THIS WEEK AT AUCTION: SOTHEBYS APEX | $44 MILLION
As the gavel fell, the room erupted in applause, the sound echoing through the halls of the austere auction room where moments ago, the air had crackled with tense anticipation. The offering? A colossal beast from a bygone era - "Apex," the largest and most complete Stegosaurus skeleton ever unearthed.
The Apex Auction widely considered a landmark event in Paleontology and Auction History closed On July 17, 2024, at 11:28 AM EDT at the prestigious Sotheby's auction house in New York City. "Apex," would go on to shatter records and captivate both scientific and public imaginations.
The moment that this exceptionally well-preserved Stegosaurus was sold, Sotheby’s became the epicenter of a groundbreaking event that bridged the worlds of paleontology and high-end auctions.
THE AUCTION: NATURAL HISTORY
AUCTIONEER:PHYLLIS KAO
Lot 13
Phyllis Kao, a seasoned auctioneer at Sotheby’s, stood poised at the podium, her demeanor calm yet electrifying. The room buzzed with anticipation as millions of curious online spectators tuned in, eager to witness the sale of a lifetime—a stegosaurus fossil.
In a post-auction New York Times interview, Kao was reportedly wearing her grandfather's rings for luck and wielding her mentor's inscribed gavel. As she expertly navigated the intense competition, it became glaringly obvious why she was chosen to do this, collected does not even begin to describe the professional expertise with which she commanded the space.
The 2024 Sotheby's Natural History auction featured Apex, an exceptional Stegosaurus skeleton, as its star attraction. In addition to Apex, the auction included a diverse range of natural history items:
Fossils
Meteorites
Minerals
Gogottes (unique sandstone formations)
Paleolithic tools
This year's sale included a new addition to its collection: Paleolithic tools used by Homo heidelbergensis and Homo neanderthalensis (Neanderthals). This expansion has increased the variety of prehistoric artifacts available at the auction, catering to both collectors and institutions.
The sale concluded dramatically with a late-entering winning bidder, an uncommon occurrence that added to the event's excitement. Kao described the experience as "an auctioneer's paradise," filled with palpable tension and excitement.
The auction itself was a spectacle that captured global attention. The pre-sale estimate for Apex ranged from $4 million to USD 6 million, but what transpired in the auction room far exceeded these expectations.
Seven determined buyers engaged in a fierce 15-minute bidding war. The bidding war erupted like a volcano, numbers flying higher with each raise of a paddle. "$10 million!" "$20 million!" The figures soared past the pre-sale estimates, leaving us the spectators in shock at such a stunning display of wealth.
The price quickly surpassed the pre-sale estimates, climbing to astronomical figures. When the gavel finally fell, Apex had sold for an astonishing USD 44.6 million - more than 11 times the lower estimate. This price not only set a new record for a fossil sale but also placed Apex among the most valuable natural history specimens ever sold at auction.
The winning bid came from a previously reported anonymous buyer who made a cryptic statement: "Apex was born in America and is going to stay in America." This hint at the possibility of the specimen being loaned to a U.S. institution was met with enthusiasm from the scientific community, who hoped this meant continued access to research and public education.
The buyer has since been revealed to be hedge fund billionaire Ken Griffin, founder and CEO of Citadel. Unsurprisingly, The sale of Apex reignited debates within the scientific community about the private ownership of significant fossils. While some argued that private sales could lead to specimens being lost to science, others pointed out that many private collectors collaborate closely with institutions, often loaning or donating specimens for research and display.
The transparency of the entire process, from discovery to sale, set a new standard in the fossil trade. Sotheby's involvement from the early stages ensured that crucial scientific data was preserved and documented, potentially setting a precedent for future high-profile fossil sales.
Watch the Auction Here: APEX LOT 13
DISCOVERY
Image Source: Sotheby’s
The journey of Apex began in 2022 near the aptly named town of Dinosaur in Moffat County, Colorado. This region, part of the famous Morrison Formation, has long been a treasure trove for paleontologists. The Morrison Formation, a sequence of Upper Jurassic sedimentary rock, spans multiple states in the western United States and has yielded numerous significant dinosaur fossils over the years.
