The price of peace? Nobel Prize, awarded to Argentina’s foreign minister in 1936 is bought for $1.16 MILLION after being discovered in South American pawn shop
- The Nobel Prize was awarded to Carlos Saavedra Lamas for his work ending the Chaco War
- After Mr Lamas's death in 1959, much of the medal's history is unknown
- It was sold to a pawn shop in 1993 and passed through various collectors before turning up at auction
- It was bought by an Asian collector who asked to remain anonymous
- It is only the second Nobel Peace Prize ever to be sold at auction
A Nobel Peace Prize has sold for a staggering $1.16million after being unearthed in a South American pawn shop - more than 11 times what experts estimated it would fetch.
The gold medal - only the second Nobel Peace Prize ever to be sold at auction and the first in the United States - was originally awarded to Argentina's Foreign Minister Carlos Saavedra Lamas in 1936, for his role in ending the Chaco War between Paraguay and Bolivia.
Brian Kendrella, president of New York-based Stack's Bowers Galleries, which oversaw the medal's sale at the Whitman Expo conference, in Baltimore, yesterday, said the auction drew half a dozen bidders from six countries.
Much of the history of the 1936 Nobel Peace Prize is shrouded in mystery and has sold to an unknown buyer
Carlos Saavedra Lamas was the first Latin American to receive the Nobel Peace Prize
The winning bid, which came in via phone, was from and individual collector from Asia who asked to remain anonymous.
The prize sold for $950,000 but buyer's commission brought the final price to $1.16 million.
This is only the second Nobel Peace Prize to come to auction. This award marked the first time someone from Latin America received the honor. The 1936 recipient was Argentina's foreign minister, Carlos Saavedra Lamas.
Engraved on the side of the medal is the year it was awarded, the recipients name and the words 'Nobel Peace Prize' in French.
The prize sold for far more than the gallery's estimate of $50,000 to $100,000.