According to Anthony Corbeill, a classical studies professor who has extensively researched the practice, thumbs up signalled killing the gladiator while "a closed fist with a wraparound thumb" meant sparing him.
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Pollice Verso (Thumbs Down), 1872 by Jean-Léon Gérome (1824–1904) | Spyke
This painting was the subject of great debate regarding its historical accuracy