The rare beetle Elater ferrugineus was sampled at 47 sites in the county of Östergötland, Sweden by means of pheromone-baited traps to assess its value as an indicator species for hollow oak stands rich in rare saproxylic beetle species. In addition, Osmoderma eremita was also sampled with pheromone baits. These data were then compared against species survey data collected at the same sites by pitfall and window traps. Both species co-occur with many Red Listed saproxylic beetles, with E. ferrugineus being a somewhat better indicator for the rarest species. The conservation value of a site (measured as Red List points or number of Red Listed species) increased with the number of specimens of E. ferrugineus and O. eremita caught. Accuracy of sampling by means of pheromone trapping turned out to be radically different for the two model species. E. ferrugineus traps put out during July obtained full accuracy after only 6. days, whereas O. eremita traps needed to be out from early July to mid-August in order to obtain full accuracy with one trap per site. By using E. ferrugineus, or preferably both species, as indicator species, accuracy would increase and costs decrease for saproxylic biodiversity sampling, monitoring and identification of hotspots. © 2014 Elsevier Ltd.