Dinosaurs for Sale

One day in 1999, when Brock Sisson was 16 years old and working at the Museum of Ancient Life in Utah, a colleague handed him a box and warned him not to drop it. Inside sat the upper jaw and nose horn of a young Ceratosaurus, a carnivorous dinosaur that lived 150 million years ago.

Fast forward to July of this year. Sisson had become a paleontologist and had acquired that dinosaur’s entire skeleton. He put it up for sale at Sotheby’s auction house, where it sold to an undisclosed bidder for $30.5 million.

“We knew that it’s rare, that it’s important, that it’s incredibly high-quality,” says Cassandra Hatton, vice chairman at Sotheby’s. “I’m not surprised at all that it did so well.”

Sisson’s Ceratosaurus became the third-most-expensive dinosaur fossil
to sell at auction. The record was set last year, with Sotheby’s sale of Apex the Stegosaurus to the hedge fund billionaire Kenneth Griffin for $45 million.

In 1999, Brock Sisson was 16 years old and working at the Museum of Ancient Life in Utah. He was handed a box by a colleague and told not to drop it. Inside the box was the upper jaw and nose horn of a young Ceratosaurus, a carnivorous dinosaur that lived 150 million years ago.

Fast forward to July of this year. Sisson had become a paleontologist. He had acquired that dinosaur’s entire skeleton and put it up for sale at Sotheby’s auction house. It sold to an undisclosed bidder for $30.5 million.

“We knew that it’s rare, that it’s important, that it’s incredibly high-quality,” says Cassandra Hatton, vice chairman at Sotheby’s. “I’m not surprised at all that it did so well.”

Sisson’s Ceratosaurus became the third-most-expensive dinosaur fossil to sell at auction. The record was set last year. Apex the Stegosaurus was sold by Sotheby’s to the hedge fund billionaire Kenneth Griffin for
$45 million.

But some paleontologists worry that such multimillion-dollar auctions will distort the marketplace for these specimens and drive up the already rising costs of fossil digs, making it more difficult for them to conduct research. Experts at Sotheby’s respond that such sales create buzz that can boost philanthropy in the field of paleontology, the study of ancient life.

The ceratosaur roamed the floodplains of what is now the American West about 90 million years before dinosaurs were driven to extinction by a huge asteroid. Prospectors discovered the auctioned skeleton in 1996 near Bone Cabin Quarry, Wyoming, a hot spot for dinosaur fossils. It’s only the fourth Ceratosaurus skeleton ever found, and the only juvenile. The 10-foot-long animal is notable for its complete skull, made up of 57 “paper thin, super delicate” bones, Sisson says.

The ceratosaur had a winding road to the auction block. First acquired by the Museum of Ancient Life, it remained on display until 2024. The nonprofit museum then removed it from its collection and sold it to Sisson, who runs a fossil preparation and mounting company, for an undisclosed amount. Sisson decided to bring it to Sotheby’s.

“This is a pretty interesting specimen scientifically, but it was just kind of sitting there and not getting any attention,” he says.

But some paleontologists worry that such multimillion-dollar auctions will alter the marketplace for these specimens. The already rising costs of fossil digs will only increase and make it more difficult for them to conduct research. Experts at Sotheby’s respond that such sales create buzz that can boost philanthropic donations in the field of paleontology, the study of ancient life.

The ceratosaur roamed the floodplains of what is now the American West about 90 million years before dinosaurs were driven to extinction by a huge asteroid. Prospectors discovered the recently auctioned skeleton in 1996. It was found near Bone Cabin Quarry, Wyoming, a hot spot for dinosaur fossils. It’s only the fourth Ceratosaurus skeleton ever found. It is the only juvenile to be found. The 10-foot-long animal is special for its complete skull, made up of 57 “paper thin, super delicate” bones, Sisson says.

The ceratosaur had a long road to the auction block. It was first acquired by the Museum of Ancient Life. It was on display there until 2024. The nonprofit museum then removed it from its collection. It was then sold to Sisson, who runs a fossil preparation and mounting company, for an undisclosed amount. Sisson decided to bring it to Sotheby’s.

“This is a pretty interesting specimen scientifically, but it was just kind of sitting there and not getting any attention,” he says.

