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Please enjoy this short article on Sneakers by Debra Stanislawski.
Frequently, our valuers visit clients who have collections. These range from David Hockney collections to Patek Philippe
watch collections, or even to humble sneakers (or trainers, as known by Brits). Some argue that like fine wine and Classic Cars, sneakers
have created their own luxury market. With some sneakers selling at auction for hundreds of thousands of pounds, this may be an
argument worth making.
What makes a pair of sneakers valuable? As with art and other valuables, there are factors to consider, namely:
- Were the sneakers made for or with celebrities?
- Were they worn at a particularly significant sports match?
- Is there something which makes them particularly unique?
As with general market trends and the economy, the value of sneakers increases in relation to:
1. Demand
2. Rarity
3. Quality
Some companies collaborate with street artists, musicians or celebrities which makes their value increase. One such example is the Nike
Air Jordan as it is a status symbol and not just a shoe with a purpose.
Top Sellers
Some of the brands which tend to see higher figures are those that have name recognition, such as Nike. Other brands such as Vans,
Adidas, New Balance, and Converse are iconic not only because of their original links to sport but also for their practicality and useability.
Converse All Stars got their start as basketball shoes. Adidas Sambas started as football sneakers. Similarly, the Nike Oregon Waffle
became famous as its prototype’s sole was created with a waffle iron. Other Adidas shoes were initially designed for basketball and for
tennis. Other more eco-conscious brands also become more popular.
Nike has one of the highest grossing figures for sneakers of all time, perhaps due to the extensive sums they have spent on celebrity
advertisements to consistently promote their goods. In 2019, Christie’s sold a pair of sneakers for over £361,000. This pair was Nike’s 1972
“Moon” sneakers, which were a pair of running shoes. They were in fact, Nike’s first pair and were used in the 1972 Olympic Trials.
The original Nike sneaker fell short of the one promoted by Michael Jordan and which was sold at auction. Michael Jordan’s Air Jordans
sold for £86,600 paid in 2013 in his 1997 “flu game” – where he destroyed rivals Utah Jazz despite being violently ill.
Nike’s Michael Jordan 1998 NBA Finals ‘The Last Dance’ Game Worn and Signed Air Jordan XIIIs sold for over £1,700,000 in 2023.
This is quite a sum for a pair of shoes.
Michael Jordan not only made the usual brand for which he was paid to market, Nike, popular. He even made Converse popular when he
wore them in his 1984 Olympic debut, which sold for £150,000 in 2017.
Another sportsperson whose shoes are high value was Muhammad Ali's whose set of boxing boots sold for £82,700 in 2015.
Even if someone doesn’t have the sums mentioned above to buy these coveted collectable sneakers, it is still possible to invest wisely.
One Bristolian, Richard Hastings, featured on BBC, knows all too well the value of sneakers. He invested time and money to get the most
highly valued of sneakers. This had included waiting for several days to queue for one pair. He believed that his investment had been
worth it as he bought one pair for £80 when he was a student, and that pair is now valued at between £10,000-£20,000. With 500 pairs of
shoes (and growing) it becomes a substantial sum especially as they are both to wear and for collection. Those that he has not worn will
likely increase in value in the long term.
Should you require a valuation of your collectibles, reach out to the team at Quastel Associates who will put you in contact with the most
appropriate valuer for your needs.
BRISTOL OFFICE
Quastel Associates Limited
28 Queen Square
Bristol, BS1 4ND
LONDON OFFICE
Quastel Associates Limited
13 Charterhouse Square
London, EC1M 6AX
