A South African abalone producer has held its first ever dried abalone auction.
The Abagold 25K Investment Grade Abalone Auction Dinner took place in Hong Kong on 21 June 2023, where hand-selected items were auctioned off to exclusive invitees.
All 24 lots of ‘investment grade’ abalone drew interest from over 65 international buyers in both the live and silent auctions
Tim Hedges, managing director of Abagold, said that producing premium abalone requires specialised farming and rearing techniques. “We cannot hope to produce sustainable, iconic abalone without special attention to the farming and raising of this unique species,” he said, adding that 10% of the proceeds were donated to the Abagold Development Trust.
“The funds raised will aid the numerous invaluable developmental initiatives this charitable trust carries out in the communities of Hermanus where most of our employees reside and raise their families,” he said.
The 24 lots will appreciate in value as they mature in the coming years. Lots include ‘Zwehile’ named after the local community bordering the abalone farm in Hermanus. The 25-year-old dried abalone eventually went under the hammer at nearly US$9,000.
The same price was achieved for ‘Fynbos’ which was displayed in boxes in the shape of gold bars whilst ‘Langbaai’ drew such excitement that the auctioneer was obliged to restore order before bringing the hammer down at just under $3,000.
All the abalone at the auction were cultivated and grown for many years by Abagold. The dried product was preserved for more than a year after the harvest, using Abagold’s Kipin and Monpau techniques.
