Sotheby’s to Auction Largest Martian Meteorite for $2M-$4M Accepting Crypto

Sotheby’s is set to auction the largest Martian meteorite ever discovered on Earth, known as Northwest Africa 16788 (NWA 16788). This meteorite, weighing 54 pounds, was found in Niger’s Agadez region in 2023 and is expected to fetch between $2 million and $4 million at Sotheby’s Natural History sale on July 16. The auction house is accepting cryptocurrency for this sale, targeting tech-savvy collectors who are interested in rare meteorites.

Sotheby’s has been accepting cryptocurrency for select sales since 2021, and this auction is no exception. Bids can be made in Bitcoin, Ethereum, and USDC. Cassandra Hatton, Vice Chairman of Science and Natural History at Sotheby’s, explained that the decision to accept cryptocurrency was driven by the global interest in rare meteorites and the tech-savvy audience they attract. Sotheby’s utilizes Coinbase and Bitpay for its crypto auctions to ensure compliance and high standards.

NWA 16788 is considered the most valuable Martian specimen ever offered at auction. In February 2021, Christie’s sold a much smaller piece of a meteorite for $40,000, highlighting the rarity and value of Martian meteorites. Estimating the value of meteorites and other exotic pieces is more complex and less predictable than estimating the value of fine art. Last summer, a skeleton of a Stegosaurus, nicknamed Apex, estimated to be worth $4 million to $6 million, was sold for $44 million, illustrating the unpredictability of such auctions.

Unlike fine art, meteorites are generally priced per weight. Hatton mentioned that people have built spreadsheets analyzing Martian, lunar, and other meteorites per gram, and the data lines up, indicating a natural price-per-gram structure in the market. The current owner of NWA 16788, a private individual, has consigned the meteorite for Sotheby’s annual Geek Week auctions, and it has been authenticated by the Meteoritical Society.

Accepting crypto payments in the auction of NWA 16788 is part of Sotheby’s ongoing effort to appeal to the crypto community. In 2023, Sotheby’s auctioned a collection of Bitcoin Ordinals called BitcoinShrooms. More recently, Sotheby’s sold Bored Ape Yacht Club NFTs once owned by the defunct Three Arrows Capital, and in January, it offered NBA Top Shot NFTs as part of a broader NBA memorabilia sale. The goal is to accommodate the widest group of potential bidders, as many clients work in crypto, earn from it, or hold it, and have expressed a desire for Sotheby’s to accept cryptocurrency for everything.

In summary, Sotheby’s auction of the largest Martian meteorite, NWA 16788, is a significant event in the world of rare and exotic collectibles. The acceptance of cryptocurrency for this auction reflects the growing interest in digital currencies and the tech-savvy audience that collects such unique items. The meteorite’s value, estimated between $2 million and $4 million, underscores the rarity and allure of Martian specimens, making this auction a notable event for collectors and enthusiasts alike.