Sneaker Premiums

I always like to post on premiums paid for rare and unique items. They are good to use when looking at strong provenance, rarity and celebrity ownership connects.

Fellow appraiser Xiliary Twil, ASA sent me information on a pair of rare (only 12 made, and the only known unworn pair) 1972 Nike Moon shoes. The sold at Sotheby's for $437,500, beating out the previous record from 2017 of "$190,373, for a pair of signed Converse that Michael Jordan wore in the 1984 Olympic basketball final">

Artnews reports on the sale
The record for the most expensive pair of tennis shoes sold at auction has been shattered with the purchase of the 1972 Nike Waffle Racing Flat ‘Moon Shoe’ for a staggering $437,500.

Previously, the most expensive pair of shoes were bought in auction in 2017: a pair of signed Converse that Michael Jordan sported during the 1984 Olympic basketball gold medal game that went for $190,300. Collector Miles Nadal blew that record away in Sotheby’s online auction yesterday, as bidding for the Nikes blasted over its pre-sale high estimate of $160,000.

Last week, Nadal bought the rest of the lot for $850,000 through a private Sotheby’s sale called “The Ultimate Sneaker Collection,” which consisted of 99 of the 100 rarest sneakers ever produced. The Nikes sold yesterday were kept aside by Stadium Goods, which curated the selection for the sale, so that they could sell publicly this week. Now that his collection is complete, Nadal plans to display them at his private museum in Toronto, Canada, according to Sotheby’s.

Nadal stated in a release, “I am thrilled to acquire the iconic Nike ‘Moon Shoes,’ one of the rarest pairs of sneakers ever produced, and a true historical artifact in sports history and pop culture. When I initially acquired the 99 other pairs in this auction last week, I just knew the Nikes had to remain part of this remarkable collection, and I couldn’t be happier with the result.”

Aside from sneakers, Nadal, a businessman based in Canada who founded MDC Partners and Peerage Capital Inc., is known as a vehicle collector, and has acquired over 142 cars and 40 motorcycles.

Speaking of collector priorities, Nadal said, “I think sneaker culture and collecting is on the verge of a breakout moment.”

Noah Wunsch, Sotheby’s Global Head of eCommerce, agreed with Nadal’s sentiment, adding, “The success of Sotheby’s & Stadium Goods Ultimate Sneaker Collection sale is a testament to the strength of this burgeoning collecting category.”
 Source: Artnews

CNN reported on the sale
A rare pair of Nike's "Moon Shoe" has broken the world auction record for a pair of sneakers, according to New York auction house Sotheby's.

Collector Miles Nadal purchased them Tuesday for $437,500, Sotheby's said. Nadal plans to display the sneakers at his private museum in Toronto, the Dare to Dream Automobile Museum.

The previous world auction record was set in 2017 at $190,373, for a pair of signed Converse that Michael Jordan wore in the 1984 Olympic basketball final, the auction house said in a statement.

The waffle-soled running shoes were designed by Nike co-founder Bill Bowerman for the 1972 Olympic Trials. They're one of 12 pairs ever made and the only known unworn set.

Bowerman was inspired to create the waffle sole traction pattern for Nike's early running shoes by experimenting with his wife's waffle iron, pouring rubber into the mold to create the first prototype of the sole, Sotheby's said.

The starting price for the Moon Shoe was $80,000, and the final sale price shattered the pre-sale estimate of $160,000. The shoes were part of Sotheby's "Stadium Goods: the Ultimate Sneaker Collection" online auction.

Last week, Nadal purchased 99 other pairs of rare sneakers from Sotheby's in a private sale for $850,000.
Source: CNN 

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