The First Piatigorsky Cup was held in The Ambassador Hotel, Los Angeles in July 1963. The tournament field of eight included players from five countries. The Soviet representatives Paul Keres and World Champion Tigran Petrosian finished equal first to share the cup with a score of 8½/14, receiving more than half of the $10,000 prize fund ($3000 for first). Since dollars brought back to the USSR were exchanged by the Soviet government for rubles at an unfavorable rate, Keres and Petrosian were reported to have bought automobiles (Ramblers) with their winnings. Keres's Rambler is today preserved in Halinga Car Museum near Pärnu in Estonia. Keres won the most games in the tournament (six), but lost twice to Samuel Reshevsky. The Cup was Petrosian's first tournament since winning the 1963 World Championship match with Mikhail Botvinnik and was one of two first prizes he shared in his six-year reign as champion. He was the first reigning champion to play in an American tournament since Alexander Alekhine at Pasadena 1932. After losing in the second round to Svetozar Gligorić, Petrosian was never in danger the rest of the tournament.