- In July 2019, Sotheby’s sold a historic set of Nike’s “Moon Shoe” waffle-soled sneakers from 1972 for a then-record-setting $437,500.
- Not to be outdone, during the peak of the Michael Jordan fever triggered by ESPN’s 2020 docuseries “The Last Dance,” a pair of game-worn Jordan 1s sold to an unnamed buyer for a record-breaking $560,000 through Sotheby’s.
- In December 2020, a pair of leather Adidas sneakers, made in partnership with the 311-year-old porcelain-maker Meissen and festooned with porcelain overlays and meticulously hand-painted with fanciful motifs from toe to heel, sold for $126,000.
All I can say is ‘why?’
Part of it is that I don’t get high-end collectibles at all, but even if I did, sneakers seem like an unusual item to be auctioned off like fine art.
But as the numbers above show, there is a market for such items.
There is even a stock-market-like exchange for sneakers, known as StockX.
And if that weren’t enough, there is a a sneaker museum named Shoezeum that focuses on used sneakers. That’s right, it sells sneakers previously worn by star athletes. Jordan Geller, the founder of Shoezeum, says, “It’s just so cool to have in your hands,” he said of one pair. “Like, wow, Charles Barkley laced this shoe up and put it on his feet and went to battle wearing this in 1993.” The Jordan shoes which sold for $560,000 were part of Geller’s collection.
I can’t imagine buying a pair of sneakers and viewing it as an investment that I could hopefully sell at a higher price at some future date. To me, sneakers have one purpose, to be worn on your feet.
But if anyone is interested I’ve got a pair of 2019 Brooks running shoes that I wore all over Singapore, Bangkok, and Malaysia.
I paid about $120 for them. You can have them for $5,000.
Going once, going twice…
Source: Wall Street Journal