The concert was called "Masters to the Masters" and included performances from a number of internationally renowned musicians, including violinists Václav Hudeček, Jan Mráček and Dalibor Karvay of Slovakia as well as pianist Ivo Kahánek and hornist and conductor Radek Baborák.

Before the concert, which was also attended by European Olympic Committees (EOC) President Janez Kocijančič and other National Olympic Committee (NOC) representatives, four exceptional Czech sports personalities were recognised for their achievements.

Among them was Jan Železný, a three-time Olympic and World Championships gold medal-winning javelin thrower.

Železný, the men's javelin world record holder with 98.48 metres, is also a successful coach and President of the Czech Olympic Foundation.

Also recognised was two-time Olympic medal-winning rower Oldřich Svojanovský, who is President of Czech Olympians Club.

A further two athletes, gymnasts Věra Čáslavská and František Pecháček, were honoured in memoriam.

Čáslavská, a seven-time Olympic gold medallist, was a former ČOV President and International Olympic Committee (IOC) member. 

The ČOV described her as being one of the most famous Czech athletes, not only for her sporting success, but also her contribution and bravery during a difficult time in the country's history.

At the 1968 Olympics in Mexico City, Čáslavská looked down and away when the Soviet national anthem was played and was outcast by the new communist regime.

Pecháček, meanwhile, was part of the Czech team that finished fourth at the 1920 Olympics in Antwerp.

After the German occupation of Czechoslovakia in March 1939, Pecháček became provincial commander of the resistance organisation Sokol.

He was arrested, tortured and subsequently executed at the Mauthausen-Gusen concentration camp in Austria in 1944.

"The Olympic values are a key part of our DNA," ČOV President Jiří Kejval said.

"The four Czech personalities we awarded were top athletes, but they also transcended sport to make a significant mark in other areas of society. 

"For us, they embody Olympism as a true lifestyle. 

"Olympism is not only about medals or fitness; it stands for fair play, equity, endurance, teamwork and a selfless desire to help others.

"Among Olympians and athletes there were, and still are, many brave people who do not hesitate to voice their opinion when they feel and see injustice. 

"Sport helped to form our nation; sport unites our nation and helps to represent it abroad."

The 120th anniversary celebrations will continue throughout the year with a book about the history of the ČOV and Czech sports set to be published later this month.

A project called "Stories of our Olympians", supported by the EOC, is also being launched. 

The project connects former athletes with young people, who record the athletes' life stories for future generations. 

Additionally, an outdoor exhibition of photos dedicated to significant milestones of the modern day Czech state and its sport is scheduled to take place in the Autumn.

The ČOV is one of the world's oldest NOCs, having been established in 1899. 

Its founding chairman, Jiří Stanislav Guth-Jarkovský, was one of the first 12 IOC members appointed during the formation of the organisation in 1894.