The 1960 Olympic medals are the only ones to feature an olive leaf chain

The company's latest online sale begins on August 16, with the live session due to take place at the Naismith Memorial Basketball Hall of Fame in Springfield, Massachusetts on September 9. Lucas' Olympic medal will star, with a minimum bid of $250,000.

The 1960 US Olympic basketball team is generally regarded as one of the finest amateur teams of all time, with four members - Walt Bellamy, Oscar Robertson, Jerry West and Jerry Lucas - later inducted into the hall of fame.

The team won all eight of their games in Rome to secure the gold medal. In near mint condition, Lucas' example is the first medal from the event ever offered, and will be accompanied by a signed letter of authenticity from Lucas himself.

Lucas, now 73, says his reason for selling is that the items have spent much of their time in his closet, and that he couldn't split them evenly between his family.

Also starring is Lucas' 1973 New York Knicks World Championship ring and his 1979 hall of fame induction ring, both of which hold a minimum bid of $50,000.

Lucas' Olympic jersey, as well as examples from the San Francisco Warriors and Cincinnati Royals, complete the auction's highlights.

Elsewhere, a VIP experience for two to attend the 2014 NBA All-Star game as a guest of the Naismith Memorial Hall of Fame opens at $5,000.

In 2012, an All-Star jersey worn by Michael Jordon sold for $37,500 in an auction dedicated to hall of famers. In June, Grey Flannel sold the collection of "Pistol" Pete Maravich, starring his hall of fame ring at $89,000.

See our superb selection of sports memorabilia for sale.