Olympic manifesto becomes most expensive piece of sports memorabilia

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 over $13 million.

The item had been expected to sell for $1.5 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.

A New York Yankees jersey worn by Babe Ruth was previously the most expensive item of sports memorabilia, selling for $8.5 million.

Items of historical significance are popular among sports collectors, with James Naismith's Founding Rules of Basketball selling for more than $6 million in 2010.

-Reuters