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Sotheby’s to sell ‘the most valuable’ game-worn Michael Jordan sneakers on the market

Yahoo Finance got an exclusive white-glove experience with Michael Jordan's sneakers worn during 1990s championship-clinching games for the Chicago Bulls.

Michael Jordan's championship game-worn shoes are now on public display ahead of a private sale as Sotheby's expands its white-glove treatment to a younger, growing streetwear and modern collectibles segment.

The "Dynasty Collection" set includes six individual sneakers, originally designed and released by Nike (NKE), that Michael Jordan wore during each of his NBA Finals championship-clinching games for the Chicago Bulls during the 1990s. The exhibition runs through June 7 at Sotheby's New York — coinciding with the 2023 NBA Finals best-of-7 series.

The collection "represents the most valuable and significant collection of Air Jordan sneakers ever brought to market," Sotheby's said in a statement on its website.

Although Sotheby's didn't release a price tag or the seller details yet for the coveted memorabilia, experts are anticipating a potential record.

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"We're talking about a sneaker that Michael Jordan wore during the championship win of each of his six championships, so the shoes that he wore on his feet when they won those championships," ShoeZeum owner and curator Jordan Geller told Yahoo Finance in February. "And it's just a single shoe from each of those games. I believe that this collection could sell for $100 million."

Chicago Bulls guard Michael Jordan sits on the court between points as the defending NBA champion Bulls trail Utah Jazz, during the second quarter of game one of the NBA Finals in Salt lake City, June 3.

BPS/VM/SB
Chicago Bulls guard Michael Jordan sits on the court between points as the defending NBA champion Bulls trail Utah Jazz, during the second quarter of game one of the NBA Finals in Salt Lake City, June 3, 1998. (REUTERS) (Reuters Photographer / Reuters)

Sotheby’s is already familiar with showcasing game-worn gear from Michael Jordan and other NBA legends.

"Less than a year ago Michael Jordan's jersey from game one of the 1998 NBA finals [sold] for $10.1 million," Brahm Wachter, Sotheby's head of streetwear and modern collectibles, told Yahoo Finance. "Shortly thereafter, we sold a LeBron jersey from game seven of the 2013 NBA finals for $3.7 million. And then we later sold a Kobe jersey for just about $6 million."

A resilient market for 'iconic' collectibles

The market for luxury items has remained strong, according to Sotheby's, especially in the newer category of streetwear and modern collectibles — which includes Michael Jordan's Nikes.

"Sotheby's luxury [overall] did over 2.3 billion in sales last year," Wachter said. "Streetwear and modern collectibles did about $50 million, and in our offerings, about 90% of the lots were sold."

White Glove experience with The Dynasty Collection at Sotheby's New York
White Glove experience with The Dynasty Collection at Sotheby's New York

The high-net-worth buyers that Sotheby's often interacts with are historically better positioned to continue spending during an economic downturn, especially if a collectible is seen as a long-term alternative investment.

"We've noticed that in terms of sports collectibles over the last year, even given the economic turmoil at a high level, the [high-end collectibles] market is doing really well," Wachter said. "And so what we're seeing is for the highest-end collectibles, for the best sports memorabilia, and [for] really the most iconic moments of different athletes' careers, the market really has been quite strong, and we haven't really seen a sign of that slowing down."

To Wachter's point, that resilience has been distinct from other areas of the economy as consumer confidence continues to slip from a multi-year high in 2021, according to the Conference Board.

Sotheby's Dynasty Collection
Sotheby's Dynasty Collection (Sotheby's Press)

"Consumer confidence declined in May as consumers' view of current conditions became somewhat less upbeat while their expectations remained gloomy," Conference Board senior director of economics Ataman Ozyildirim said. "While consumer confidence has fallen across all age and income categories over the past three months, May’s decline reflects a particularly notable worsening in the outlook among consumers over 55 years of age."

Wachter said that the latest wave of buyers engaging with Sotheby's streetwear and modern collectibles offerings are younger, more international, and newer to Sotheby’s. Many work in the financial or technology sector, he noted.

"What's interesting is we have a younger audience — 20 to 40 years old — and about 50% new in each auction," Wachter told Yahoo Finance.

A $100 million sports collectible?

With the growing interest in collectibles and a competitive market among affluent buyers, Goldin Auctions founder Ken Goldin told Yahoo Finance previously that he anticipates the market could see the sale of the first $100 million sports collectible — especially when it comes to Michael Jordan gear.

A 1952 Mickey Mantle baseball card holds the current record at $12.6 million.

"One day there will be a $100 million sports collectible sold," Goldin told Yahoo Finance. "If anybody ever unearthed a Michael Jordan 'Dream Team' game-used photo-matched jersey, I think that would beat it."

No authentic jersey of Michael Jordan from the 1992 Olympic basketball team — dubbed the "Dream Team" — has ever surfaced. However, his shoes have garnered enormous attention over the years and have dominated retail, resale, and memorabilia markets.

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