T rex fossil ‘Gus’ sells for $50.1m at New York auction, setting new record

Skeleton judged to be one of the largest and most complete ever unearthed was excavated on a ranch in South Dakota

The Tyrannosaurus rex fossil, nicknamed Gus, was sold at Sotheby's in New York for $50.1m with fees, exceeding the pre-sale estimate. The fossil was excavated on a ranch in South Dakota and is considered one of the largest and most complete T rex skeletons ever unearthed. Sotheby's conducted the auction, which lasted for several minutes before the phone bidder secured the fossil. The sale was facilitated by Sotheby's natural history department.

The sale of Gus sets a new benchmark for the value of dinosaur fossils, which can impact the prices paid by museums and collectors for similar specimens. This, in turn, can affect the cost of exhibitions and educational programs that feature dinosaur fossils. As a result, institutions may need to reassess their budgets for acquiring and displaying these artifacts. The increased value of dinosaur fossils can also influence the way they are preserved and conserved.

The discovery and sale of Gus are part of a long history of dinosaur fossil hunting and collecting, which dates back to the 19th century. The field of paleontology has evolved significantly over the years, with advances in technology and excavation techniques leading to more sophisticated discoveries. Insiders know that the authenticity and value of fossils like Gus are verified using advanced technologies, such as CT scans and 3D printing. The sale of Gus also highlights the growing demand for natural history specimens among collectors.

The buyer of Gus, who remains anonymous, will likely announce plans for the fossil's display and conservation in the coming weeks. Sotheby's has stated that the fossil will be displayed publicly, but the exact location and dates have not been disclosed. On December 15, Sotheby's is scheduled to release a detailed report on the auction, including information about the buyer and the fossil's provenance. Interestingly, the sale of Gus has sparked debate among paleontologists about the ethics of selling dinosaur fossils to private collectors, rather than donating them to public institutions.