The market for dinosaur fossils is booming

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But evidence that private collectors are pricing museums out is mixed

. First described in 1861, this was an early species of feathered dinosaur that helped prove that modern birds are descended from the ancient reptiles. Every one of the dozen known specimens ofwas found, collected and prepared by enthusiastic private collectors. Excluding such fossils from the scientific literature simply because they are privately owned “seems arbitrary”, wrote Dr Rauhut in a paper on the topic.

Others argue that scientists in the field, despite their noble motives, could use some help. “Every year, thousands of fossils around the world are exposed to the elements by ordinary geological processes before being weathered to dust without a trace,” says Ms Hatton, of Sotheby’s. In December 2022 her firm sold “Maximus”—a remarkably intactskull—for $6.1m. The rest of the specimen, barring a badly eroded clavicle, had crumbled from exposure to ice, wind and rain.

Almost all of the fossils bought at auctions in recent years were taken from the Hell Creek formation, a geological deposit that spans much of Montana, Wyoming and the two Dakotas. There is a good reason for this: in America, there is clear legal precedent guaranteeing that fossils discovered on private land belong to the landowner and can be legally traded.

That is unusual. Besides Hell Creek, the most important fossil-bearing deposits in the world are in Qinjiang in China, the Gobi Desert in Mongolia, Campanha in Brazil and Argentine Patagonia. In all four countries, dinosaur fossils are considered the property of the state. That does not stop trade—but it does push it into the black market, where crime syndicates smuggle fossils across national borders. Given their illegality, such fossils are unlikely ever to end up in a scientist’s hands.

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