Even though their sentimental value may be priceless to the athletes who wear them around their necks, Olympic medals are finding their way to pawnshops and auction blocks from the podium...
A silver medal in shooting from the 1900 Olympics in Paris recently sold for a mere $1,283.
“It’s a niche collectible,” Bobby Livingston, an executive vice president of RR Auction, which brokered the sale of the three medals and 18 others on July 22, said Sunday. “The ones that have come to market in recent years, there isn’t a glut of them.” Boston Celtics legend Bill Russell will put his gold medal from the 1956 Olympics, when he served as captain of the U.S. basketball team, on the auction block this fall.
A gold medal won by an unidentified member of the 1984 U.S. basketball team, a roster that included Patrick Ewing and Chris Mullin, sold for $83,188 on July 22, RR Auction said. In addition to the origin and ownership history of collectibles such as medals, known as provenance, their condition plays an important role in their price, auction experts said. Do they have their original ribbon? Did they come with a case?
That works out to be about $800 in gold and silver in those medals, Philip Newman, a founding partner and managing director of Metals Focus, a London-based research firm, said Sunday.
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