A sneaker auction is basically a fancier word for reselling sneakers that includes a lot, LOT more money. In fact, if there’s anything that proves how much the resale market is BOOMING, it would be these auctions.
Sotheby’s – the world’s largest, most trusted marketplace for art, luxury, and sneakers – is the biggest destination for sneaker auctions. It spans over 40 countries and 44 departments holding over 600 auctions a year – including the most expensive sneakers! In the past few years, Sotheby’s launched the most epic bidding wars over the rarest kicks in the world.
All the most renowned sneaker collectors from across the globe gather to get their hands on the most coveted shoes. However, these aren’t your run-of-the-mill resale. We’re not talking about a price premium of $200 – we’re talking about THOUSANDS and MILLIONS of dollars. In other words, we’re here to discuss sneaker history in the form of the most epic sneaker auction!
SNEAKER AUCTION – The Most Expensive Shoe Ever Sold
So, let’s talk about the most expensive shoe ever sold at a sneaker auction – the Nike Air Yeezy I “Prototype”. On April 26th, 2021, the auction house – Sotheby’s – sold the Nike x Yeezy” Prototype” for 1.8 MILLION U.S. dollars! It is a 50th Annual Grammy Awards performance-worn Nike Air Yeezy I.
The sneaker had an estimate of 1 MILLION U.S. dollars. However, it’s safe to say that it completely destroyed that estimate. Up until these Yeezys, the most expensive sneaker auction was the signed game-worn Air Jordan 1 from 1985. It sold for 560 THOUSAND U.S. dollars in 2020.
RARES – the fractional ownership and sneaker investing marketplace – bought the most expensive shoe ever sold! Ye wore these 2008 samples during his performance of the song “Stronger” and “Hey Mama” at the Grammys. But, it goes beyond that. These sneakers mark a huge milestone in sneaker culture and one of the most monumental steps towards Yeezy history.
And so, this Yeezy became the most expensive shoe ever sold at a sneaker auction. EVER. In fact, this made these Yeezys the most expensive sneakers in the world!
JUMPING OVER THE JUMPMAN
However, the Nike Air Yeezy “Prototype” set the tone for the most expensive shoe ever sold at a sneaker auction. Believe it or not, Kanye did actually manage to jump over the Jumpman in terms of exclusive sneaker resale.
On October 24th, 2021 – just months after the epic bid – a pair of game-worn Nike Air Ships joined the list. Sotheby’s sold these Jordans for 1.47 MILLION U.S. dollars – the most expensive Jordan ever! Michael Jordan wore these kicks in his fifth NBA game during his rookie season in 1984. This was the same year that Nike began one of its most epic collaborations ever!
ONGOING SNEAKER AUCTION
In other news, Sotheby’s definitely have something cooking up for 2022! We’ve got an ongoing sneaker auction featuring a Nike x Louis Vuitton sneaker from the late Virgil Abloh. One of the very last designs from the industry’s greatest minds. The auction includes 200 special edition pairs of Air Force 1 sneakers designed for LV’s SS22 men collection.
The bidding opened on January 26 through February 8 and bidding for each pair starts at $6,000. Each sneaker comes with a leather orange case – courtesy of Sotheby’s! Part of the proceeds will benefit The Virgil Abloh™ “Post-Modern” Scholarship Fund.
“We’re currently at around $6.1 million in hammer price,” said Sotheby’s head of streetwear and modern collectibles, Brahm Wachter, on Tuesday, when bids ran as high as $60,000. You can check the current bids here if you’d like.
OR, you can stick to traditional – MUCH less expensive – sneaker resale! You’ll still make a ton of money off resale if you do it right. Maybe not 60K, but resellers can make $500+ a single release! Click on the button below to learn all about becoming a sneaker reseller and making legit cash!