The bout took place on Feb. 25, 1964 and Ali, who was Cassius Clay at the time, defeated Liston by technical knockout. Following his victory, Ali yelled "I am the greatest" and "I shook up the world” at members of the media.
The gloves were purchased during the estate sale of Ali's former trainer Angelo Dundee in Dec. 2012 for $385,848. It’s unclear why the owner has put them up for auction.
"Baseball has Babe Ruth, basketball has Jordan and boxing has Ali," Chris Ivy of the Heritage auction house told ESPN. "This a great piece of history."
Bidding on the gloves has already hit $170,000 and Ivy anticipates bids to exceed $500,000. Gloves that Ali wore in a 1965 title fight against Floyd Patterson were purchased by UFC co-owner Lorenzo Fertitta for $1.1 million in 2012.
Notable deaths of 2014 [PHOTOS]