Sotheby's will auction a 67-million-year-old T. rex named "Gus" on July 14 with a record $30 million estimate, the highest ever for a dinosaur fossil. The specimen, discovered on a South Dakota ranch in 2021, represents the auction house's continued bet on the luxury fossil market where elite collectors spend tens of millions.

Last year, Sotheby's sold a Stegosaurus to Citadel owner Ken Griffin for $44.6 million, more than seven times its pre-sale estimate. "Gus" is among the most complete T. rex skeletons discovered, featuring unique elements like bite marks and healed bones that help answer scientific questions about the species.

"These sales are super important because they are helping us find fossils that would otherwise be lost," said Cassandra Hatton, Sotheby's vice-chair. The auction house aims to attract a broad buyer profile, with most collectors wanting to display the specimens in museums or their home countries.

The fossil market has grown substantially since "Sue," the first dinosaur sold at auction, fetched $8.4 million in 1997. "Gus" continues this trend of premium paleontology specimens becoming status symbols for the world's wealthiest collectors.