Gesha.
• Luxury marketing and premiumisation, especially in Middle Eastern and East Asian markets, drive prices higher, catapulting the winning producers into the spotlight.
• But the people who roast auction-winning coffees also deserve more recognition.
• Using high-performing roasting equipment ensures that these coffees can shine as intended, too.

Coffee auctions have changed beyond recognition over the last few decades. Former record high prices – like US $21/lb in 2004 – now pale in comparison to what some buyers are willing to pay for exceptional coffee.

Prices only increase year after year, too. At the 2025 Best of Panama (BoP) auction, Hacienda La Esmeralda received US $30,204/kg for its washed Gesha, setting a new world record for the highest price ever paid for coffee. The farm also earned US $23,608/kg for its natural Gesha, breaking the record twice and reflecting the ultra-premium prices these exclusive lots command.

In addition to premiumisation and luxury marketing, the expertise and commitment of the producers who can afford to invest in these coffees drive up auction prices. But other factors that also contribute to the ever-growing success of these events can often go unnoticed: the people who roast these incredible coffees.

I spoke to Ben Put of Monogram Coffee – also the 2025 Canadian Barista Champion and official head roaster for BoP – and Rachel Peterson of Hacienda La Esmeralda to learn how machines like Stronghold are helping coffee auctions reach levels never before seen.

You may also like our article on what happened at coffee competitions in 2024.

Coffee auctions are ever-changing

Since the 1990s, auctions have helped transform the coffee industry. Designed to reward quality-led producers for their most exceptional lots, the auction model has redefined what buyers are willing to pay for high-end coffees.

At the 2004 BoP auction, Hacienda La Esmeralda, a pioneering farm in Panama, received the highest price ever paid for coffee at the time: a record US $21 for a pound of Gesha.

This set the precedent for future auctions in Panama and beyond. Because they distinguish the “best of the best”, price discovery mechanisms at auctions often far exceed those through more traditional trade platforms. In short, auction prices rarely reflect the realities of the wider market.

“Competitions like Best of Panama are more than just events; they’re platforms that can shape how the world sees specialty coffee,” says Rachel Peterson, the sales, marketing and quality control manager at Hacienda La Esmeralda. “They validate the years of effort, innovation, and risk that a small number of producers can take on.”

The increasingly global nature of coffee auctions also means buyers from markets like East Asia, the US, Australia, and the Middle East – where premiumisation is a common phenomenon – have equal access to the world’s most extraordinary coffees. This drives prices even higher.

“I’ve seen so many trends at auctions, especially the growth in the demand for coffees of this calibre and scarcity,” says Ben Put, the co-founder of Monogram Coffee in Canada. He is also a multi-Canadian Barista Champion, recently winning the 2025 competition, and the head roaster at BoP, using Stronghold machines.

“I remember when prices over US $1,000/lb seemed impossible,” he adds. “Now, people around the world are enjoying these coffees, and the demand has pushed prices to new heights.”

Year after year, the ceiling rises, driven by hyper-competitive buyers. Fast forward to the 2025 BoP auction; Hacienda La Esmeralda received US $30,204/kg for a 98-point washed Gesha – significantly surpassing the previous world record of US $13,518/kg set at a private auction in 2024.

As new records are set, the winning producers who can afford to grow these coffees are catapulted into the halls of fame, receiving recognition and accolades.

“This year, record scores and prices were the result of deeper innovation, especially in processing, sorting, and dry milling,” Rachel says. “But more than that, they reflect the long-term commitment required to grow truly extraordinary coffees. 

“Nido, which broke records by placing first in both the Washed and Natural Gesha categories, came from a plot that took over 13 years to develop,” she adds. “More than a decade of work went into a single coffee, hoping that, one day, it would reveal something unique in the cup.”

Acknowledging producers and roasters at coffee auctions 

Auctions serve as targeted platforms, connecting buyers seeking high-end coffees with the small number of producers who can grow them, facilitating successful direct trade relationships.

“As long as these producers continue to push boundaries in agronomy, processing, and storytelling, buyers will continue to invest in those efforts,” Rachel says. “That said, it’s also important to protect the integrity of these competitions. 

“The moment quality or transparency is compromised, the value of the auction diminishes. So it’s up to all of us – producers, judges, roasters, and buyers – to keep raising the bar together,” she adds.

