In New York, a nearly complete Stegosaurus skeleton nicknamed Apex sold for a record $44.6 million. It is the most valuable fossil ever sold at auction.
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Apex’s sale for $44.6 million shattered previous records for fossil auctions. The stegosaurus skeleton’s estimated value ranged between $4 million and $6 million but the final bid far surpassed expectations.
The sale was handled by Sotheby’s in New York. The bidding war lasted over 15 minutes.
The initial buyer’s identity was not disclosed, but The Wall Street Journal revealed it to be hedge-fund billionaire Kenneth Griffin, CEO of Citadel.
Griffin is known as mega-collector and has a history of purchasing high-value items including works of art and historic documents.
The Apex stegosaurus skeleton was discovered in May 2022 by Jason Cooper, a commercial paleontologist on his private land near Dinosaur, Moffat County, Colorado.
The bones were found in the Morrison Formation, a sedimentary rock expanse rich in dinosaur fossils.
Apex is one of the most complete and best-preserved Stegosaurus specimens ever found. The skeleton measures 11 feet tall and 27 feet long consisting of 254 fossilized bones out of an estimated 319.
Stegosaurus skeleton is a well-known armored dinosaur from the Late Jurassic period around 150 million years old. It is recognizable by its kite-shaped plates on its back and spiky tail.
The fossil attracted interest from seven bidders. Sotheby’s had estimated the sale price between $4 million and $6 million.
The stegosaurus skeleton includes signs of arthritis suggesting that Apex lived to an advanced age.
Steve Brusatte, a professor of paleontology and evolution at Scotland’s University of Edinburgh addressed Apex’s importance due to the rarity of complete Stegosaurus skeletons compared to more commonly found dinosaurs like T. rex and Triceratops.
Many paleontologists including Brusatte voiced concerns over the sale of such fossils to private collectors. They argue that fossils of this significance should be accessible for public education and scientific research in museums.
The buyer’s intention to loan Apex to a US institution offers some hope that the fossil may be publicly accessible for educational purposes.
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In 1997, Sue, a Tyrannosaurus rex was sold for $8.4 million. In 2020, another T. rex named Stan was sold for $31.8 million.
The sale of dinosaur fossils has been increasing and drawing attention and high bids from wealthy collectors.
Cassandra Hatton, Sotheby’s global head of science and popular culture addressed the importance of Apex.
Before Apex, the most expensive fossil sold was a Tyrannosaurus rex named Stan, which fetched $31.8 million in 2020.
The first dinosaur sold at auction was another T. rex, Sue, which was sold for $8.4 million in 1997 and is now displayed at the Field Museum in Chicago.
Kenneth Griffin intends to explore loaning the Apex skeleton to a US institution. Griffin has a history of lending his purchases to museums and public exhibitions.
The auction attracted thousands of visitors to Sotheby’s New York space to see Apex on display.
The auction also included other natural history items like meteorites, minerals and Neanderthal tools. A set of Neanderthal tools sold for $22,800 surpassing its estimate of $5,000 to $8,000.
The Morrison Formation, where Apex was found and it is known for its high concentration of dinosaur fossils.
The condition of Apex, with no signs of combat injuries or post-mortem scavenging suggests it lived to an old age and developed arthritis.
Sotheby’s has a history of handling fossil sales contributing to the growing market for dinosaur bones.
The auction house’s collaboration with Jason Cooper from the discovery to the sale of Apex highlights the process involved in such auctions.
Griffin’s purchase history includes works of art and rare historic documents. His donations to museums such as the $16.5 million to the Field Museum in Chicago shows his interest in public education and exhibition.
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