Sotheby's to Auction Michael Jordan's Iconic Air Jordans

The TLDR

• Michael Jordan's 1998 NBA Finals Nike Air Jordan 13s are set to be auctioned off by Sotheby's.
• The sneakers are expected to be the most expensive ever to appear at auction, with an estimated value of between $2 million and $4 million.
• The collectibles industry may be attracting a new generation of collectors, as most of the clients in this category are between 20 to 40 years old, and more than 80% of the participants are new.

The Story

Sotheby's is set to sell a pair of Air Jordan sneakers that are expected to be the most expensive ever to appear at auction, estimated to sell for between $2 million and $4 million. The sneakers are Michael Jordan's 1998 NBA Finals Nike Air Jordan 13s, worn during the basketball legend’s final season in the NBA. They were worn during Game 2 of the NBA Finals, where Jordan scored 37 points as the Chicago Bulls beat the Utah Jazz 93-88. After the game, Jordan signed the sneakers and gifted them to the ball boy who maintained the visitors’ locker room.

The sneakers are in immaculate condition, which is unusual for game-worn basketball shoes, making them even more valuable. Brahm Wachter, Sotheby’s head of streetwear and modern collectibles, said that Michael Jordan game-worn sports memorabilia has proven time and time again to be the most elite and coveted items on the market. Jordan already holds the record for most expensive pair of sneakers sold at auction when Sotheby's sold the earliest known Michael Jordan Air Ships, also made by Nike, for $1.472 million in 2021.

The category of streetwear and modern collectibles at Sotheby's quickly became one of the fastest-growing categories at the company, with sales totaling more than $48 million last year, with nearly 90% of lots sold, according to a Sotheby’s representative. Most of the clients in this category are between 20 to 40 years old, and more than 80% of the participants are new, making it a great way to engage a new generation of collectors coming to the market.

The bidding for the Jordan shoes will begin online on April 3 and go through April 11 as part of Sotheby's "Victoriam" sale. It’s an important Jordan year on the calendar: 2023, which represents Jordan’s longtime jersey number, adding to the expected hype. Items from Jordan's final season are of greater value because he wore them during the height of his fame, and his jersey worn during his final season recently sold for a record-breaking $10.1 million, the most valuable Michael Jordan sports memorabilia ever sold.

Impact on Collectors

The upcoming sale of Michael Jordan's 1998 NBA Finals Nike Air Jordan 13s at Sotheby's is expected to break records, potentially becoming the most expensive pair of sneakers ever to appear at auction. This news may excite collectors and enthusiasts in the collectibles industry who are interested in acquiring rare and valuable sports memorabilia. It could also drive up interest in the streetwear and modern collectibles category at Sotheby's, which has already been growing rapidly.

The fact that most of the clients in this category are between 20 to 40 years old, and more than 80% of the participants are new, suggests that the collectibles industry may be attracting a new generation of collectors.

Overall, the sale of these iconic Air Jordan sneakers has the potential to generate significant buzz and interest among collectors and fans.

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