Kanye West sneakers shatter sale records at $1.8 mn

New York: A pair of Nike Air Yeezy 1s worn by rapper Kanye West sold for $1.8 million, triple the previous record for sneakers, Sotheby’s said Monday, as the market for rare sports shoes soars. The shoes beat the record held by a pair of Nike Air Jordan 1s which sold for $615,000 in August 2020 at a Christie’s auction. The record price for sneakers has been broken several times recently as what was seen as a niche market 10 years ago now attracts interest from the general public as well as leading collectors. “The sale marks the highest publicly recorded price for a sneaker sale ever,” Sotheby’s said in a statement. “The sale also marks the first pair of sneakers to top $1 million,” it added. The black high-top Yeezys were worn by West during the 2008 Grammy Awards as he performed “Hey Mama” and “Stronger”. The sneakers, which were part of a collaboration between Nike and West, were prototypes, with the resulting model not going on sale until April 2009. Sturdy investment? The shoes were acquired by RARES, a sneaker investment marketplace that allows users to invest in rare pairs of athletic footwear. Individuals can buy shares in a pair, just as investors buy stock in a company. RARES, launched in March by former American football player Gerome Sapp, bought the Air Yeezy 1s through a private sale from sneaker collector Ryan Chang. The sale price exceeded Sotheby’s estimate of $1 million. “That was actually the grail of grails,” said Sapp. The sneaker is expected to list on the platform’s “stock exchange” at around $15-20 per share on June 16, he explained. Sapp predicts that the company will carry out three or four IPO-like listings before then, including a pair of Nike Air Force 1s made in collaboration with rapper Jay-Z. Before collaborating with West, Nike had named shoes only in honour of famous athletes. The Air Yeezy 1 was released, in limited edition in 2009, followed by the Air Yeezy 2 in 2012. Most Air Yeezy 1s sell for between $2,000 and $4,000, depending on the model. — AFP