Some scientists, however, say that the high price of the auction could worsen financial challenges for many paleontologists. Such profitable specimens may lead private landowners to charge more for leases on sites where fossil digs occur, says Andre LuJan, president of the Association of Applied Paleontological Sciences. Leases were already becoming unaffordable for many academic researchers.

“This is basically validating the high prices of the fossil market,” LuJan says.

It’s not uncommon for historically and scientifically significant objects to land in private hands. In 2021, a first-edition printing of the U.S. Constitution sold for more than $43 million (see “To the Highest Bidder . . .,” below). Some argue that the private ownership of such artifacts reduces opportunities for research and public engagement. Others say it can offer new opportunities for inquiry, should the owner decide to lend the item to a museum or academic institution that otherwise wouldn’t have been able to afford it.

Some scientists, however, say that the high price of the auction could create more financial challenges for many paleontologists. The high-priced specimens may lead private landowners to charge more for leases on sites where fossil digs occur, says Andre LuJan, president of the Association of Applied Paleontological Sciences. Leases were already becoming unaffordable for many academic researchers.

“This is basically validating the high prices of the fossil market,” LuJan says.

It’s not uncommon for historically and scientifically significant objects to land in private hands. In 2021, a first-edition printing of the U.S. Constitution sold for more than $43 million (see “To the Highest Bidder . . .”). Some argue that the private ownership reduces opportunities for research and public engagement. Others say it can offer new opportunities. The new owner might decide to lend the item to a museum or academic institution that otherwise wouldn’t have been able to afford it.

Stuart Sumida, president of the Society of Vertebrate Paleontology, notes that his society has long opposed sales like the one involving the Ceratosaurus. They have the effect, he says, of making it more difficult for researchers to acquire important specimens and sometimes removing dinosaurs “from the public trust and the scientific community for profit.”

Stuart Sumida, president of the Society of Vertebrate Paleontology, notes that his society has long opposed sales like the one involving the Ceratosaurus. They have the effect, he says, of making it more difficult for researchers to acquire important specimens. It also sometimes removes dinosaurs “from the public trust and the scientific community for profit.”

But the lure of a big payday has brought investors to the world of paleontology. Last December, $2.75 million in shares were sold to fund the excavation of a Wyoming stegosaur, according to the website Cowboy State Daily. The excavators said they believed it could sell at auction for as much as Apex.

Peter Lovisek, a fossil dealer and appraiser, argues that this approach “democratizes access” by allowing individual investors to share in the profits when the fossil is eventually sold.

But LuJan worries that as fossils become rich investment opportunities, the actual work of paleontologists to study these fantastic creatures might become secondary.

“Are museums going to look at these fossils from private lands as a potential cash cow?” he asks. “This was something that was accepted by everyone as hallowed ground, and now it’s been desecrated.”

Hatton, the Sotheby’s representative, disagrees with the characterization.

“This dinosaur was in a privately held institution for 30 years. It was not studied at that institution,” Hatton says, noting that the specimen’s buyer intends to loan it to a museum. “There is now perhaps the opportunity that it will be studied.”

But the possibility of a big payday has brought investors to the world of paleontology. Last December, $2.75 million in shares were sold to fund the excavation of a Wyoming stegosaur, according to the website Cowboy State Daily. The excavators said they believed it could sell at auction for as much as Apex.

Peter Lovisek, a fossil dealer and appraiser, argues that this approach “democratizes access” by allowing individual investors to share in the profits when the fossil is eventually sold.

But LuJan worries that as fossils become rich investment opportunities, the research work of paleontologists to study these fantastic creatures might become secondary.

“Are museums going to look at these fossils from private lands as a potential cash cow?” he asks. “This was something that was accepted by everyone as hallowed ground, and now it’s been desecrated.”

Hatton, the Sotheby’s representative, disagrees with the characterization.

“This dinosaur was in a privately held institution for 30 years. It was not studied at that institution,” Hatton says, noting that the specimen’s buyer intends to loan it to a museum. “There is now perhaps the opportunity that it will be studied.”

Asher Elbein is a freelance science journalist. With reporting by Lauren Vespoli.

Asher Elbein is a freelance science journalist. With reporting by Lauren Vespoli.