The most famous jacket that Michael Jordan ever wore sold on Wednesday at Sotheby's for $1.51 million.
The jacket, worn by Jordan after the 1992 U.S. Olympic Dream Team won gold, was signed and given to then-NBA public relations executive Brian McIntyre, who held onto it for nearly 31 years.
It's not that Jordan merely wore it, it's the story behind the jacket that made it so valuable.
When Jordan signed his contract to play for the United States, he crossed out the section that conferred his image rights to any companies that partnered with the U.S. Olympic Committee.
This sizable edit was avoided until the Olympics in Barcelona started. It was then where tensions rose and Jordan threatened that he might not show up to have the gold medal put on him.
Jordan was of course the face of Nike and the U.S. Olympic Committee had sold the podium jackets to Reebok. Reebok was much more of a threat back then. In the late 80s, Nike actually lost their seat atop the shoe and apparel world to Reebok thanks to the rise of women's aerobics.
Jordan did in fact show up for the presentation after the undefeated Dream Team won the gold medal game against Croatia, but it didn't come without a compromise.
Jordan pinned back the collar of his jacket so that it covered the Reebok logo. At the last minute, he also draped a flag over that shoulder for extra protection against giving the competition an opportunity.
"The thing about this jacket that is so spectacular is that it's not just an incredible piece of sports memorabilia, it's really an iconic moment in American history — it's Americana at the highest level," said Brahm Wachter, head of streetwear at modern collectibles at Sothebys.
The jacket was untouched by McIntyre since that day and the jacket was still pinned back when it was auctioned off on Wednesday.
