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Stegosaurus skeleton auction likely to draw millions — and fire
The largest stegosaurus skeleton ever found is expected to fetch millions of dollars at auction in New York next week, likely fueling objections from paleontologists.
The fossil, estimated to be approximately 150 million years old, was put on display at Sotheby’s on Wednesday and will be exhibited there until its sale on July 17.
Pamela Smith / AP
Named Apex, the giant skeleton — 11 feet tall and nearly 27 feet long — is billed as “the most complete and best-preserved” stegosaurus specimen of its size, counting 254 fossil bone elements of an approximate total of 319.
Such sales have become more frequent in recent years, drawing criticism from paleontologists, who say that these finds should be preserved in museums or other public spaces and not sold to private bidders.
“It’s a very, very rare animal, and to find one of this size and this completeness is phenomenal,” Cassandra Hatton, head of science and popular culture at Sotheby’s, told AFP.
The auction house estimates Apex’s value at $4-6 million, though still less than Stan, the world’s most complete tyrannosaurus rex skeleton sold in 2020 for a record $31.8 million.
Apex was discovered in May 2022 on the private land of paleontologist Jason Cooper. The auction house says it has collaborated with Cooper to “document the entire process, from discovery and excavation to restoration, preparation and mounting,” in order to guarantee the “highest standards and transparency.”
In 2022, Christie’s auction house had to withdraw a T-rex skeleton a few days before auction in Hong Kong due to doubts about its authenticity.
Stegosaurus skeletons are already on display around the world but, according to Sotheby’s, Apex is 30 percent larger than Sophie, the most complete stegosaurus on public display to date, which is housed in the Natural History Museum in London.
The debate around auctions of dinosaur fossils is one “I’ve heard a lot,” said Hatton. “When you have a scientifically important specimen, the museums usually show up and find donors to bid on their behalf or they bid themselves.”
“Most of the people I work with are donating specimens to museums or loaning them to museums; they understand the significance and importance of these specimens.”
According to Sotheby’s, Cooper has already donated fossils to museums around the world.
Tupperware and some of its subsidiaries filed for Chapter 11 bankruptcy protection, the once-iconic food container maker said in a statement late Tuesday.
The company has suffered from dwindling sales following a surprise surge during the COVID-19 pandemic, when legions of people stuck at home tried their hands at cooking, which increased demand for Tupperware’s colorful plastic containers with flexible airtight seals.
A post-pandemic rise in costs of raw materials and shipping, along with higher wages, also hurt Tupperware’s bottom line.
Last year, it warned of “substantial doubt” about its ability to keep operating in light of its poor financial position.
“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.
“As a result, we explored numerous strategic options and determined this is the best path forward,” Goldman said.
The company said it would seek court approval for a sale process for the business to protect its brand and “further advance Tupperware’s transformation into a digital-first, technology-led company.”
The Orlando, Florida-based firm said it would also seek approval to continue operating during the bankruptcy proceedings and would continue to pay its employees and suppliers.
“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process,” Goldman said.
The firm’s shares were trading at $0.5099 Monday, well down from $2.55 in December last year.
Tupperware said it had implemented a strategic plan to modernize its operations and drive efficiencies to ignite growth following the appointment of a new management team last year.
“The Company has made significant progress and intends to continue this important transformation work.”
In its filing with the U.S. Bankruptcy Court for the District of Delaware, Tupperware listed assets of between $500 million and $1 billion and liabilities of between $1 billion and $10 billion.
The filing also said it had between 50,000 and 100,000 creditors.
Tupperware lost popularity with consumers in recent years and an initiative to gain distribution through big-box chain Target failed to reverse its fortunes.
The company’s roots date to 1946, when chemist Earl Tupper “had a spark of inspiration while creating molds at a plastics factory shortly after the Great Depression,” according to Tupperware’s website.
“If he could design an airtight seal for plastic storage containers, like those on a paint can, he could help war-weary families save money on costly food waste.”
Over time, Tupper’s containers became popular that many people referred to any plastic food container as Tupperware. And people even threw “Tupperware parties” in their homes to sell the containers to friends and neighbors.
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