Doyle New York said the trophy was put up for auction by the Provident Loan Society, which had estimated its value at $15,000-$20,000.According to the auction firm, Provident Loan Society of New York is a not-for-profit lending organization established in 1894 by the state legislature. The Provident Loan Society serves about 100,000 individuals annually, according to Doyle New York.
An anonymous bidder went to $60,000 Wednesday to acquire the 14 karat gold trophy won by Majestic Prince in the 1969 Kentucky Derby.The trophy, purchased via a telephone bid, was auctioned by the auction firm Doyle New York.According to Doyle New York, the sale of the trophy marked the first time since 1951 that a Kentucky Derby gold cup had been offered for sale. The company said bids were received from those present in the firm's sales room, as well as from absentee and telephone bidders. Campaigned by Canadian Frank McMahon, Majestic Prince won the Derby and Preakness Stakes but failed to sweep the Triple Crown when he finished second to Arts and Letters in the Belmont Stakes.