The Michael Jordan ESPN documentary series The Last Dance captivated audiences last month as it recounted Jordan's meteoric rise to the top of the NBA. The fascination with Jordan was further realized when a pair of his game-worn Nike Air Jordans came up for auction at Sotheby's on May 17, with a high estimate of $150,000.
The shoes were worn in 1985 by Jordan, the then 25-year-old Rookie of the Year for the Chicago Bulls, and were signed by Jordan. The shoes were owned by Jordan Geller, the Nike mega-collector, who has over 2,500 pairs of Nikes and opened Shoezeum, a shoe museum, in Las Vegas.
Related: The Emerging Category of Rare Sneakers
Geller decided with the release of the series it was the time to part with this rare pair, and an online bidding frenzy ensued. Finally, the sneakers sold for $560,000 on May 17, dethroning the Nike 'Moon Shoes' that had previously held the record for the most expensive sneakers. That pair sold for $437,500 at Sotheby's last summer and were especially designed for the Olympic Trials in 1972 by Nike co-founder Bill Bowerman.
"Interest in sneakers has exploded in recent years and prices have risen on the secondary market," says Pontus Silfverstolpe, founder of Barnebys. "There is a new economic elite, which collects completely different things as social value attributes than most wealthy people historically have, and this target group has previously not been auction house clients to any particular extent."
1985 was the year that Jordan first partnered with Nike to create the Air Jordan I, which Nike sold $126 million worth of in the first year alone. Rare sneakers are emerging as an collecting category of their own and are increasingly achieving sky-high prices at auction.
"More auction houses are trying to find innovative ways to attract new customers, but also to expand the type of products they offer to increase interest, brand awareness and of course sales," Silfverstolpe continues.
Perhaps it's time to check your closet if you have any pairs that may be worth something on the auction market.
