Australian based auction house Sotheby’s has been in the news lately due to its collection of exclusive high priced sneakers that will be going up for auction in the very near future. I covered this a few weeks back when Sotheby’s announced the line up of sneakers they will have up for auction which included mythical pairs of sneakers that are untouchable to the general public, only the 1% of the 1% will be able to own many of these sneakers.
Earlier this week Sotheby‘s announced that they will have the grail of all grails in the sneaker world if you’re basing its value off of hype and monetary value. Sotheby’s will be auctioning off a pair of Nike X Kanye West “Air Yeezy 1” samples. Not just any sample however, the pair up for auction is the original Nike “Air Yeezy 1” sample that Kanye preformed in at the 2008 Grammy’s as the debut of the sneaker. The history, clout and story behind the shoe coupled with the fact that it is a Kanye worn 1of1 means it’s going to carry a hefty price tag when it eventually goes up for auction. Sotheby’s is estimating that this single pair of sneakers will sell for over $1,000,000 US dollars at auction.
This price tag is absolutely mind blowing. If this is a sign of things to come in regards to the growth of the sneaker industry and it’s main stream weight that it now holds witching pop culture look for the prices of rare sneakers to grow exponentially. This price tag is going to make the serious sneaker collectors double take and think twice about the price that they’re looking for when they decide to let some of their hyped pairs go. This development scares me as a casual sneaker collector because prices of everything are going to rise and people are going to get even more serious about collecting sneakers, which leaves normal people getting screwed out of retail pairs while also raises the resale prices so high that only the 1% will be able to own sneakers.