Dinosaurs vanished from the Earth approximately 60 million years ago, yet their legacy has never been more lucrative. This July, Universal Pictures is set to launch the latest installment of its popular Jurassic World franchise. As children populate their rooms with plastic dinosaur toys, genuine fossils are being acquired by affluent collectors, museums, and entrepreneurs around the globe.
One complete T-Rex skeleton now commands prices between $20 million and $30 million, with recent auctions sending shockwaves through the paleontological community. A stegosaurus fossil, known as Apex, was auctioned last July for $44.6 million, making it the highest-priced dinosaur fossil ever sold. This remarkable specimen was acquired by billionaire Kenneth Griffin, who later loaned it to the American Museum of Natural History for a term of four years. Moreover, Abu Dhabi recently invested over $30 million to secure a T-Rex named Stan as a centerpiece for its forthcoming natural history museum.
The Middle East is rapidly evolving into a significant hub for fossil collectors, with nations such as Saudi Arabia, Iran, and the UAE making substantial investments in natural history museums and acquiring notable specimens to enhance their cultural standing.
Private collectors are also increasingly participating in this market but with more than just personal gratification in mind. Numerous affluent buyers are interested in lending their findings to museums, which can yield income and elevate their status. “These aren’t just trophies,” stated Tom Kapitany, a seasoned fossil dealer and director of the National Dinosaur Museum in Australia. “Most collectors aim to share their dinosaurs, stimulate scientific curiosity, and potentially reap financial benefits through traveling exhibitions.”
Gold Rush
Demand for dinosaur bones and fossils is particularly strong for ferocious carnivores like Tyrannosaurus Rex, Spinosaurus, and Velociraptor among private buyers.
Juan Aviles Poblador, a geologist and paleontologist, noted that highly sought-after fossils typically possess unique features, such as complete or nearly intact dinosaur skulls. “The market has a high demand for entirely or nearly complete skulls of species that are particularly hard to find, as only a handful exist globally and often in fragmentary forms. Assembling a dinosaur skull with over 65 percent real bone poses a considerable challenge,” he explained.
Peter Lovisek, director at Fossil Realm, shared that complete, rooted T-Rex teeth are exceedingly rare and coveted. Theropod claws, particularly those with intact tips, are extremely desirable as well. These smaller fossils consistently perform well in auctions and the private market.
“It’s a gold rush in that space right now. Our top-selling item is Megalodon teeth, which we sell thousands of each year.”
Matt Heaton, CEO of FossilEra
Pterosaurs, prehistoric flying reptiles, continue to maintain strong demand. Their graceful silhouettes and notable rarity add to their appeal, typically valued in the low six figures, offering a more attainable option for those who wish to own remarkable fossils without the budget for a whole dinosaur skeleton. “The incredible variety of fossil species and specimen types is what keeps the market dynamic and full of discoveries,” Heaton remarked.
Soaring Values
Matt Heaton has a close friendship with Jason Cooper, an investor in FossilEra and the new owner of the Apex stegosaurus skeleton that fetched $44.6 million. “He expected a final price in the $4-6 million range for the auction, yet it went for ten times that amount. Initially, we thought the reported price was some sort of mistake. I spoke with him just minutes post-auction, and he was utterly astonished,” Heaton recounted.
While entire skeletons achieve high prices, market rarity significantly impacts demand, as Fossil Realm’s Lovisek explained. “There’s a difference between scientific rarities and market rarities. T-Rex might not be the rarest dinosaur scientifically, but its popularity and limited availability make high-quality specimens exceedingly rare—and thus very valuable.”
Fossils originating from countries with established legal frameworks, like the United States, the UK, Germany, and France, usually command higher prices due to their clear provenance, which reassures buyers. Provenance has become increasingly crucial in the higher-end market as buyers seek evidence of legitimate excavation history, preparation, and lawful exportation.
A specimen’s visual appeal is also a significant value factor. Even scientifically important fossils may struggle to sell if their aesthetics fall short. “For example, we’ve sold vividly colored mammoth tusks in striking blue, orange, and green hues, which were far more attractive to buyers than the typical beige, brown, and cream,” Lovisek noted.
While supply and demand are primary price influencers, the labor required for locating and preparing a fossil is another consideration. Paleontologists deserve fair compensation for their time and effort in unearthing fossils.
Fake Fossils
Investing in dinosaur bones and fossils carries the risk of misrepresentation. This could involve exaggerating the completeness or quality of a specimen or failing to disclose significant details about restoration. “Outright fakes are rare in the high-end market, but as technology advances, highly convincing replicas can be created, especially for smaller specimens,” Lovisek warned.
Unlike diamonds, there isn’t a centralized laboratory for fossil authentication. Verification relies on expert assessment and thorough documentation. Authenticity is generally determined by seasoned paleopreparators, conservators, or trusted dealers adept at identifying what to check. The legality of specimens is also critical, given the varying laws across countries regarding paleontological heritage. “Nations like the United States, some African countries, and parts of Europe possess lenient laws permitting the legal trade of paleontological remains,” Poblador explained.
When legally sourced, fossil value can increase dramatically. This is notably true for American dinosaurs, where science and commerce function cohesively through organizations like the Association of Applied Paleontological Sciences (AAPS).
However, the market confronts its fair share of challenges. Instances of fake fossils and unethical practices persist. Some unscrupulous dealers have been found creating multiple skeletons from single specimens or marketing heavily reconstructed bones as “originals.”
Is It a Good Investment?
You can purchase a small dinosaur bone fragment or tooth for a few hundred dollars. Larger, more complete bones can command tens of thousands, while complete skeletons may reach millions. While many collectors buy fossils for display, do they constitute sound investments?
<p“Dinosaur deposits, similar to many other geological resources, are finite. Many locations have already been depleted, making the acquisition of new fossils from them virtually impossible. These can be considered stable values over time, akin to gold or precious metals,” Poblador argued.
The rarity of a specimen mainly drives its economic value. A species with only a few found specimens will logically be among the most sought after.
The outlook for dinosaur bone trading is bright, with new discoveries expected to emerge into the market. “Given that only 1 percent of remains have been uncovered and increased global interest, prices are likely to continue to rise,” said fossil dealer Tom Kapitany. Advanced scanning technologies will likely facilitate even more discoveries, potentially unveiling vast prehistoric treasures still buried underground.