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Gloves that Muhammad Ali wore in loss to Joe Frazier, win over Sonny Liston up for auction

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Angelo Dundee's estate is auctioning the gloves Muhammad Ali wore in his 1971 fight with Joe Frazier (Dundee E …

If you're a boxing fan and would like a fairly significant piece of the sport's history for your memorabilia collection, be aware that you can now bid on the gloves that Muhammad Ali wore in his epic March 8, 1971, bout with Joe Frazier in New York's Madison Square Garden.

Of course, the gloves are going to wind up costing just a bit more than most folks can afford.

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The gloves Muhammad Ali wore to stop Sonny Liston are up for auction (Corbis)

The gloves are owned by the estate of Ali's late trainer, Angelo Dundee, who died on Feb. 1 at 90. His estate put them on auction with SCP Auctions. David Kohler, the president and CEO of SCP Auctions, refers to the gloves as "perhaps the most significant piece of boxing memorabilia" to come on the market.

It wasn't uncommon during Ali's time for the trainers to keep things such as the boxer's gloves, trunks and robes. Dundee did that, though not for all of Ali's fights, and amassed quite a large memorabilia collection.

His son, Jim, is donating portions of the proceeds from the sale to the Muhammad Ali Foundation. Another portion of the proceeds will go to the care of Angelo Dundee's daughter, Terri, who suffers from Multiple Sclerosis.

You're going to have to dig deep to get the gloves, or the ones that Ali, then known as Cassius Clay, wore in 1964 when he beat Sonny Liston for the heavyweight title. In February, UFC CEO Lorenzo Fertitta bid $1.1 million for a pair of gloves Ali wore in a bout against Floyd Patterson.

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Angelo Dundee's notations in Ali's glove (SCP Auctions)

It should be noted, though, that Fertitta's bid was contingent upon making Top Rank chairman Bob Arum shout, "I love the UFC!" Arum complied and Fertitta bought those gloves.

Bids on the gloves Ali wore against Frazier and Liston were approaching $250,000 early Thursday afternoon. Bidding closes Friday at 7 p.m. PST, so start counting your pennies if you want to own an important piece of boxing history.

An interesting note about the gloves is that Dundee wrote the date and the result of the fight inside the gloves. There is also notations on them from the athletic commissions that regulated the bouts.

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