Lucas, 73, had hoped that his Rome 1960 gold medal would form the centre piece of the auction organised by Grey Flannel and which took place after the Basketball Hall of Fame induction ceremony in Middletown.

However, it appears that the $250,0000 (£161,000/€189,000) reserve price only served to put any potential buyers off and left the seven-time NBA All-Star, who was named Rookie of the Year in 1964, disappointed and not "totally overjoyed" by the outcome.

Lucas, who was part of the United States basketball team that includes fellow Hall of Famers Oscar Robertson, Walt Bellamy and Jerry West, which defeated arch-rivals the Soviet Union in the 1960 Olympic final, had put his collection of memorabilia up for auction because he said he could not divide the collection fairly among his family.

Despite, failing to sell the Olympic medal, director of operations at Grey Flannel, Michael Russek claimed that the other pieces of memorabilia garnered "a tremendous price" and "great auction".

The 1973 NBA Championship ring that Lucas won with the New York Knicks was the highest grossing piece on the night, going for $72,000 (£45,000/€53,000), while his 1970 Hall of Fame Induction ring and the jersey he wore in that 1960 Olympic final were the next highest priced items, both selling for $60,000 (£38,000/€44,000).

The 1973 NBA Championship Ring won by Jerry Lucas was the highest selling piece of the auction going for $72,000