This summer, an anonymous buyer paid US$50.1 million for "Gus", a Tyrannosaurus rex skeleton at a Sotheby's auction in New York.
The sale surpassed the previous world record of US$44.6 million achieved in 2024 by "Apex", a Stegosaurus skeleton, demonstrating the extraordinary sums collectors are now willing to pay for rare and historically significant assets.
Once regarded as the preserve of museums and scientific institutions, fossil collecting is increasingly attracting private buyers seeking unique assets with a story to tell. More broadly, it reflects the popularity of so-called "passion assets". Collections acquired not solely for financial return, but because they reflect a personal interest, expertise, or enthusiasm.
Passion assets can take many forms, including classic Ferraris, fine art, rare watches, jewellery, vintage wine, historic manuscripts, sporting memorabilia, and more recently, natural history specimens. Whilst these collections are often built gradually over time, many have become substantial stores of wealth, with values capable of rivalling more traditional investment portfolios.
What makes the Sotheby's sale particularly interesting is that Gus was only one item within a much larger auction comprising 168 separate lots. Alongside the Tyrannosaurus rex were trilobites dating back more than 500 million years, marine reptiles, ammonites, dinosaur jaws, Stegosaurus specimens, and a wide range of museum-quality natural history artefacts. The breadth of the catalogue illustrates how collecting interests are extending beyond traditional luxury assets into specialised categories with global buyer communities.
According to Knight Frank's Wealth Report 2026, collectors are increasingly seeking rare, tangible assets with compelling stories and limited availability. The report highlights growing interest in categories once considered highly niche, including natural history specimens and fossils. Rather than being driven solely by financial returns, many collectors are attracted by rarity, provenance, and the satisfaction of owning something genuinely unique.
Whether the asset is a fossil, gems, whisky, stamps, coins, or books, the same question eventually arises: how should these assets be owned, protected, and passed to future generations?
More than a collection
As collections grow in value, they often evolve from personal interests into significant components of family wealth.
What may have begun as a hobby can become an asset requiring the same level of planning and governance as a business, investment portfolio, or property holding. Yet valuable collections are frequently held personally, without consideration being given to succession, governance, or future ownership.
This can create a range of challenges, including uncertainty regarding inheritance, disputes between beneficiaries, difficulties with valuation, forced sales following death, and the risk of collections being fragmented between multiple heirs.
Why ownership structures matter
For significant collections, personal ownership may not always provide the most effective long-term solution.
Depending on a family's objectives and circumstances, structures such as trusts, private trust companies, foundations, holding companies, private funds, and family investment structures may offer a more appropriate ownership framework.
These arrangements can help establish clear governance around how assets are held, managed, and ultimately transferred. They can define who benefits from the collection, who is responsible for decision-making, and how future acquisitions, disposals, and succession arrangements should be handled.
Whilst every family's circumstances are different and specialist advice imperative, structured ownership can provide greater continuity, support long-term stewardship, and help ensure valuable collections remain protected across generations.
Ownership brings responsibility
Owning a high-value asset involves more than preserving its monetary value.
Many passion assets require expert care and ongoing maintenance. Fossils provide a useful example. Museums and conservation experts recognise that specimens can be vulnerable to environmental damage caused by excessive humidity, temperature fluctuations, ultraviolet light exposure, and physical stress. Improper storage or handling can result in deterioration, cracking, or irreversible damage. Larger specimens may also require specialist transportation, security arrangements, and bespoke display environments.
In each case, ownership carries a responsibility not only to preserve value, but also to preserve the asset itself.
Preserving value and legacy
An important concept when considering passion assets is custodianship.
The most successful collectors often view themselves not simply as owners, but as temporary guardians of assets that may outlast them by decades, centuries, or, in the case of fossils, millions of years.
When reviewing ownership arrangements for valuable collections, families may wish to consider:
- Whether assets should continue to be held personally or through a dedicated structure.
- How future generations will participate in decision-making.
- Whether assets should remain together as a collection or be distributed individually.
- How ongoing management, maintenance, insurance, and succession will be funded and administered.
In summary
Whether the asset is a Ferrari, a family art collection, a rare timepiece, or a Tyrannosaurus rex, the challenge extends beyond personal enjoyment. These assets often represent history, craftsmanship, cultural significance, or family heritage. The objective is therefore not merely to protect wealth, but to establish a framework that allows important assets to be maintained, enjoyed, and preserved for future generations.
This briefing is provided for general information only and does not constitute legal, tax or financial advice. Professional advice should always be obtained before acting on any of the information provided.
