T. Rex sets record at Sotheby’s auction
Devon Pendleton
A Tyrannosaurus Rex named Gus sold for US$50.1 million ($70.7 million); This is the highest price paid for a dinosaur at auction.
Described by auction house Sotheby’s as one of the largest and most complete dinosaur skeletons ever discovered, Gus was sold after 10 minutes of bidding. It was not immediately clear who the buyer was.
The previous record for a dinosaur fossil at auction was financier Ken Griffin’s bid of $44.6 million ($63.8 million) for a stegosaurus named Apex in 2022.
The previous highest paid for a T.Rex was achieved by an example named Stan, which sold for $31.8 million at Christie’s in 2020; this was nearly four times the highest pre-sales estimate. The winner turned out to be an Abu Dhabi government organization, and Stan now graces the newly opened Abu Dhabi Museum of Natural History.
Gus was discovered on a cattle ranch in Harding County, South Dakota, and was 61 percent complete by bone count and 80 percent complete by bone mass, according to Sotheby’s.
According to Stan’s bone count, it’s about 65 percent complete; This is a measure of how many of a dinosaur’s fossilized bones are real.
“Tyrannosaurus Rex is the most iconic prehistoric species in the fossil record, and Gus is among the most amazing specimens ever found,” Cassandra Hatton, head of science and natural history at Sotheby’s, said in a statement announcing the sale.
Dinosaur fossils have increased the interest of investors in recent years, as wealthy collectors seek new corners of the collectible market that arouse passion and curiosity, as well as have an attractive return potential.
The sale of fossils, especially important fossils like Gus, is controversial. Many scientists oppose private ownership of these samples because it makes them inaccessible for research. Even if owners offer to loan their fossils to museums or other institutions for display and scientific study — as many do — they say science requires permanent open access so that studies can be revisited and replicated.
The Society for Vertebrate Paleontology (SVP), an organization focused on advancing fossil science, released a statement ahead of Tuesday’s auction reiterating their position that fossils should be permanently held by public research institutions.
“While magnificent dinosaur fossils capture the imagination of people around the world, SVP emphasizes that these scientifically important specimens represent much more than rare collectibles,” the statement said.
Still, ultra-wealthy collectors have found ways to collaborate with institutions.
Todd Graves, founder of the Raising Cane’s Chicken Fingers chain, loaned the triceratops skull to the Louisiana Museum of Arts and Science, while Griffin’s stegosaurus Apex was loaned to the American Museum of Natural History in New York.
Bloomberg
