Sotheby’s Expands into Sports Collectibles with Auctions of Michael Jordan Shoes, Muhammad Ali Trunks, and Kobe Bryant Jersey

Sotheby’s, the renowned auction house, is making a strategic move into the world of sports collectibles. With the aim of capitalizing on the growing demand for sports memorabilia and engaging a younger demographic, Sotheby’s has announced its first-ever “Sports Week.” This event will feature six live and online auctions, showcasing items from some of the biggest names in sports. The auctions are set to commence on April 4.

Sports memorabilia has experienced a significant surge in popularity in recent years, making it one of Sotheby’s fastest-growing categories. Brahm Wachter, Sotheby’s head of Streetwear & Modern Collectibles, stated that they have witnessed exponential growth and interest in this category. The decision to host Sports Week is a testament to Sotheby’s commitment to engaging with collecting communities through innovative sale formats and attractive estimates that cater to both seasoned collectors and those looking to start their collections.

The market for sports collectibles is colossal and shows no signs of slowing down. Consulting group Market Decipher estimates the global valuation of sports memorabilia to be $26.1 billion in 2021. Furthermore, they predict that this market will explode in the coming years, reaching a staggering $227.2 billion by 2032.

Interestingly, the demand for sports collectibles saw a notable increase during the COVID-19 pandemic. This can be attributed, in part, to the release of the popular documentary series “The Last Dance.” The documentary chronicled the story of Michael Jordan and the Chicago Bulls’ quest for their sixth NBA title. The increased interest in Jordan collectibles subsequently translated into heightened demand for other sports memorabilia.

In addition to its financial success, the sports category has also brought a new, younger demographic into the market. Sotheby’s revealed that their average client for sports memorabilia falls within the 20 to 40-year-old age range, with 50% of them being new to auctions. Interestingly, these sports auctions have led to more purchases in the contemporary and watch categories, showcasing the potential for cross-category engagement among collectors.

Given the immense potential of the sports memorabilia market, Sotheby’s is fully embracing this opportunity. They have significantly expanded their offerings in this category and are forging partnerships with major sports organizations. Notably, Sotheby’s has partnered with the NBA to sell game-worn jerseys, and they are in talks with other sports organizations for potential collaborations.

Earlier this year, Sotheby’s made headlines by selling The Dynasty Collection, a set of six individual Air Jordan sneakers worn by Michael Jordan during the clinching games of his six career NBA Finals championships. The collection fetched an astonishing $8 million, setting a new global auction record for game-worn sneakers and becoming the second-highest priced Jordan sports memorabilia.

Sports Week will feature several remarkable items that are expected to attract significant attention and high bids. One standout piece is a pair of Muhammad Ali’s shorts from his legendary “Thrilla in Manila” match in 1975, which is considered one of the greatest boxing matches in history. These trunks are estimated to sell for a jaw-dropping $4 million to $6 million, making them one of the most valuable pieces of Ali memorabilia ever to appear at auction.

Another highlight of Sports Week is Kobe Bryant’s Los Angeles Lakers jersey from Game 1 of the 2009 NBA Finals. This particular jersey is expected to fetch an estimated $1.5 million to $2.5 million. It holds significant sentimental value as it represents one of Bryant’s highest-scoring NBA Finals performances, during which he scored 40 points.

Sneaker enthusiasts will also find plenty to be excited about during Sports Week, as Sotheby’s will be offering 50 pairs of sneakers worn by NBA legends such as Michael Jordan, Kobe Bryant, LeBron James, James Harden, and Russell Westbrook. The headliner of this collection is Jordan’s Air Jordan 11s from Game 5 of the 1996 NBA Finals. With an estimated value between $200,000 and $400,000, these sneakers hold immense historical significance as they were worn by Jordan during his return from retirement and as he led the Bulls to their fourth NBA title.

For fans seeking more recent memorabilia, Sotheby’s will also offer items from February’s NBA All-Star weekend in Indianapolis. These items include a James 2024 All-Star Jersey, expected to fetch $200,000 to $300,000, along with jerseys worn by Stephen Curry and Sabrina Ionescu during the three-point competition. The Curry and Ionescu jerseys are estimated to sell for $30,000 to $500,000 and $8,000 to $12,000, respectively.

In total, the entire sports collection is projected to sell for over $12 million, with individual items ranging from $500 to approximately $6 million each. With such an incredible selection of sports memorabilia up for auction, collectors and enthusiasts alike are eagerly awaiting Sotheby’s Sports Week.

Sotheby’s recognition of the immense potential in the sports memorabilia market is a testament to their commitment to innovation and engaging with new audiences. As the market continues to expand, it will be fascinating to see how Sotheby’s capitalizes on this growing demand and what new opportunities arise for collectors and sports enthusiasts alike.