Most Expensive Piece of Olympic Memorabilia Sold

(ATR) A 1952 Helsinki Olympic torch fetched nearly $500,000, the highest price ever for a piece of Olympic memorabilia sold at auction, in Paris on Thursday.

The torch sold for 290,000 Euro ($400,000), well above its estimate of 150,000-200,000 Euro ($207,000-$276,000). With commission and other fees, including VAT if the bidder is European, that adds about 20 percent (58,000 Euro or $80,000).

Vassy-Jalenques SARL of Paris conducted the sale, which included 302 other lots. The buyer is unknown.

Unlike recent torch relays that produce more than 10,000 torches, the Helsinki torch is one of only 22. It has a sterling silver bowl with a birch-wood handle.

The price exceeds the $310,700 paid for an Olympic gold medal won by a member of the 1980 "Miracle on Ice" Olympic hockey team. Mark Wells' medal was sold on Nov. 4 by Heritage Auctions of Dallas, Texas, to a rancher from the Western United States purchasing his first sports collectible from the auction house.

A similar Helsinki torch sold for 119,000 Euro (about $160,000) in a Greek auction in November 2006. About 10 years ago, the going price for the torch was $100,000.

Although other pieces of Olympic memorabilia are even rarer, torch collectors covet the Helsinki torch to complete their collections.

In 1952, torchbearers were given a bronze plaque instead of being allowed to purchase their torch. They passed the torch instead of passing the flame, which is done today and was the method used in the first Olympic torch relay in 1936.

By comparison, a 1936 Berlin torch fetched 2,800 Euro ($3,860) plus commission, in the Paris auction.

There are two summer Olympic torch collections on public display: at the IOC Museum in Lausanne and at the Atlanta History Center, which has a Helsinki torch on loan from Finland. However, each has a 1956 Melbourne torch, but is missing the rare 1956 Stockholm torch used during the equestrian portion of the Games.

Legendary runners Paavo Nurmi and Hannes Kolehmainen kindled the Olympic Flame at different cauldrons in the Helsinki Opening Ceremony.

Written by Karen Rosen.