The Olympia is considered the premier event in professional bodybuilding, even though most attendees prefer the Arnold Classic for both entertainment and show production. Still, the Mr. O's the main event, and even though it's been far outpaced by the Columbus weekend, everyone knows the Olympia is number one.
The first Mr. O (won by Larry Scott) was held in September, 1965, at the Brooklyn Academy of Music. It later moved from city to city, but more recently has been held in annually Las Vegas; Ronnie Coleman claimed his 8th successive win in October of 2005.
The Mr. Olympia trophy was based on a sculpture of the great Eugen Sandow. I think everyone who competes in bodybuilding probably dreams of a Sanow at some time or another, though not too many of us have seen one, and fewer yet have touched one of these bronze beauties. Apparently the first one of the modern era was picked up by Frank Zane in 1977.