Habanos S.A. generates a new record-figure at this year's 2024 Habanos Festival Auction

[JohnS]

The 2023 Habanos Festival generated a then-record €11.2 million, this year's event almost reached €18 million! Read more about it from the article below provided by the gold folk at HalfWheel...

HABANOS S.A. GENERATES NEARLY $20 MILLION DURING 2024 HUMIDOR AUCTION

MARCH 2, 2024 - BROOKS WHITTINGTON

Tonight, Habanos S.A. concluded its annual Festival del Habano, the annual gathering of the Cuban cigar world in Havana, with a formal gala featuring an auction of elaborate humidors, each dedicated to a different Cuban cigar brand. In total, eight lots generated a combined sales of €17.8 million ($19.3 million), record sales for the Cuban cigar monopoly.

Last year the auction generated a then-record of €11.22 million, though it should be noted that those sales were generated by just six humidors. This year, the company announced seven humidors for auction: the same six brands as in 2023, plus Trinidad, which is celebrating its 55th anniversary this year. There was a surprise lot, a Cohiba humidor, that kicked off the auction. Unlike the rest of the lots, which are 1/1 items commissioned just for this event, the surprise Cohiba humidor is a limited edition commercial release.

Still, the average lot sold for €2.25 ($2.4 million) compared to €1.87 million last year.

Proceeds from the sale of the auction are donated to the Cuban Public Health System.

While it might have been a major year for Trinidad, the flagship Cohiba brand still commanded top dollar. This year’s Cohiba humidor, which can rotate 360 degrees, sold for €4.5 million, likely making it the most expensive humidor ever sold. Last year, Habanos S.A.’s Cohiba humidor sold for €4.2 million, which was believed to be the record.

Miguel Díaz-Canel, Cuba’s president, will sign the humidor. Díaz-Canel appeared at the festival on Wednesday and was on hand during the gala dinner. This is the first time Habanos S.A. has announced that he will sign a humidor.

The auction is perhaps a microcosm of the weeklong celebration the cigar giant has been enjoying. Similar to how this year’s auction shattered the previous record-setting year, Habanos S.A. announced that it generated $721 million in revenue last year, more than $150 million more than the previous record year.

Both Habanos S.A.’s annual revenue and these auction results have exploded post-pandemic compared to pre-pandemic levels. Where they differ is the levels of exponential growth.

In 2020, the entire auction generated €4.27 million in sales, that was a record then but a figure that is now less than just the Cohiba humidor. Those auction results are now up more than 300 percent from 2020 to 2024 and 58 percent from last year to now.

For more information about the humidors, click here.

To read this article further, click here.

Source: https://halfwheel.com/habanos-s-a-generates-nearly-20-million-during-2024-humidor-auction/435647/

[westg]

🤘👍 John