Sotheby’s Unique Auction of Martian Meteorite
Sotheby’s is set to host a unique auction featuring the largest known Martian meteorite found on Earth, known as Northwest Africa 16788 (NWA 16788), later this month. This meteorite, which weighs 54 pounds and was unearthed in the Agadez region of Niger in 2023, is projected to bring in bids ranging from $2 million to $4 million during the Natural History sale scheduled for July 16.
Modern Bidding Trends
The auction house has embraced modern trends by allowing bidders to use Bitcoin for this outstanding piece of extraterrestrial rock. Cassandra Hatton, Vice Chairman of Science and Natural History at Sotheby’s, noted that the decision to accept cryptocurrency comes from a growing interest in rare meteorites, as well as a tech-savvy audience with evolving payment preferences.
“Since 2021, we have facilitated cryptocurrency transactions for select auctions due to the increasing demand from our clientele,”
Hatton mentioned in a conversation with Decrypt.
Significance of NWA 16788
Characterized as the most significant Martian specimen to ever go up for auction, NWA 16788 eclipses previous sales, including a smaller meteorite acquired by Christie’s in February 2021 for $40,000. At that time, it was emphasized that there are less than 250 kilograms of Martian material known to exist on Earth, making such items exceptionally rare.
Bidding Process and Pricing
Bidding at Sotheby’s will allow participation via Bitcoin, Ethereum, and USDC, as the auction house employs systems like Coinbase and Bitpay to facilitate seamless transactions in the cryptocurrency space. Hatton elaborated on the complexity of evaluating meteorite prices, explaining that unlike established fine art, which can have a clear market value due to numerous transactions, meteorites command value based on their weight and uniqueness—making their estimation a nuanced task.
She remarked,
“The estimates provided are more of a possibility rather than strict market data, due to the unique nature of each specimen.”
Additionally, she shared that collectors often analyze prices of Martian and lunar meteorites using data to construct an average price per gram, further supporting the unique pricing structure in this niche market.