Producers, undoubtedly, play a key role in driving the prominence of coffee auctions. But the people who roast the coffee sold at auctions, often behind the scenes, are also essential.

“BoP is probably the highest-stakes roasting event in the world,” Ben says. “Thankfully, we were working with some of the best roasters in the country and had four Stronghold 7Xs. 

“We spent two weeks beforehand designing roast profiles that would express the best qualities of the coffees in each category: Gesha Washed, Gesha Natural, and Varietal,” he adds. “Each coffee responds differently, but the combination of the roasters’ skills and Stronghold machines ensured we were able to roast each coffee to the Specialty Coffee Association of Panama’s strict quality standards.”

Without care, attention to detail, and consistency in the roasting process, coffee auctions would struggle to reach the levels of success seen today.

“High-level equipment like Stronghold roasters plays a vital role in showcasing a coffee’s full potential. At competitions, consistency is everything; each lot must be roasted and cupped to highlight its best attributes without introducing bias or error,” Rachel tells me. 

“Machines like Stronghold offer precision and repeatability. Its technology allows roast profiles to be adapted and fine-tuned, which is especially important when working with delicate varieties like Gesha and Laurina.”

Why we’ll continue to see record-breaking prices at coffee auctions

As the auction model proliferates – diversifying into virtual, regional, international, and private formats – it will continue to have more influence over the wider coffee industry.

Simultaneously, as specialty coffee markets like China, the United Arab Emirates, and Saudi Arabia – where prestige and exclusivity drive brand appeal – mature, buyers could keep increasing their bids.

Much like wine, whiskey, and tea, record prices influence perceptions of coffee’s value and quality potential more broadly. The most expensive tea in the world – a Da Hong Pao dark oolong tea from China – sold for an astounding US $1.2 million/kg, according to Paper & Tea. Thus, there’s potential for specialty coffee, particularly highly prized Panama Gesha, to reach similar heights.

“BoP has helped shape the global specialty coffee landscape for decades. When coffees from Panama break records at auction, it doesn’t just benefit local producers – it sets a higher standard across the industry and encourages buyers to value exceptional coffee from other origins as well,” Rachel says.

Indeed, we have seen other records broken at auctions recently. A private auction in Ethiopia recently fetched a highest bid of US $1,604/kg – the most ever paid for Ethiopian coffee.

Beyond Gesha, other varieties are gaining traction at auctions.

“There’s heightened interest in new varieties. Gesha is still the most sought-after, but other varieties are gaining attention,” Ben tells me. “Coffees like Laurina, Chiroso, Mokkita, and Sidra are also a way for producers to stand out. I predict this will continue to grow, and we will see a migration of well-known varieties from other producing countries as producers experiment.”

Hacienda La Esmeralda received the third-highest bid at the 2025 BoP for its Laurina coffee, fetching US $8,040/kg. Although interest in this coffee has been growing for some time, a high auction price could further pique interest, pushing more roasters to source this coffee. 

No matter how auctions evolve, roasting will play a central role in future success.

“I believe that Stronghold is a game changer for the Best of Panama, and could be for other auctions in the future, for designing roast profiles, executing roasts, and batch to batch consistency,” Ben says. “The user interface is simple to use and utilises an infrared probe to give highly accurate readings. This ensures that anyone can follow a roast profile and that it will give the same taste profile consistently. 

“The roasting team must roast each coffee multiple times (national, international and finals round), which could lead to consistency issues; however, Stronghold’s ability to automatically repeat roasts and its between-batch algorithm ensured that we were able to reproduce the same roast colour and quality every round,” he adds.

“This not only resulted in some of the highest scores in the history of the best of Panama, but we also used a lot less coffee during the roasting process as there were fewer re-roasts required.”

They might not always reflect the realities of the market, but auctions are leaving an indelible mark on the specialty coffee sector. Over the coming years, they’re likely to become even more popular, especially as the demand for ultra-rare, exclusive coffees grows.

In turn, prices at coffee auctions will continue to break records, reflecting the hard work and expertise of producers – but the people who roast these coffees also deserve some of the spotlight.

Enjoyed this? Then read our article on how roasting champions are redefining profile development.

Photo credits: Stronghold, Paul Castillero, Fernando Gutierrez

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