The London Organising Committee of the Olympic and Paralympic Games (LOCOG) has launched an auction website to generate income from all kinds of superfluous Olympic memorabilia.
With the world economy in a recession many organisations and corporations are seeking new ways to generate additional income, and LOCOG is no exception.
The 2010 Winter Olympics saw the launch of the first auction of memorabilia from the games, with equipment, podiums, seats, and all sorts of Olympic-oriented bric-a-brac that is traditionally thrown away once the games are over, put up for auction instead. The Canadian Olympic Committee generated over $6 million in additional revenue from that auction.
LOCOG has wisely followed suit and has begun Auctioning off items of Olympic interest. They have also embellished the selection available by adding in true memorabilia such as Olympic torches, including the torch recently signed by football star, David Beckham.
Fans wishing to bid on Olympic pieces, including the aforementioned London 2012 podiums and torches, should visit www.memorabilia.london2012.com , the London Olympic Auction site, where they can place a bid.
If the Canadians managed to raise $6 million to help pay their costs at the winter games, the summer London Olympic auction revenue should dramatically exceed that amount. And with the BBC reporting that the London Olympic’s is costing a total of £9.3 billion, every penny is likely to count.