Just caught the live webcast of the auction, and the auctioneer did make a statement about the ring to the effect of: "This was Fuzzy Thurston's ring. He lost the original ring given to him in 1967 and this was made for him in the 70's. But this was Fuzzy's ring, and he did wear it."
The situation was handled fairly in my opinion, and bidding advanced beyond the opening internet pre-bid, so assumedly the winner knew exactly what he was getting.
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