Olympic manifesto breaks record for most expensive sports memorabilia

NEW YORK: The original Olympic manifesto outlining the foundation of the modern Games shattered the world record for the most expensive piece of sports memorabilia sold at auction, fetching $8.8 million on Wednesday.

Experts had expected the item to sell for up to $1 million, but the artifact climbed in price after a more than 12 minute-long bidding war between three international buyers, according to auctioneer Sotheby`s.

The Olympic manifesto, penned by International Olympic Committee founder Pierre de Coubertin in 1892, advocated the resurrection of the ancient Greek Games and was the precursor to the competition`s debut four years later in Athens.

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"Today’s record result stands as a testament to Pierre de Coubertin’s vision of more than a century ago, and the reverence with which the Olympic games are still held," Sotheby`s senior specialist Selby Kiffer said in a statement. "This marks my highest price on the rostrum in more than three decades at Sotheby’s."

A New York Yankees jersey worn by Babe Ruth was previously the most expensive item of sports memorabilia, selling for $5.64 million in June.

Items of historical significance are popular among sports collectors, with James Naismith`s Founding Rules of Basketball selling for more than $4 million in 2010.