March 2021

Bond Roberts publishes the BR25 Index. The Bond Roberts 25 cigar index is the first metric of its kind which measures the auction performance of 25 regular production Cuban cigars over a five-year period. The BR25 Index is a market-leading concept which, for the first time, makes it possible to accurately evaluate Cuban cigar stock and inform future purchases.

100% value increase

The top five cigars in the index have doubled in value. The top performer is the Cohiba Behike with an increase of almost 200%. The Por Larranaga and La Gloria Cubana Medaille d’Or #4 follow closely.

“The global short supply of new Behike stock has resulted in a secondary market price boom that is reflected here in the Behike 54,” says Bond Roberts Co-Founder Robert Ayala. “Privately held stocks are tightly held with little coming to market. This certainly provides an opportunity to the discerning seller who believes the timing is right to offload Behike boxes (54 or otherwise) while new box supply is little to non-existent.”

“The two Por Larrañaga entries into the BondRoberts25 top 10 is reflective of their value proposition,” adds Bond Roberts’ Co-Founder Rob Fox. “The brand is renowned for its aging characteristics and the market appears prepared to pay a significant premium to those who have undertaken the aging process for them.”

BR25 Index

Future BR25 will include features on Limited Edition and Regional Edition cigars.

All members have access to the BR25. Platinum and Gold members have further access to the Bond Roberts 100 which reports on the top 100 cigars, including regular production and specialty cigars, by the rate of investment return over a five-year period.


  • Performance data is taken solely from the Bond Roberts database of over 2500 sales (to Jan 2021).
  • Base prices are determined by the original Cuban retail pricing for the 25 regular production cigars selected.
Ministry of Cigars - Bond Roberts publishes the BR25 Index

Big returns from small packages

In an exclusive reaction to us, Rob Ayala writes the following:

What is it about skinny Cuban cigars?

It was not too long ago when a 52 ring gauge cigar was considered a jawbreaker. Fast forward to today and a 52 ring gauge is thought of as downright anorexic!

Let’s face it, the cigar world is in love with big gauge double-banded dollar gobblers. Now there is nothing wrong with the latest Cohiba “Mamothoso” (I reserve all rights to the name!) but in the world of cigar investments, the skinnies (let’s call them sub 40 ring gauge cigars) are absolutely killing it!

Why? Because there are discerning buyers with taste out there! OK as a lifelong subscriber to the sub 40 ring gauge club I am a tad biased, but the numbers don’t lie. Let’s take a look at Bond Roberts. publishes its BR25 quarterly. The Bond Roberts 25 Index measures the auction performance of 25 regular production Cuban cigars over a 5-year period.

Let’s narrow it down to the top 4 performers this past quarter and you will note that three of the top 4 places are taken by thin gauged cigars.

Hat’s off Por Larranaga Montecarlo, La Gloria Cubana Medaille d’Or No. 4 and Trinidad Fundadores. They are flying the flag for skinny lovers everywhere and proving that big returns can indeed come from small packages.

Rob Ayala – co-founder


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