Nanotyrannus skeleton sells for $47.3 million, double the high estimate

For the new owner of a rare dinosaur skeleton, the cost of entry into private fossil ownership just reached a new threshold. A Nanotyrannus specimen nicknamed "Jodi" sold for $47.3 million at Sotheby’s in New York City on Tuesday. The final price was more than five times the highest estimate of $9 million that the auction house had projected before the sale began.

The buyer, who remained anonymous, outbid five other bidders in a process that lasted approximately 12 minutes. The successful bid was placed through a combination of online and phone calls. This transaction makes "Jodi" the second most expensive dinosaur fossil ever sold at auction. It trails only "Gus," a T. rex that went for a record $50.1 million at the same house earlier this year.

The skeleton stands 9 feet 6 inches tall and stretches nearly 20 feet long. It is considered 70% complete. Prior to the auction, the fossil was on display at Sotheby’s headquarters in upper Manhattan. The specimen was discovered in 2019 by Montana rancher Jodi Pierson on her property. It is named in her honor.

For decades, scientists debated whether the Nanotyrannus was a distinct species or simply a young T. rex. Research published last year confirmed it as a separate genus. The two creatures lived during the Cretaceous period roughly 67 million years ago. The Nanotyrannus was about half the length of an adult T. rex but featured longer forelimbs, larger claws, and thinner, blade-like teeth.

Cassandra Hatton, Sotheby’s head of science and natural history, thanked the fossil hunting team involved in the discovery. Their work was featured in the 2020 Discovery Channel series "Dino Hunters." Hatton said their commitment to preserving the specimen helped bring it to market.

Some scientists have criticized private sales of major fossils. They argue that such specimens should reside in museums where researchers can study them and the public can view them. "Jodi" is one of only three known Nanotyrannus skeletons in existence.

The sale concludes a period of intense interest in large theropod fossils. The auction house had listed the estimate at $6 million to $9 million, a range that reflected the uncertainty surrounding the specimen’s market value before the bid war began.