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Custer's Last Flag Bags $2.3 Million At Auction

This photo provided by Sotheby's shows the flag, known as "The Culbertson Guidon," from the 1876 Battle of the Little Bighorn. Sotheby's hide caption

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The only United States flag not lost and known to have avoided capture at the Battle of Little Bighorn in southeastern Montana has been sold at auction in New York by Sotheby's for $2.3 million.

The 7th U.S. Cavalry flag from George Armstrong Custer's Last Stand was being sold by the Detroit Institute of Arts to raise money for growing its Native American arts collection. An un-named private American collector bought the flag, which pre-auction estimates had valued at up to $5 million.

Custer and more than 200 troopers were massacred by Lakota Siouxand Northern Cheyenne warriors in the infamous 1876 battle.

Also on Friday at Sotheby's, James Naismith's original rules for the game of basketball were sold for $4 million.