In brief
- Sotheby’s is auctioning NWA 16788, the largest Martian meteorite ever discovered on Earth, estimated to be worth between $2 million and $4 million.
- Targeting tech-savvy collectors, Sotheby’s will accept cryptocurrency for the sale of the meteorite.
- Like previous auctions, bids can be made in Bitcoin, Ethereum, and USDC.
Sotheby’s will auction off the largest known Martian meteorite on Earth later this month—and the iconic auction house is accepting Bitcoin for a piece of the red planet.
The meteorite, known as Northwest Africa 16788 or NWA 16788, was discovered in Niger’s Agadez region in 2023 and weighs 54 pounds. It’s expected to fetch between $2 million and $4 million at Sotheby’s Natural History sale on July 16.
“Sotheby’s has accepted cryptocurrency for select sales since 2021,” Cassandra Hatton, Vice Chairman of Science and Natural History, told Decrypt. “Given the global interest in rare meteorites and the tech-savvy audience they attract, it made sense to offer that option here.”
According to Sotheby’s, NWA 16788 is the most valuable (and expensive) Martian specimen ever offered at auction. In February 2021, Christie’s sold a much smaller piece of a meteorite for $40,000, noting at the time that “specimens of Mars are among the most exotic substances on Earth with less than 250 kg (550 lbs) known to exist.”
As with previous Sotheby’s auctions, bids can be made in Bitcoin, Ethereum, and USDC.
"If you know the crypto world, it's a lot of work to ensure that systems are set up, that everything is compliant,” Hatton said, noting that Sotheby’s utilizes Coinbase and Bitpay for its crypto auctions. “Sotheby's has been doing the really deep work of ensuring that everything is done to the highest standards."
When asked about the hefty price tag, Hatton explained that, unlike fine art, estimating the value of meteorites and other exotic pieces is a more complex and less predictable process. Last summer, a skeleton of a Stegosaurus, nicknamed Apex, estimated to be worth $4 million to $6 million, was sold for $44 million.
"It's easy to estimate a Picasso or Warhol because we've sold many. But in my world, where everything is unique and rarely sold, it's a different exercise,” she said. “The estimates show possibility, not hard market data.”
Also, unlike art, meteorites, Hatton added, are generally priced per weight.
“I’ve had people build spreadsheets analyzing Martian, lunar, and other meteorites per gram—and the data lines up,” she said. “There’s a natural price-per-gram structure in the market."
When asked about the current owner, Hatton said that NWA 16788, consigned by a private owner for Sotheby’s annual Geek Week auctions, has been authenticated by the Meteoritical Society.
Accepting crypto payments in the auction of NWA 16788 is the latest in Sotheby’s outreach and attempt to appeal to the crypto community. When asked why Sotheby’s continues to accept cryptocurrency, Hatton pointed to client demand and past success.
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.
“We've had major, high-value lots paid for with cryptocurrency. The goal is to accommodate the widest group of potential bidders,” she explained. “Many of my clients work in crypto, earn from it, or hold it, and they've told me, 'You should be accepting cryptocurrency for everything.' So I'm responding to that demand."
Edited by Andrew Hayward