The secondary resale market for sneakers is currently $10 billion and predicted to hit $30 billion by 2030. Collectors are increasingly investing in rare, limited-edition sneakers. For example, the Kanye West Grammy-worn Air Yeezy I prototypes that sold for $1.8 million were auctioned off by Sotheby’s.
In a similar fashion, a pair of sneakers worn by Michael Jordan is up for auction. The shoes are signed by Jordan and are being sold to raise funds for the University of North Carolina basketball program. Unfortunately, these sneakers are not in the best condition, with dirt and frayed shoelaces. Still, the auction is a great way for fans to get their hands on a pair of Jordan’s sneakers, even if they aren’t quite as new.
One such rare sneaker is the One Line. The One Line, which was Nike’s knockoff line, played a crucial role in the history of the company. In fact, one pair of size five sneakers sold for $352,800, well over its original estimate. It was a huge success, so much so that the One Line’s creator Phil Knight received a bill from the U.S. Customs Service for $25 million USD for violating the American Selling Price (ASP). This tax on imported goods was equal to the actual profits made from the One Line.
Since the beginning of the decade, the sneaker auction market has continued to rise in value. A pair of game-worn Air Jordan 1s by Michael Jordan sold for over $190,000 in 2017, and $615,000 in 2020.