Rare T. Rex fossil expected to fetch up to $30 million

A Tyrannosaurus rex skeleton known as "Gus" is set to go under the hammer at Sotheby's on July 14 with a pre-sale estimate of up to $30 million, reigniting debate over whether scientifically significant dinosaur fossils should remain in private hands or be reserved for museums.

The specimen is one of the most complete T. rex skeletons ever discovered, with 61% of its bones identified. If bidding exceeds expectations, Gus could become the most expensive dinosaur ever sold at auction, surpassing the $44.6 million paid for the Stegosaurus "Apex" at Sotheby's in 2024, BBC reports.

The sale reflects a dramatic shift in the fossil market since 1997, when Sotheby's auctioned the famous T. rex "Sue" for $8 million to Chicago's Field Museum. While museums were once the primary buyers of dinosaur fossils, wealthy private collectors now dominate the market, driving prices beyond the reach of many scientific institutions.

The growing commercialisation of fossils has sparked concern among palaeontologists, who argue that important specimens should remain accessible for research and public education.

"We're already priced out of having access to many, many specimens," said Professor Susannah Maidment, a dinosaur researcher at London's Natural History Museum.

She warned that losing access to fossils could hamper scientific understanding of prehistoric life.

"There's no substitute for having the real fossil. If we're going to do any sort of study, the number one thing is we need to understand the anatomy. We need to know what's real," she said.

Professor Maidment also stressed the broader importance of palaeontology.

"We are in what is probably a mass extinction right now, we're changing our environment very, very, very rapidly. The past is really the only kind of empirical data we have to tell us about what is going on right now and in the future," she said.

Supporters of fossil auctions argue that commercial excavations make many discoveries possible in the first place.

Cassandra Hatton, Sotheby's Global Head of Natural History, said recovering dinosaur fossils is expensive, time-consuming and often dangerous.

"People die on excavations," she said.

Gus was discovered in South Dakota and named after the late cattle rancher Gary "Gus" Licking, on whose land the fossil was found. Excavating the skeleton took three years, followed by another three years of documentation and reconstruction in the laboratory.

Hatton said the fossil's condition makes it exceptionally valuable.

"Gus is one of the largest and most complete T. rex ever found, 61% of the bones has been identified - in general you find half of the skeleton that's a major scientific find," she said.

She added that the skeleton preserves evidence of the dinosaur's violent life.

"There's a huge bite mark on the top of the skull, which could have been sustained during a battle. You've got broken bones - some of the ribs, you see huge lumps where they broke and they healed."

Hatton said Sotheby's had spent months encouraging museums to participate in the auction because she wanted "something that's scientifically important to get it into the public trust."

However, she said prices must reflect the effort involved in recovering fossils.

"For a lot of excavators, some of these people are living hand to mouth. They're not wealthy people. They have to invest their own money. It's not billionaires digging them up."

Dr. Fiann Smithwick, an independent palaeontologist who both recovers and sells fossils, said fossil hunters play an essential role in preserving specimens that might otherwise disappear through erosion.

"They're saving the dinosaurs from the second extinction," Hatton said.

Smithwick described the urgency of recovering fossils before nature destroys them.

"I've found a rock with the perfect impression of what was a fish an hour before, and now it's gone," he said. "The sea has broken it into 10,000 pieces, and that is it. It is lost forever."

Despite concerns over high-profile auctions, Smithwick noted that many scientifically valuable fossils never command multimillion-dollar prices.

"There are countless other specimens that will be scientifically more important in the grand scheme of palaeontology," he said. "And you have got people selling ammonites to kids on the beach and that is inspiring curiosity in the outside world."

By Sabina Mammadli