THE SNEAKER RESELL MARKET IS ALIVE AND KICKING

The escalation of hype around exclusive, edgy sneakers has triggered a resell phenomenon that shows no signs of slowing down. In that light, Sotheby’s introduced a buy-now category that offers rare kicks, from vintage to modern, for die-hard collectors and aficionados. This new and immediate way to purchase is available throughout the year outside the auction calendar, and the selection is curated by Sotheby’s specialists. Last May, the auction house announced it had set a new world auction record for any pair of sneakers by selling Michael Jordan’s game-worn, autographed Nike Air Jordan from 1985 for a mesmerizing $560,000. The basketball kicks were made exclusively for the legendary NBA Chicago Bulls star. This new record in the sneaker realm, which saw 10 bidders competing online for 10 days across four continents, overtook the previous 2019 record set for the Nike 1972 Nike Waffle Racing Flat ‘Moon Shoe’ that went for $437,500. Ultimately, Sotheby’s sees plenty of potential in a fledgling market segment fueled by a growing number of collectors, influencers and enthusiasts with different budgets.