- Sotheby’s is selling the oldest pair of Michael Jordan’s Nike Air Ships.
- He is estimated to sell for $1 million to $1.5 million.
- Collectible sneakers are the fastest-growing category at Sotheby’s.
A piece of rare sneaker history is rocking the market, and it is expected to be the most valuable sneakers ever offered at auction.
On Friday, Sotheby’s will hold advanced bids for auctioning the first pair of sneakers dressed as a Michael Jordan supporter, the red and white Nike Air Ship. The sneakers are Jordan’s earliest regular season pair to hit the market.
Sotheby’s estimates the sneakers will sell for $1 million to $1.5 million, the highest estimate for a pair of sneakers ever sold at auction.
“Michael Jordan items are probably the most iconic. We put on a lot of other valuable memorabilia, but I would say on a kind of an ongoing and ongoing basis that Michael Jordan’s market is really strong,” said Sotheby’s head of streetwear and modern Brahms. Watcher Collectibles, told CNBC in an interview this week.
The current record for a pair of sneakers sold at auction is $615,000 for a pair at Christie’s in August 2020. High sports-wear sneakers from the Nike Air Jordan 1 1985.
In May 2020, following the success of the hit documentary series “The Last Dance”, Sotheby’s Sold an autographed pair of Air Jordan 1s for a record $560,000. After the airing of the ESPN and Netflix documentary, almost every product involving the six-time NBA champion saw record highs in sales.
was the most expensive sneaker ever sold by an auction house Kanye West “Grammy Warne” Nike Air Yeezy 1 Prototype From 2008, which went for $1.8 million. But that was through private sale, not auction.
Jordan’s partnership with Nike in 1984 was the first of its kind to create the signature line of shoes. This soon became the model, paving the way for many of the player collaborations we see today.
Jordan wore the red and white airplanes of his rookie season on November 1, 1984, when the Bulls played the Denver Nuggets. The Bruce Kilgore-designed shoes were supplied to Jordan in limited numbers after they ceased production of Air Jordan 1s.
The Air Ships come from a former Denver Nuggets ball boy who was originally gifted to him in 1984 after a game with Jordan.
The air ship collection gained notoriety after In February 1985 the NBA sent a letter to Nike stating that the colored sneakers were a violation of the league’s uniformity of uniformity and that they would be fined $5,000 each time they were worn. The sneaker giant responded by creating an ad campaign around it “Restricted” Shoes, adding that “the NBA took them out of the game, fortunately, the NBA can’t stop you from wearing them.” This was the beginning of the hugely successful Air Jordan brand that is worth billions of dollars today.
Sotheby’s entered the sneaker market in 2019 as a way to reach Millennials. Watcher said it has become one of the fastest growing categories as these sales are bringing in 55% of new customers, most of whom are in the age group of 20 to 40 years. The company is on pace to do over $5 million in sneaker sales. Year.
Sotheby’s live auction Will go live on October 24 at MGM’s Aria Resort and Casino in Las Vegas.