The gloves Muhammad Ali wore in his 1971 bout against "Smokin" Joe Frazier have sold for $388,375 at Heritage Auctions.

The lot crossed the block in the July 31 Sports Collectibles Platinum Night Auction in Cleveland.

The fight was the first Ali had lost in his professional career

The event was hyped as the "Fight of the Century" and took place in New York's Madison Square Garden.

Support for each fighter was broadly split down ideological lines - Ali was held to represent the left wing, anti-war youth of America (due in part to his refusal to fight in Vietnam) while Frazier was championed by those who leaned to the right.

Both men were undefeated in their professional careers. The fight went the full 15 rounds. When the final bell rang Frazier was declared victorious.

Earlier this year the gloves Ali wore in his first heavyweight championship bout, against Sonny Liston, sold for $836,500 at Heritage.

Lou Gehrig's 1924 rookie contract with the New York Yankees was another highlight from the present sale, achieving $358,500.

Gehrig had built a solid reputation for the Hartford Senators, earning himself the nickname "The Eastern Babe". On his arrival in the major league he proved a scintillating signing, with an impressive .500 batting average.

Heritage commented prior to the sale: "The standard four-page 'American League of Professional Baseball Clubs Uniform Player's Contract' stands among the most significant ever to emerge from the archives of the New York Yankees, a collectible that stands shoulder to shoulder with the million-dollar document that brought Babe Ruth into pinstripes."

Babe Ruth's 1918 contract with the Red Sox made $1m at Goldin Auctions last month.

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