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Meteorite Went Through a Roof of a House in Indonesia and Sparked Fortune Rumors; Understand What Really Happened in the Negotiation
In August 2020, a story caught the world’s attention. A meteorite went through the roof of a house in Indonesia, and soon headlines claimed that the resident had become a millionaire. However, the facts are not exactly as they were reported.
On August 1, 2020, 33-year-old Josua Hutagalung was working on coffin manufacturing in his home in Kolang, Indonesia.
While he was working, he heard a loud noise coming from the sky, followed by a boom on his roof. Upon checking, he found a hole and, on the ground, a dark rock weighing 2.1 kg buried in the soil. It was a carbonaceous meteorite, a rare piece that seemed capable of changing his life.
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The Discovery Goes Viral and Attracts Buyers
Josua recorded his discovery on video and shared it on social media. The recording quickly went viral and attracted buyers interested in the meteorite.
He knew the object had value and preferred not to sell it right away. Even with the restrictions caused by the pandemic, some smaller fragments found by him and neighbors were sold to foreigners.
The Negotiation with the American Representative
About a month and a half after the fall, Jarred Collins, an American resident in Indonesia and a meteorite enthusiast, contacted Josua. Collins represented American buyers interested in the main piece.
Negotiations progressed, and Josua agreed to sell the meteorite. Initially, he did not want to disclose the sale amount. Jarred informed the press that Josua negotiated well and received the equivalent of 30 years’ salary. In meteorite sales, it is common for amounts to be kept confidential to protect the seller.
The Origin of the Confusion Regarding the Value
The lack of exact information opened the door for speculation. A journalist decided to try to calculate the value of the rock based on online listings. He found a 33.7-gram fragment of the same meteorite being sold for US$ 29,120. From there, he estimated the price per gram at US$ 864.
Multiplying this price by the mass of 2.1 kg, he arrived at the impressive value of US$ 1.8 million, about R$ 10 million.
This number gained attention and was repeated by several news outlets. Thus, the story that Josua had become a millionaire circulated widely but did not correspond to reality.
According to data, the estimate is that Josua sold the meteorite for only around US$ 14,000.
How Is the Value of a Meteorite Calculated?
Meteorites are fragments of space rocks that survive entry into the atmosphere and hit the ground. They do not contain precious metals like gold or diamonds. The value of these pieces is linked to scientific, historical, and collector interest.
In the case of the Kolang meteorite, its value is high because it is a carbonaceous meteorite. This category contains water, amino acids, and organic compounds that help study the origin of life on Earth.
Additionally, the fact that it went through the roof of a house makes it even more interesting for museums and collectors.
The Common Error in Estimates
However, there is no fixed price per gram for meteorites. Each piece is negotiated individually, considering the interest of buyers and sellers.
Small pieces usually have a higher price per gram because more people can afford to buy them. In contrast, larger pieces tend to have a lower price per gram since few buyers have sufficient resources to acquire them.
The journalist’s error was to apply the price of a small fragment directly to the entire piece. This created an unrealistic valuation.
Unlike commodities like soy, gold, or niobium, the meteorite market does not operate with fixed price tables. Prices vary greatly depending on rarity, size, scientific interest, and negotiations between parties.
The True Importance of the Piece
Despite the widespread dissemination of the millionaire figure, Josua did not get as rich as many imagined. He did profit from the sale but at levels far below the reported numbers.
The case of the Kolang meteorite illustrates how inaccurate information can gain traction and create distorted stories. In the end, the true importance of the rock lies more in its scientific value than in the fortune promised by the headlines.
Speculations About the Values
Before the millionaire speculations, Josua himself indicated that he had received the equivalent of 30 years’ salary from the sale of the meteorite.
In Indonesia, the annual salary ranges from US$ 500 to US$ 1,100, which would place the negotiation between US$ 15,000 and US$ 33,000.
However, Josua later revealed that he received only US$ 14,000, or about R$ 75,000 at the time, selling the piece for US$ 6.67 per gram. He stated that he felt deceived seeing 33-gram fragments being sold for much higher prices.
The sale at a price below potential occurred mainly due to the lack of competition. During the pandemic, few buyers could reach Kolang.
In similar cases, such as in Águas Zarcas, Costa Rica, similar meteorites have been traded for over US$ 20 per gram. Additionally, Josua’s meteorite was sold before being officially classified, which reduced its value in the initial negotiation.
With information from Bramon Meteor.
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