Cigar auction raises millions for Cuba

A gala dinner and auction held during Cuba's International Cigar Festival generated a record amount of over 4.27 million euros (4.7 million dollars) on Saturday, that will be donated to the island's health system. This capped off a successful year for the island's tobacco industry, which has been a contributor to the country's ailing economy.

A Hong Kong Chinese investor group bought two elaborate, hand-crafted humidors containing hundreds of high-end stogies, one for 2.4 million euros (2.6 million dollars), and the second for another 320,000 euros (350,000 dollars).

The winning bids brought cheers and shouts from an appreciative audience watching the spectacle.

A group of collectors from the United Arab Emirates also bought two humidors, for a combined bid of almost 700,000 euros (800,000 dollars) - sums not seen at the auction in years.

The annual auction has raised a yearly average of between one to two million euros (1.1-2.2 million dollars) over the past 5 years, leaving the 2.4 million euro winning bid (2.6 million dollars) from just one humidor a record amount, and bringing much needed cash into Cuba's health system at a time of increasing US sanctions and tepid economic growth.

Cuban cigars remain a highly popular and prized commodity around the world, including in Asia, the Middle East and Europe.