Sotheby’s New York recently announced its first sale dedicated entirely to sneakers, in collaboration with Stadium Goods, which has offered the most exclusive sneakers ever produced by Nike, Air Jordan, Adidas, Yeezy and more.
‘Stadium Goods: The Ultimate Sneaker Collection Online’ was listed as online-only, with bidding available through through July 23. However, on July 17, Canadian entrepreneur and collector Miles Spencer Nadal swooped in to purchase 99 of the 100 shoes available for a grand sum of $850,000.
Nadal initially presented an offer to buy the entire collection, but all but one consignor accepted his offer. The remaining lot, the Nike Waffle Racing Flat 'Moon Shoe', remains open for bidding in the public online auction, ending July 23.
Created for the 1972 Olympic Trials, this shoe was designed by Nike co-founder and Oregon University track coach Bill Bowerman, who drew inspiration for the shoe’s signature waffle sole traction from his wife’s waffle iron. This is the only unworn pair of Nike ‘Moon Shoes’ known to exist and is estimated between $110,000-160,000.
Noah Wunsch, Sotheby’s Global Head of eCommerce, commented about the sale, “We are thrilled to partner with Stadium Goods on this sale, who are equally dedicated to exceptionalism and authenticity in their field as we are at Sotheby’s… This sale marks another step in our continued expansion of our online offerings of highly-coveted and exceptional luxury goods, in which we present the best examples across a myriad of categories to passionate collecting communities worldwide.”
On the other hand, John McPheters, Stadium Goods co-founder and co-CEO, defined the sale as, “extraordinary, first-of-its-kind” and “truly special,” adding that sneakers are this generation’s luxury fashion, and that their collaboration with Sotheby’s is proof of that.
According to a report by Grand View Research, in 2017 the global turnover of sports shoes was $64.3 billion, and this is expected to grow to $95.1 billion by 2025, at an average annual rate of 5.1%.
This Sotheby's auction, and the fact that just about all the lots were purchased prior to its end date, is another clear example of how the first-hand and secondary markets are fast approaching one other more and more. Pontus Silfverstolpe, co-founder of Barnebys, says, "This is yet more proof that the trend to create dynamics between strong brands and well-known profiles is a prerequisite for being successful in the auction industry today."
Silfverstolpe continues, "This it is also proof that millennials have affected the auction industry. With brand new collecting areas that identify new target groups, some of the world's most famous auction houses, which have long been associated with Old Masters and old brown furniture, now face an audience that up until recently had been completely off their radar."
Some of the now sold lots included futuristic and innovative designs, including two pairs of Nike Mag sneakers from 2011 and 2016, inspired by Marty McFly’s kicks in Back to the Future Part II. Both pairs were part of limited releases, originally sold to benefit the Michael J. Fox Foundation for Parkinson’s Research.
The pair of 2011 Nike Mags are one of just 1,500 pairs made, and feature a futuristic light-up strap, heel and midsole. The 2016 model is even more rare: it is one of only 89 pairs produced, the updated model also self-lacing, just like McFly’s.
The most sought-after collection in recent years is the Travis Scott x Air Jordan 4 ‘Friends & Family Collection’, which featured five rare pairs of sneakers designed by the rapper himself.
