An autographed Virginia Squires ABA road jersey, game worn in 1972-73 by Julius "Dr. J" Erving, broke the record for a basketball jersey at auction on May 11.
The jersey netted $190,414 at the Grey Flannel event and could prove a nice investment in years to come.
Finishing as the auction's top lot, the item was a rare blue style in use for only one year in the ABA.
"We had never even seen a common jersey of this type, let alone a Dr. J game-worn example," said Richard Russek, the president of Grey Flannel Auctions.
"We knew it had an excellent chance of making $100,000 at auction. It did that and much more."
The previous record for a basketball jersey at auction was also held by the good doctor. His 1976 ABA All Stars item made $188,321 in 2008.
The ABA merged with the NBA in 1976, by which time the Virginia Squires had already folded. Erving went on to play for the Philadelphia 76ers, helping them to an NBA championships in 1983.
The event took $2.4m in total, the highest figure ever achieved by Grey Flannel.