Jason Potts receives funding from the Australia Research Council. The economic argument is, of course, whether these public funds might be better spent elsewhere; say on children’s hospitals. A winning performance is not the only means to an Olympic gold medal. This article originally appeared on Market Watch and can be found here, Watch: 5 gold medal moments for team South Africa at the Olympics, This is what South Africans think about sport quotas, SA sports minister bans the country from bidding for international tournaments, This is what South Africa’s best-paid rugby player earns. Over the two years we looked at the Academy Awards, The BAFTA Awards, The Cannes International Film Festival and The Golden Globe Award, the awards and nominations for Australian productions were dominated by Max Max: Fury Road. Obviously, we only then consider annual public funding too. First and foremost, it is important to note that an Olympic gold medal is not made out of pure gold. They think, 'OK, Jesse Owens' medal went for $1.4 million, mine should be worth at least $200,000 or $300,000.'". And at A$8 million … A few issues complicate this analysis. What’s the right age to give a child a smartphone. Now a majority of Australians believe public Olympic funding support is about right or should even be increased. For Australia, that cost will be about A$12 million per medal. "Beggars can't be choosers," he said. Since the Mexico games in 1968, the medals have averaged 65.8 millimeters in diameter, 6.5 millimeters in thickness, and 176.5 grams in weight. There was a guaranteed flow of medals the last 25 years out of Cuba, but the number was dramatically reduced when baseball left the program after Beijing. Tame Impala, who won Best International Group at the BRIT awards. The idea was to compile a suite of awards comparable to the Olympics, with most major artists represented. Australia does okay on books and literature (we included the Nobel Prize, Pulitzer Prize, Man Booker Prize and the Neustadt Awards), but did less well in our sample years. Medals are also sold privately, sometimes before the Olympic flame goes out. Is it better to buy to rent or invest in property stocks in South Africa? They are mostly silver. The values are converted to US dollars. Patrik Wikström receives funding from the Australian Research Council. A "Miracle on Ice" 1980 ice hockey gold medal awarded to Mark Wells sold for $310,700 in 2010, while a similar medal belonging to Mark Pavelich and engraved with his name went for $262,900 last May. In addition, gold medals have not been solid gold since 1912. But similar claims also are made about elite cultural funding. of internationally recognised quality). "I was sort of like a nice guy pawn shop interest free. The next 17 days offer the greatest number of Olympic medals for public consumption with the exception of the Games themselves. Gold, silver and bronze Olympic winners' medals pop up regularly in auctions around the world and occasionally on eBay. But, depending on where you’re from, you might expect a financial windfall. Jim Greensfelder, a member of the IOC Collectors Commission who has handled many sales, said Olympic medals usually come from an athlete "in bad shape financially" or the heirs of deceased athletes who "can't make a decision on who's going to get it. "Most collectors really care about the objects," he said. Total government support for the four sectors amounts to $273m in 2015 and $382m in 2014. I returned three of the eight. In these cultural Olympics, the average “cost” of a medal is approximately $8m. A better and more interesting comparison isn’t between elite sports and sick children, but between elite sports and elite culture. The first and easiest way of calculating the value of a Olympic gold medal is figuring what the metal is worth if one were melted down. The main vehicles for federal funding of the four cultural sectors we focus on are Screen Australia and the Australia Council. First, music and films are the swimming of Australian elite culture. Rarer, older medals can easily sell for much more. That’s nearly 30 times more money than you would earn winning the same medal if you were competing for the U.S. Olympic Team, which in Rio has racked up 11 golds among its world-beating 32 overall medals as of midday Thursday. Australian author Richard Flanagan was nominated for a Man Booker award in 2014. ", "You would think, 'I can't believe that they wouldn't want to keep it in the family,'" he said, "but they don't come to some kind of conclusion to make that happen, so they sell it off.". All countries go through this ritual. So let’s compartmentalise and allow that this public money is already earmarked to support elite Australian performance on the ultra-competitive world stage. Another 40 medals, including 17 that were not awarded, are part of the Ingrid O'Neil mail bid auction ending Oct. 4. Last December, one of the four Olympic gold medals won by Jesse Owens in 1936 was snapped up for a record $1.47 million by billionaire Ron Burkle. The International Olympic Committee doesn't give prize money, but many countries reward their medalists with a bonus. Although there are fewer older medals, they are easier to find than recent ones. We limited our investigation to just a few of the major cultural domains – music, film, books, and videogames – and then examined every major internationally recognised and widely known award, including the Cannes Film Festival, Academy Awards and BAFTA for film, the Grammy and BRIT Awards for music, the Man Booker Prize and the Nobel prize for literature, and the Game Awards for videogames. As competition continues in Rio, executives with the International Olympic Committee and at national sports federations have come under scrutiny over how little of the money generated by the Games trickles down to the athletes. You can’t put a price on it. Juvale 6-Pack Gold 1st Place Award Medal Set - Metal Olympic Style for Sports, Competitions, Spelling Bees, Party Favors, 2.5 Inches in Diameter with 32-Inch Ribbon 4.7 out of 5 stars 125 $12.99 $ 12 . A "Miracle on Ice" 1980 ice hockey gold medal awarded to Mark Wells sold for $310,700 in 2010, while a similar medal belonging to Mark Pavelich … "People would like to be a winner, they would like to participate, but they never can.