Doing it for kicks: Sneakerheads and rich investors hunt for the holy grail of sneakers
In July 2019, international auction house Sotheby’s - established in 1744 as the world’s premier destination for art and luxury - registered its first ever sale of sports shoes.
The hammer went down on a pair of Nike ‘Moon Shoes’ at the then unheard-of price of $437,000 (€395,802), nearly tripling their expected sale price of $150,000 (€135,859).
At the time, the Sotheby’s 'Moon Shoe' - a handmade running shoe designed by Nike co-founder Bill Bowerman for the 1972 Olympics - smashed the world auction record for a pair of sneakers.
It was one of only 12 made - and the only unworn example in existence.
Fast forward five years and it's no longer unusual for rare and vintage sneakers to command million-dollar prices.
It’s notoriously difficult to put a value on the global sneaker market, as much of its trade is done privately, but market research and consultancy firm Market Decipher estimated that in 2022 the global market was worth around $10 (€9) Billion. By 2032, they estimate the value will rise to a staggering $51 (€46) billion.
To put that in context, the latest Art Market report by Art Basel and UBS (2023), valued the global art market at $65 (€58) billion.
It’s little surprise that such big prices - and the promise of big profits - have attracted the attention of big players. First Sotheby’s, then, in 2002, another blue-chip auction house joined the party when Christie’s launched its Sneakers, Streetwear & Collectibles Department.
To inaugurate their collection, Christie’s held a private selling exhibition called ‘Ye Walks’.
On sale to a handpicked audience of high-rollers were two rare pairs of kicks designed by Kanye "Ye" West as part of his Nike tie-up: the 'Nike Air Yeezy 1 Prototype', the first sneaker West designed with the sports giant, and a pair of 'Nike Donda West Air Jordan VI', a never-released trainer created in memory of West’s late mother, Dr Donda West – only six pairs were made for West’s family and friends.
Despite his spectacular fall from grace in October 2022, when his Yeezy collaboration with Adidas was cancelled after he was accused of making antisemitic remarks, sneakerheads still drool over West's designs - and they still go for