Apex was discovered on private land, a factor that would later play a crucial role in its sale. The excavation process, spanning two field seasons in 2022 and 2023, was meticulously documented from day one - a first for an auction house. This unprecedented level of involvement by Sotheby's ensured a transparent and comprehensive record of the specimen's journey from discovery to the auction block.
THE SPECIMEN
Apex proved to be a paleontological goldmine. Standing 11 feet (3.4 meters) tall and measuring 27 feet (8.2 meters) from nose to tail, this Stegosaurus was not only one of the largest ever found but also one of the most complete.
The skeleton comprised 254 fossil bone elements out of an estimated total of 319, making it approximately 80% complete - a rarity for specimens of this age and size. The fossilization of Apex was considered to be exceptional. I am not a paleontologist so I wouldn’t know. The bones were reported to have been preserved in exquisite detail, exhibited minimal distortion, and retained much of their original shape and surface characteristics.
The dark grey-to-black coloration of the bones was consistent with fossils originating from the Morrison Formation in Colorado, adding to the specimen's authenticity and scientific value.
PREPARATION & MOUNTING
Image Source: Sotheby’s
The preparation of Apex was reported to be a testament to modern paleontological techniques. Each bone was individually fitted with holding brackets, allowing for secure mounting while remaining removable for study or transportation.
The skeleton was mounted on a custom steel armature, complete with heavy-duty adjustable steel leveling feet to ensure stability. One of the most innovative features of the mount was the incorporation of four pivoting joints, allowing the skull and neck vertebrae to be positioned in different directions. This flexibility in display was further enhanced by the use of magnets to attach the chevrons of the tail, facilitating easy assembly and disassembly.
The preparation team went to great lengths to preserve important contextual information. This included fossilized skin impressions and three ossicles (throat armor), which were offered along with the specimen. The first two dermal plates, known for their fragility, were carefully preserved in a separate case, with 3D-printed replicas placed on the mount.
SCIENTIFIC SIGNIFICANCE
Apex's completeness and excellent preservation make it an invaluable specimen for scientific study. The skeleton showed signs of advanced age, including evidence of arthritis, particularly notable in the fusion of the four sacral vertebrae.
Interestingly, the specimen showed no signs of combat-related injuries or post-mortem scavenging, offering insights into the life and death of this ancient creature.
The skeleton's completeness allows for comprehensive studies of Stegosaurus anatomy, potentially revealing new information about the species' biology, behavior, and evolution. The presence of skin impressions is particularly valuable, as soft tissue preservation is extremely rare in fossils of this age.
Video Source: Aljazeera
BUYER PROFILE:
Image Source: Forbes.com
Kenneth C. Griffin is the Founder and CEO of Citadel, a leading alternative investment firm, and the Founder and Non-Executive Chairman of Citadel Securities, a top market maker.
A passionate philanthropist, Griffin has donated over $2 billion to various causes, including $300 million to Harvard in 2023. He began investing from his Harvard dorm in 1986 and founded Citadel in 1990.
Griffin is also an avid art collector, Here are some notable artworks in his collection & known prices:
Jean-Michel Basquiat’s Boy and Dog in a Johnnypump (1982) - $100 million
Willem de Kooning’s Interchange (1955) - $300 million
Jackson Pollock’s Number 17A (1948) - $200 million
Paul Cézanne’s Curtain, Jug and Fruit Bowl (ca. 1893) - $60 million
Jasper Johns’s False Start (1959) - $80 million
In 2021, he purchased a rare copy of the U.S. Constitution for $43.2 million
His most recent purchase of 2024 was The Apex, quite tame In price in comparison to the financial juggernauts in his collection.
Check Out His Collectors Profile Here.
The Apex auction marked a watershed moment in both paleontology and the auction world.
It demonstrated the increasing value placed on paleontological specimens and the public's enduring fascination with dinosaurs. As Apex moves to its new home, whether in a private collection or a public institution, it carries with it not just the legacy of the Jurassic period, but also the story of its 21st-century journey from the Colorado earth to the pinnacle of the auction world.
The sale of Apex will undoubtedly be remembered as a pivotal event in the ongoing dialogue between science, commerce, and public interest in our prehistoric past.
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