Sotheby’s to Auction Largest Martian Meteorite

Sotheby’s will auction the largest known Martian meteorite, Northwest Africa 16788 (NWA 16788), later this month, accepting Bitcoin as payment.

The meteorite, weighing 54 pounds, was discovered in Niger’s Agadez region in 2023 and is expected to fetch between $2 million and $4 million at the auction on July 16.

Cassandra Hatton, Vice Chairman of Science and Natural History at Sotheby’s, stated that the auction house has accepted cryptocurrency since 2021. Given the interest in rare meteorites, offering the option to pay in crypto makes sense. NWA 16788 is considered the most valuable Martian specimen ever auctioned, surpassing a smaller piece sold for $40,000 by Christie’s in February 2021.

Bids can be placed in Bitcoin, Ethereum, and USDC, with Sotheby’s ensuring compliance through partnerships with Coinbase and Bitpay. Hatton noted that valuing meteorites is complex due to their uniqueness compared to fine art, which is easier to price because of market data.

Unlike art, meteorites are priced by weight. Hatton shared that market data for Martian meteorites has been analyzed by weight, establishing a price-per-gram structure. NWA 16788 has been authenticated by the Meteoritical Society and is consigned by a private owner for Sotheby’s annual Geek Week auctions.

Sotheby’s continues to accept cryptocurrency based on client demand and previous successful sales, including auctions of Bitcoin Ordinals and NFTs. Hatton emphasized that accommodating crypto transactions allows Sotheby’s to appeal to a broader group of potential bidders, especially those involved in the cryptocurrency market.

Edited by Andrew Hayward