Olympic Collectibles

This year’s Olympic Games will take place Friday, July 26, 2024, through Sunday, August 11, 2024. The idea to revive the famous Greek competition came in the late 1800’s, and valuable collectibles have coincided with the games ever since. Olympic collectibles can include everything from medals, torch holders, athletic clothing, archival photos, and vintage posters, to badges and other ephemera. Not surprisingly, the actual record for Olympic related memorabilia is currently $8.8 million. It’s for the original copy of the 1892 speech by Pierre de Coubertin outlining his vision for the modern renewal of the ancient Olympic Games.¹

To learn more about the colorful and competitive world of Olympic collectibles, Katja Zigerlig, Berkley One’s Vice President of Art, Wine + Collectibles Advisory spoke with Michael Osacky, a noted sports memorabilia appraiser, and owner of Baseball in the Attic.

Katja: Let’s start with the gold. Can you give us some insight into the marketplace for medals by winning athletes?

Michael: There are some strong prices for gold medals by top performers. Like the 1892 Olympic speech you referenced, Jesse Owen’s 1936 Olympic gold medal is also historically significant and that’s why it achieved $1.47 million at auction. To this date it remains the most expensive Olympic medal ever sold.²

The 1936 Olympics took place in Berlin during unrest in Germany; having a Black American take the gold was a powerful response. Owens made gold in the 100 meters, 200 meters, 4 x 100-meter relay, AND the long jump! Although the gold medal did not specify which event it was for (as was common at the time), the sell was unaffected. Wladimir Klitschko, who won the Super Heavyweight gold medal in the 1996 summer games in Atlanta, sold his gold medal for $1 million and donated the proceeds to charity.³

This summer, we’ve seen active market activity in the bidding for the 1992 Barcelona Olympic Men’s Basketball Dream Team gold medal presented to Clyde Drexler. The auction closes at the end of August, and at the time of this conversation (late July 2024) we expect the price to head towards $1 million.

But sometimes the “Gold” isn’t gold.

The first modern Olympic games held in Athens in 1896 awarded Silver to the first-place winner, and bronze to second place. Third place finalists-returned home empty-handed.

That explains why a first-place silver medal sold for $180,000 at RR Auction back in 2021.

Katja: So, rarity and historical significance are factors of value. Is there also a hierarchy of a sport’s popularity, or popularity of a sports personality that factors into the top prices?

Michael: Yes, all of the above actually. The value of medals is determined by the historical significance in the game or year, so world events could have an impact. I mentioned Jesse Owens.

The 1952 Helsinki Olympics were the first in which 25 athletes represented the newly formed nation of Israel. Torches are another interesting collecting category. For these games, 15 torches were manufactured with the burner, but 10 of them were lost along the relay. So, there are only 5 remaining torches from 1952 –both rarity and historical significance helped push the auction result to $360,000 at Bonhams in 2012.

The value can also be about the importance of the two competing teams. In 1980, Team USA, who hosted the Olympics at Lake Placid, played their rivals the Soviet Union in the medal round of the men’s hockey finals. Team USA won the Gold 4-3. Mike Eruzione’s used game uniform sold for $657,000 at auction a few years ago.

There are moments in history, and there are different moments for different collectors. I’ll elaborate on the 1992 American Men’s Basketball Team.

For the first time in Olympic history, the International Basketball Federation had lifted restrictions that had previously prevented active NBA professional players from participating in the Games.

Now, the U.S. was able to unite the biggest names in the NBA to play for their country against the rest of the world: Jordan, Malone, Ewing, Pippen, Bird, Johnson, etc. Not only did the team win every game, but they cemented basketball’s popularity and cultural importance on the global map. Today’s modern card and sneaker collectors all want 1992 basketball Dream Team collectibles. Another strong price is the $3.3 million auction price for the Michael Jordan’s 1992 Olympic Dream Team Game Used Jersey Signed to Karl Malone!

Katja: That’s interesting. A larger fan base for the sport outside of the Olympics means more demand which translates to higher values. So, would you say that the consistent demand for the 1992 basketball Dream Team collectibles is correlated in part to the larger fan demographic for that sport than say, volleyball or track and field?

Michael: Simply put, the 1992 Dream Team was transcendental. It was the greatest sports team ever assembled. 11 players and 3 coaches on the team were inducted into the U.S. Olympic Hall of Fame. The team went undefeated.

Katja: Whenever there are consistently high prices for a collectible, a market of fakes tends to grow as well. Is this the situation for sports collectibles? How can buyers and collectors protect themselves?

Michael: There are a ton of fakes. Every year the FBI confiscates fake rings and jerseys. Only buy from reputable auction houses or dealers.

If buying rings, take them to a jeweler before purchase to make sure the gold is authentic and not gold plated. If buying jerseys, review the material and tagging to make sure they are authentic.

Katja: What is one very desirable Olympic item that hasn’t been sold at auction and could be very valuable?

Michael: I would estimate Michael Jordan’s 1992 Dream Team Gold Medal around $4,000,000 or more. A Michael Phelps Gold Medal would also command $1,000,000 or more.

Katja: If you were attending the 2024 Paris Olympic games, is there a piece of memorabilia you would like to obtain in additional to a Phryge t-shirt?

Sidenote: this year The Phryges are the 2024 Paris Olympic Games mascots. They join Bing Dwen Dwen (Beijing 2022); Vinicius (Rio 2016); Powder, Coal, and Copper (Salt Lake City 2002) in their role as symbolic ambassadors.

Michael: I want a croissant, too! For me, the torch that hundreds of people run with from city to city in France is very symbolic. Each person was handpicked to carry the torch for a specific reason. Each person is uniquely connected to the city and thereby the torch. The torch will pass by many historically significant sites, including the Bataclan.

One of the torchbearers has a special connection to that tragic event. He owned a grocery store nearby and hid several shoppers in his basement during the terrorist attack at the concert venue in 2015, essentially saving their lives. What a thoughtful way to commemorate such bravery. It reminds us that courage and strength are qualities that all of us can harness, on the athletic field, and in daily life.

Katja: Well said. Michael, I think you truly capture the spirit of the Olympics, and why so many of us are inspired by all the participants in the games. For those who treasure collecting mementos from games past and present, remember that Berkley One also offers options to insure your prized collectibles, whether gold, silver or bronze.

For more information about Michael Osacky, please visit the Baseball in the Attic website. 

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