Michael Jordan's 1992 Summer Olympics "Dream Team" Reebok warmup jacket is up for auction via Sotheby's, and it is projected to fetch a lot of money.
The iconic item has an estimated value of $1-3 million, according to Sotheby's, and will be offered in a single-lot online sale open for bidding from May 11 until June 28. It will be on public view at Sotheby's New York from June 24-28.
"The 'Dream Team's' influence on basketball is immeasurable. To be able to sell this relic from such a historic world sporting event -- one that is often credited for multiplying the popularity and global reach of basketball -- is both rare and unparalleled," Brahm Wachter, Sotheby's Head of Streetwear & Modern Collectables, told CBS Sports. "And beyond its legendary place in Olympic history, the jacket represents Michael Jordan's fierce and devoted loyalty to Nike, a transformative and revolutionary partnership between two powerhouses that has stood the test of time."
Jordan wore the famous jacket when he was accepting his second Olympic gold medal, but the item actually became iconic because of what he was trying hide while donning it.
The Dream Team was contractually obligated to wear the Team USA-issued Reebok warm-ups at the 1992 Summer Games, but Jordan -- perhaps the most famous Nike endorser since the company's inception -- felt the need to show loyalty to the company he was closer with during the internationally televised ceremony.
So after beating Croatia 117-85 in the Aug. 8, 1992 title game, Jordan famously draped an American flag over the right side of the jacket during the medal ceremony to hide the Reebok logo on his outfit. He was not the only player wearing a flag, but he strategically made sure it was hanging low enough to hide both the Reebok logos on his jacket and the right side of his pants.
Following the ceremony, Jordan tossed it to Brian McIntyre, the consignor of the jacket.
"I certainly don't want it," he told McIntyre.
The jacket is signed with black marker for "Brian" on the front right side.
Jordan gave more of a behind the scenes look at the situation during the "The Last Dance."
In episode 5, he discussed his grievances towards Harvey Schiller, who was the Executive Director of the United States Olympic Committee at the time of the 1992 Summer Olympics. Jordan was not happy that Schiller would allegedly not let Team USA athletes accept their gold medal unless they were wearing Reebok apparel.
