T-Rex skeleton 'Gus' sells for record $50.1 million at Sotheby's

A Tyrannosaurus Rex named Gus sold for US$50.1 million on Tuesday (Jul 14), setting a new record as the highest price ever paid for a dinosaur at auction.

Gus, described by auction house Sotheby's as one of the largest and most complete dinosaur skeletons ever discovered, was sold after 10 minutes of bidding. The buyer was not immediately identified.

Previous Records

• The previous record for a dinosaur fossil at auction was US$44.6 million, paid by financier Ken Griffin for a stegosaurus named Apex in 2022.
• The highest price previously paid for a T Rex was US$31.8 million for a specimen named Stan, sold at Christie's in 2020 — nearly four times its top presale estimate.
• Stan's buyer was later revealed to be an Abu Dhabi state entity; the skeleton now resides at the newly opened Natural History Museum Abu Dhabi.

About Gus

• Discovered on a cattle ranch in Harding County, South Dakota.
• 61% complete by bone count and as much as 80% complete by bone mass, according to Sotheby's.
• By comparison, Stan was approximately 65% complete by bone count (a measure of how many fossilised bones are real).

Cassandra Hatton, head of science and natural history at Sotheby's, said in a statement: "Tyrannosaurus Rex is the most iconic prehistoric species in the fossil record, and Gus stands firmly among the greatest examples ever found."

Why Hefty Price Tags for Dinosaur Bones?

Dinosaur fossils have drawn increasing interest from investors in recent years, as wealthy collectors seek novel corners of the collectibles market that spark passion and curiosity while also offering potential for attractive returns.

Controversy Over Private Ownership

The sale of fossils, especially significant ones like Gus, remains controversial. Many scientists oppose private ownership on the grounds that such specimens become inaccessible for research.

Even when owners offer to lend fossils to museums or other institutions for display and scientific study — as many do — scientists argue that science requires permanent open access so studies can be revisited and replicated.

The Society of Vertebrate Paleontology (SVP), an organisation focused on advancing fossil science, issued a statement ahead of Tuesday's auction reiterating its position that fossils should be permanently held by public research institutions.

"While spectacular dinosaur fossils capture the imaginations of people around the world, SVP emphasises that specimens of this scientific importance represent far more than rare collectibles," the statement read.

Collaboration Between Collectors and Institutions

Despite the controversy, ultra-wealthy collectors have found ways to collaborate with institutions:

• Todd Graves, founder of Raising Cane's Chicken Fingers, loaned his triceratops skull to the Louisiana Art & Science Museum.
• Ken Griffin's stegosaurus Apex is on loan to the American Museum of Natural History in New York.

— BLOOMBERG