"Miracle On Ice" Gold Medal Up For Auction

by Deidre Woollard (RSS feed)
Oct 19th 2010 at 11:01PM

For the second time in just a week we are seeing another of the world's most prized trophies, an Olympic gold medal, go up for auction. The first 1980 "Miracle on Ice" Olympic hockey gold medal ever offered in a public auction is estimated to sell for $100,000 or more next month. It is being offered in a sports memorabilia auction to be conducted by Heritage Auctions in Dallas, Texas and online on November 5, 2010.

"It is the first time any of the Olympic gold medals awarded to the 20 players of the 1980 'Miracle on Ice' U.S. hockey team that defeated the Soviet Union has ever been offered in a public auction, and it should bring six figures. This gold medal was awarded to Mark Wells, then 21 years old and a center for the U.S. team," said Chris Ivy, Director of Heritage Sports Collectibles.

The gold medal was created by Tiffany & Co. The obverse shows a raised torch framed between the words "XIII Olympic Winter Games" and the Olympic rings. The reverse shown above has a tree with the raised text "Lake Placid 1980" and the engraved lettering "Ice Hockey, Mark Wells." The medal hangs from its original powder blue and white ribbon.

Wells privately sold the medal earlier this year to an anonymous collector who has consigned it to the Heritage auction. The lot includes a letter from Wells in which he wrote: "I hope you cherish this medal as much as I have. I personally cannot think of another piece of memorabilia that has had such a profound effect on the sports world than this precious keepsake."

As CNBC reported earlier this year, "Miracle" memorabilia still sells well. People remain connected to the historic series of events when the U.S. hockey team beat the Soviet Union and went on to victory over Finland in the gold medal game.WalletPop's Rod Dicker however, was skeptical that the Wells medal will hit six figures. Dicker rounded up a variety of other gold medals that have been up for auction recently. The Wells medal has a much higher value than many other simply because of the significance of the sporting event it was won for.

Tags: gold medal, gold medal for sale, heritage auctions, mike wells, olympic gold medal

Filed under: Auctions, Sports

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Reader Comments (Page 1 of 1)

ironbath Oct 20th 2010 1:56PM

Perhaps some things shouldn't be sold. I'd hate to live in a world where medal winners have to make that heart wrenching decision to sell their attainment to wealthy people who probably have trouble rising from their couch.

If these medals do attract 6 figure sums I can foresee that young athletes will be forced to sell medals to pay for their training costs, a decision they may live to regret when they reach an age when they have to explain to their grandchildren that their medal is owned by a foreign banker who bought it on a whim.

I'd like the olympic committee to add a covenant that means that the medals can not be sold during the lifetime of the competitors.

Lynda Oct 20th 2010 2:30PM

Selling his medal probably meant the difference between being able to stay in his home, not having to cash in his retirement, sending his kid to college, paying for a funeral/medical bills, or even buying grocieries. I can almost guarantee you he didn't sell it just so he could buy the latest model Escalade or vacation home, or to take a trip to Tahitti. At least he had it so he COULD sell it. No, the Olympic committee should'nt have any stipulations about medal winners selling their medals. Believe me, I know how hard of a decision it was for him to sell it. And he WILL feel really sad for the rest of his life. But in the end it is only a "thing". It is just a symbol of HIS achievement and participation. He doesn't need the medal to prove to his Grandson he won it. He can just put a disk of the Olympics in the CD player and SHOW him.

Walt Oct 20th 2010 5:15PM

Mark sold it to a collector earlier this year with hopes that the collector "would cherish it" just as he did.

The collecter will only cherish the profit that he quickly turned on his investment.

Suggestion to the collector: split the profit with Mark -- it woiuld be the appropriate thing to do.