A record price of $8.8 million has been achieved for a sports memorabilia item at auction. A 14-page document written in 1892 by French aristocrat Pierre de Coubertin set out his vision for launching a modern Olympic Games. It had been expected to reach up to $1 million in the sale at Sotheby's in New York on Wednesday. A buyer whose identity was not disclosed beat two rival bidders. The previous record for sports memorabilia was $5.6 million for a game jersey worn by baseball great Babe Ruth.

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