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$ 2 million for T-shirts? How Supreme and Nike cracked the auction market

On Trend is a weekly column on men’s style that explores fashion subcultures and the curiosity of the moment.

late In December 2020, the venerable auction house Sotheby’s hosted an online-only sale of leather adidas sneakers. Made specifically for the auction in partnership with the 311-year-old porcelain maker Meissen, the shoes are adorned with porcelain overlays and meticulously hand-crafted with fantastic motifs from toe to heel. It was painted. Something closer to art. For the highest bidder, the sneakers were worth $ 126,000. (All proceeds were sent to the Brooklyn Museum.)

These extravagant adidas shoes are one of the sneakers and luxury streetwear that has penetrated the Tony auction market these days. In July 2019, Sotheby’s launched a historic set of Nike’s “Moon Shoe” waffle sole sneakers since 1972 for a record $ 437,500 at the time. Since then, the Michael Jordan sneakers I wore in the game have been selling even more.

Many of the streetwear currently auctioned were sold in traditional retail stores just a few years ago. The price of the auction hammer is lower than the original price. Manufactured in partnership with Louis Vuitton last September, the 2017 Supreme hoodie sold for $ 6,048, well above the $ 935 ordered at retail stores in Sotheby’s, New York. The 2018 Nike x Off-White Jordan 1 Sneaker, held in Bonhams, London in October, was about $ 2,750, 1,347% above the retail price of $ 190. And in November 2019, the Supreme brand Rimowa suitcase won about $ 6,400 at Christie’s in Hong Kong. Suitcases were on the retail market for $ 1,800 in 2018.

Treating sneakers as a resaleable asset is not a new concept. In the early 2000s, Jordan Geller, founder of the Sneaker Museum Shoezeum, began buying sneakers at Swap Meet in California to resell for profit on eBay. Internet flippers like him have created a big gold market for the previously overlooked Nike and Adidas, as well as limited-edition Supreme Gear. Ultimately, Geller collected a vast collection of personal sneakers, including the Nike Moon shoes, which later sold as much as Picasso’s sketches through Sotheby’s.

$ 2 million for T-shirts? How Supreme and Nike cracked the auction market

Source link $ 2 million for T-shirts? How Supreme and Nike cracked the auction market

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