The 1932 season was yet another legendary campaign in the career of Babe Ruth. His near-mythical "Called Shot" home run in the 1932 World Series cemented his legacy at the time as the greatest sports hero in American history. His 41 home runs were second only to Jimmie Foxx's breakout mark of 58, and he led the league with 130 walks. Yet, outside the ballpark gates, the Depression had sunk to its depths, and the Yankees had to refund more than $100,000 in ticket receipts for the unplayed 6th and 7th games of the 1932 World Series. In essence, Ruth's and his team's success in the World Series was going to cost the Babe a bundle. As the most lavishly compensated athlete in the game, Ruth knew that he was going to have to take a pay cut. Even so, he was outraged when he received his contract, which called for a 33% cut, to $50,000. (He had been making an astronomical $75,000 per year.) Ruth returned the contract to Ed Barrow, unsigned, and after a few days informed the press, "I don't mind telling you and the world that the offer was $50,000, and that's a cut of 25 grand, and that's some whallop!" A few days later he added, "I can see a 10% cut or even 15%, but 15% is as low as I will go. I expected a cut, but $25,000 is no cut, that's an amputation." Ruth did report to Spring Training – still unsigned – with every intention of hammering out a deal with Jacob Ruppert. In the meantime, he played plenty of golf, and was the subject of a rumor in which he perished in a plane crash. Ruth's response to his supposed demise was, "The worst accident I've had is that Yankee contract." He and Ruppert eventually did meet, but Ruppert wouldn't budge, and – still unsigned – Ruth worked out with the team. After quite a bit of back-and-forth, Ruppert laid down an ultimatum: if Ruth did not sign for the offered $50,000 by March 29, 1933, he would not be taken north with the team, and the offer would be lowered considerably. After this, Ruth gave in. On March 22, he signed for $52,000, stating, "I'll take $52,000. I told him that was alright, and that ended the matter." In essence, the additional $2,000 was a face-saving concession for Ruth, as it allowed the newspapers to report that the Yankees and their star had "compromised" on the contract terms. Many fans found it hard to feel empathy for the slugger, though. Ruth was the highest-paid player in the game – he was, in fact, one of the highest-paid people in the country – during a time when many of the nation's banks were closing their doors. The Babe did go on to have a decent year in 1933 – batting .301 with 34 home runs, and highlighting the first All-Star Game with its first home run – but it was the beginning of the end for Ruth in pinstripes. He was to play just one more season before being unceremoniously released. The document presented here is that pivotal $52,000 contract for 1933. Having survived in a magnificent state of preservation, the contract bears the original raised seal of the "American League Baseball Club of New York," and reveals standard compacting folds. Fully and properly executed, the contract carries the vivid black fountain pen signatures of three Hall of Famers on the appropriate lines: George Herman Ruth (who added his address, "345 West 88th St. N.Y."), New York Yankees team owner Jacob Ruppert, and team manager Joe McCarthy ("Jos. V. McCarthy") signing as witness to the agreement. The contract is protected inside a custom-made, embossed leather case that has been crafted to museum-quality specifications. An incredible relic, and one of the most historic Babe Ruth contracts ever offered. LOA from PSA/DNA (A98579).  Goldin Auctions will be donating 5% of the winning bid price of this lot and all lots in this auction to the Babe Ruth Birthplace Museum.

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