Sotheby’s, one of the world’s leading auction houses, made headlines on Tuesday when it sold a pair of Air Jordans worn by Michael Jordan during the 1998 NBA finals for a staggering $2.2 million. This sale set a new benchmark in the burgeoning market for collectible sneakers that auction houses are now closely watching.
The sneakers, officially known as the 1998 NBA Finals Game 2 Air Jordans 13s, were sold online in a sports memorabilia sale that had been open for over a week. Although the sale was towards the lower end of the shoe’s $2 million–$4 million estimate, the sale still became the most expensive pair of sneakers ever auctioned.
One of the reasons why the sneakers were able to go for such a price was because Jordan wore them during a season in which the Chicago Bulls dominated. The 1997–98 season for the Bulls is famous because it brought an end to a storied string of victories for the team.
Jordan’s unparalleled recognizability also boosted the sneakers’ profile. Sotheby’s touted what it called the “current record for game-worn sports memorabilia,” set by a jersey donned by Jordan in the 1997–98 season that sold for $10.1 million in 2022. The making of Air Jordan, the Ben Affleck-directed film, was just released theatrically in the US.
Sotheby’s, Christie’s, and Phillips have mainly devoted themselves to art for many decades. However, in an effort to court younger collectors in adjacent fields, the houses have begun placing greater weight on auctions for sneakers and other collectibles. Sneakers in particular have proven a cash cow for these houses.
Four years ago, in 2019, Sotheby’s made headlines when it sold 100 pairs of sneakers for $1.29 million, an unheard-of figure at the time. In 2021, the house set the record for an individual pair of sneakers, with shoes dubbed the Michael Jordan Regular Season Game Worn Nike Air Ships selling for $1.47 million.
Brahm Wachter, Sotheby’s head of streetwear and modern collectibles, said of the new result, “Sotheby’s is extremely proud to hold the world record for most valuable game-worn sports memorabilia at auction and the most valuable sneakers ever sold, both of which – to no surprise – are directly tied to the global icon, Michael Jordan.”
