The United States flag Michael Jordan used to hide the Reebok logo on his jacket during the 1992 Summer Olympics medal ceremony sold for $1.8 million Monday afternoon at Sotheby’s.
Reebok reportedly had paid $4 million to the rights to sponsor the Team USA basketball podium uniforms, but Jordan, ever the businessman, was unwilling to allow the Nike-rival to be seen represented on his body following the Dream Team's gold-medal victory.
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"They said they are going to try to hide the Reebok on it. But they can’t hide it like I’m gonna hide it. They in for a big f------ surprise,” Jordan said.
The Reebok jacket which Jordan covered with the flag previously sold for over $1.5 million in 2023.
During the championship game, JoAnn Scott, the USA Basketball Director of Operations, asked a family that had purchased the flag prior to the ceremony in Barcelona, if she could borrow the flag for Jordan to use. They agreed, and around a week after returning home, received a FedEx package including the flag along with the additions of autographs from Jordan, Scottie Pippen, Magic Johnson, Larry Bird, Patrick Ewing, Chris Mullin, Karl Malone, John Stockton, David Robinson, Charles Barkley, Clyde Drexler and coaches Chuck Daly, Lenny Wilkens and Mike Krzyzewski.
Last month, MeiGray issued a letter of authenticity declaring the flag had been photo-matched to a Getty image taken during the ceremony, using characteristics seen on the flag such as a loose thread to match it to the photo.
The record price for an American flag belongs to a 2006 sale of a flag from the American Revolution for $12.6 million.
Karl Malone consigned game-worn jerseys from all 12 members of the Dream Team in May 2023. The Jordan jersey, which is the only photo-matched example, sold for $3.03 million and was worn in the semifinal round against Lithuania. His sneakers sold for $420,000.
The flag draped on the shoulders of U.S. hockey hero Jim Craig after the 1980 “Miracle on Ice” team won the gold medal was last offered for sale in 2015, though it failed to reach its reserve price after it was valued at $1 million.