A sale of the 343 lots of sports memorabilia in New York brought in $4.73 million, Sotheby's, which handled the sale with SCP Auctions, said in a news release. The most expensive was the 1951 New York Yankees' World Series ring of Hall of Fame manager Casey Stengel, which went for $180,000.

Reed, who had a knee injury, came onto the court at the start of the final game of the best-of-seven series against the Los Angeles Lakers and made the first two shots of the contest. He played 27 minutes in the Knicks' 113-99 victory. It was the first of the franchise's two NBA championships.

The jersey was one of more than 80 lots of basketball uniform items from the collection of Alan Schlesinger, owner of Alchemy Management LLC in Great Neck, New York, and former head of high yield at UBS AG.

A bat used by Babe Ruth sold for $162,000, while a picture of Ruth hugging Yankees Hall-of-Famer Lou Gehrig during the July 4, 1939, appreciation day for Gehrig and signed by both sold for $120,000. Stengel's 1969 New York Mets' World Series ring sold for $78,000.

A 1931 home jersey worn by Gehrig, estimated to sell for at least $200,000, went unsold after the final bid didn't meet the reserve price set.