On Wednesday, Sotheby’s, an art and luxury auction company, auctioned a nearly complete Stegosaurus fossil for an astounding $44.6 million. This sale broke the previous record set by a Tyrannosaurus rex fossil.
The high price, far exceeding initial expectations, highlights the growing market for ancient remains. However, this trend worries scientists. They fear that rising prices could make it difficult for researchers to afford these important fossils.
The stegosaurus fossil, known for its distinctive back plates and large rib cage, was nicknamed Apex due to its excellent condition. This dinosaur, which lived about 150 million years ago in what is now Colorado was highly sought after. A fifteen-minute bidding war with seven participants from around the globe took place over the phone.
Kenneth Griffin, a hedge fund billionaire, won the auction. A source close to the sale confirmed Griffin’s purchase, though the individual was not authorized to speak publicly. Based on a Wall Street Journal report, Griffin, a major donor to the Field Museum’s dinosaur exhibits in Chicago, was the buyer of the stegosaurus.
Ken Griffin just purchased a $45 million stegosaurus at Sotheby’s, the most valuable fossil ever sold at auction
A small purchase considering Griffin is worth $38.3 B
Here's the incredible story of how Griffin created one of the largest hedge funds in the world, Citadel
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— Michael Burry Stock Tracker
(@burrytracker) July 18, 2024
However, the auction house avoided disclosing the identity of the winning bidder. It was mentioned that the buyer plans to consider lending the specimen to a US institution.
Previous record holder T. rex skeleton was sold for $31.8 million
Four years ago, the sale of a T. rex skeleton named Stan for $31.8 million shocked the commercial fossil market. This high price sparked a rush for dinosaur fossils in the American West. Academics grew worried that rising costs would make it hard for museums and universities to get hold of fossils for study.
The recent sale of the stegosaurus fossil for $44.6 million, including buyer’s fees, broke Stan’s record. Stan now resides in a developing natural history museum in Abu Dhabi, the capital of the United Arab Emirates. The stegosaurus, named Apex, stands 11 feet tall and 27 feet long, making it one of the largest of its kind.
“I’m amazed at how much it went for,” said Jim Kirkland, Utah’s state paleontologist. Although invited to examine the specimen, he declined so as to avoid promoting a fossil that might end up with a private owner.
From the photographs he saw, Kirkland noted that the specimen could be valuable to science due to its completeness, containing 254 out of approximately 319 fossil bone elements, according to the auction house. Kirkland expressed hope that the buyer would thoroughly document it and share the data with researchers.
Most high-profile dinosaur auctions have featured Tyrannosaurus rexes, the most famous and popular dinosaur species. In 1997, Sotheby’s sold a T. rex fossil named Sue for $8.4 million, sparking a surge in the fossil market, as reported by The New York Times.
