The value of sneakers as collectibles
Published: 22nd Apr 2021
These shoes are expected to fetch US$1 million on auction. Image: Sotheby's.
The reasoning behind MSCHF's launch was that some branded sneakers have become popular as collectibles.
Another BBC story, on April 16, was headlined "Kanye West's $1m Yeezy shoes are 'most valuable to go on auction'."
Extracts from that article included these gems:
In recent years, sneakers have gained the same collectable status as wine or jewellery. Sotheby's, a global auction house, held its first ever sale dedicated entirely to sneakers in 2019.
Brahm Wachter, head of streetwear and modern collectibles at Sotheby's, said in a statement that the shoes were "critical to the development of the Yeezy franchise, which became one of the most important sneaker and lifestyle brands in history".
The seven-figure estimate for the Yeezys beats the previous record sale price for sneakers - a pair of 1985 Nike Air Jordan 1s, which were sold by Christie's last year for $615,000 (£446,000).
However, there are no records for shoes that have been bought privately.
It is believed that the most expensive sneakers ever created were designed by Bicion and Mache Custom Kicks in 2016. The shoes, which are embellished with diamonds and sapphires, were estimated at $4 million.
Tags: Sneakers
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