Two years ago, Citadel CEO Ken Griffin paid nearly $45 million for a stegosaurus skeleton, setting a record for the most expensive fossil ever sold at auction. This eye-popping transaction has cast a spotlight on the booming private market for dinosaur bones, where millionaires and billionaires increasingly compete with museums for prehistoric treasures.
In a recent episode of the Odd Lots podcast, Bloomberg spoke with fossil expert Salomon Aaron to explore how this market works. Unlike the art world, where provenance and authenticity are paramount, the fossil trade operates with its own set of rules—and risks.
From Discovery to Auction
The supply of fossils depends on chance discoveries, often on private land in the U.S. where property owners retain rights. Once unearthed, specimens are prepared, authenticated, and sold at auction or through private dealers. The legal framework varies by country: some nations claim ownership of all fossils, while others allow private sales.
Authentication and Completeness
A major challenge is verifying a fossil's authenticity and completeness. Sellers often restore missing bones with plaster or resin, which can inflate value. Buyers must rely on experts to distinguish genuine material from elaborate forgeries.
Geographic Distribution
Rich fossil beds exist across North America, China, and Argentina, but geopolitics can complicate exports. The U.S. remains the most active market due to its clear property laws and wealthy collector base.
Similarities to the Art Market
Like fine art, fossil valuations are subjective and driven by rarity, condition, and provenance. However, unlike art, the scientific value of a fossil is often paramount to museums, while private collectors may prioritize aesthetics or status.
As prices soar, the tension between private collectors and public institutions grows. With Griffin's record-setting purchase, the fossil market has officially entered a new era—one where dinosaurs are not just museum exhibits but also luxury investments.