Knot the usual auction: Buyer stumps up $850,000 in rare sneaker sale
A Canadian entrepreneur has snapped up 99 pairs of the world’s rarest sneakers for $850,000 (£681,000) at an auction in New York.
Read more: Sotheby’s wine sales hit £100m in record-breaking year
In the first ever auction dedicated to sneakers, businessman Miles Nadal bought all but one pair of limited edition shoes on sale at a Sotheby’s show last night.
Sneakers from Nike, Adidas and Air Jordan all went under the hammer at the auction, including pairs from 1989 Back to the Future Part II and rapper Kanye West’s Yeezy collection.
“I have always been an avid enthusiast and appreciator of unique art and collectibles that represent innovative design, exceptional craftsmanship and new and exciting trends in pop culture,” Nadal said.
Today the historic auction house is also selling The 1972 Nike Waffle Racing Flat Moon Shoe, which is expected to fetch up to $160,000.
The highest price fetched for sneakers at an auction so far is thought to be from a 2017 sale of a pair of signed Michael Jordan converse shoes which were bought for over $190,000.
Read more: Giant emerald set for sale at Singapore auction house
Nadal told CNBC he plans to display the sneakers at his Dare to Dream Automobile Museum in Toronto, where he houses his collection of 142 cars and 40 motorcycles.