Global auction major Sotheby’s is preparing for one of the largest and costliest auctions in the fossil market with the auction of 67-million-year-old Tyrannosaurus rex at New York next month.The Financial Times has reported that Tyrannosaurus rex has been named ‘Gus’ after Gary Gus Licking, the rancher whose land it was found on in South Dakota.The latest planned fossil auction comes two years after Sotheby’s sold a Stegosaurus fossil to Ken Griffin, hedge fund Citadel’s owner for a whopping $44.6 million.The encouraging response to the Stegosaurus auction has now inspired Sotheby’s to go big on the fossil market which is drawing attention of the rich for further lending to globally acclaimed museums.Stegosaurus fossil which is called ‘Apex’ is currently on show at the American Museum of Natural History after Griffin decided to lend his possession.Sotheby’s says the pre-auction estimate for Apex was between $4 to $6 million but it ultimately went for much more.In July 2024, Sotheby’s auctioned “Apex,” the most valuable fossil ever sold at auction. The 150-million-year-old, 11-foot-tall Stegosaurus specimen shattered all its initial estimate.The Tyrannosaurus auction in July is however billed to be even higher with an estimate between $20 to $30 million.This pre-auction estimate is so far the highest for any dinosaur fossil and shows how the pre-historic specimen market is catching up.