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Art Market

$130 M. T. Rex Sparks Debate Over Fossils Being in Private Collections, Felix Art Fair Announces New Format for 2027, and More: Morning Links for July 14, 2026

News RoomBy News RoomJuly 14, 2026
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Good morning!

  • A $30 million T. rex reignites a debate over whether fossils belong in private collections.
  • Felix Art Fair will change its format for the 2027 edition. 
  • A forgotten Andy Warhol artwork made on a restaurant table has resurfaced in Austria.

The Headlines

DINO DRAMA. A nearly complete Tyrannosaurus rex skeleton is currently begin offered by Sotheby’s New York as part of Geek Week, where it is expected to fetch north of $30 million. However, the Guardian reports that scientists are warning that selling major fossils to private collectors could put important research material out of public reach. The 67-million-year-old specimen, nicknamed “Gus,” was discovered in South Dakota and is among the largest T. rex fossils ever found. While the sale is reportedly legal under US property laws, paleontologists argue that such discoveries belong in museums, where they can be studied and accessed by researchers rather than hidden in private collections.

LESS IS MORE. For its 2027 edition, the Felix Art Fair in Los Angeles will change its format, centering entirely around the iconic Hollywood Roosevelt Hotel’s two-story cabana complex. That means it will also abandon the fair’s biggest frustration: long elevator lines to head up to the upper floors. “We weren’t at 100 percent where we wanted to be, in terms of satisfaction,” cofounder Mills Morán told ARTnews. “We were getting closer, but we never hit that sweet spot where we’re really happy with people’s experience. This is now our moment to change that.” The fair will also encourage exhibitors to present solo and two-artist booths to give it more of a studio visit feel rather than another trade show. 

The Digest

The Aspen Art Museum has opened the first institutional survey of Arch Connelly, spotlighting the late East Village artist’s theatrical and gender-fluid practice. [The Art Newspaper]

In a new essay, artist Coco Fusco asks, “Where Is Luis Manuel Otero Alcántara?” The Cuban artist’s five-year sentenced ended on July 9, but his whereabouts are still unknown. [Hyperallergic]

Los Angeles’s La Brea Tar Pits has closed for a $240 million renovation ahead of the 2028 Olympics, sparking a backlash over the future of the iconic fossil site. [New York Post]

The fate of Afghanistan’s legendary Bactrian Hoard is once again under scrutiny, with fears growing over the whereabouts of the 22,000-piece ancient treasure after decades of war and political upheaval. [Popular Mechanics]

Art Basel takes a look inside Serge Gainsbourg’s Paris home, which was transformed into a museum, preserving the late singer’s eccentric interiors, personal objects, and artistic legacy. [Art Basel]

The Kicker

WARHOL’S LOST LUNCH. A forgotten Andy Warhol artwork created on a New York restaurant table in 1985 has resurfaced in Austria after decades out of sight. Page Six reported that the piece, made during a spontaneous encounter at the legendary Upper East Side restaurant Mr. Chow, was rediscovered in a private collection and is now expected to become part of a museum project. Warhol reportedly created the work alongside fellow artist Francesco Clemente.

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