When Sneakers Became a Serious Asset Class

As published in The New York TImes, March 9, 2024

This article is part of our Design special section about new interpretations of antique design styles.

A Nike sneaker designed in collaboration with (and signed by) the rapper MF Doom. Recently, sneakers have started to attract higher prices at auction. Credit - Sotheby's

When did athletic shoes turn into collectibles? True sneakerheads have been scouting rare treasures for decades, but in July 2019, when Sotheby’s sold a pair of 1972 Nikes for $437,500 at its first dedicated sneaker auction, the shoes became an asset class to reckon with.

The auction of Important Sneakers and Modern Collectibles at Sotheby’s in Paris on March 14 will include a pair of Nikes designed in collaboration with (and signed by) the rapper MF Doom, who died in 2020. The estimated price is 5,000 to 10,000 euros (about $5,424 to $10,849). Other lots will feature objects that, like sneakers, fall at the intersection of high fashion, pop culture and sports, such as a Louis Vuitton foosball table and a limited-edition sculpture Lady Gaga designed to enfold a bottle of Dom Pérignon champagne.

But would anyone actually wear sneakers with such a rare provenance and hefty price? Zaki Vanderlip, a 26-year-old specialist in streetwear for Sotheby’s, said it all depended on the collector and shoes. Some buyers will lace up, say, a pair of Virgil Abloh Nikes, of which only 200 were ever made.

“The average price was somewhere around $150,000 per pair,” Mr. Vanderlip said. “Of course, everyone thought no one would wear these but, lo and behold, I’ve seen them around.” sothebys.com