Michael Jordan’s game-worn Air Jordan 11. Worn during Game 5 of the 1996 NBA Finals.
Photo: Sotheby’s
Sotheby’s is expanding its sports offerings as the auction house looks to capitalize on growing demand for sports memorabilia and appeal to a younger demographic.
The company announced its first “Sports Week” on Wednesday, which will feature six live and online auctions featuring items from many of the biggest names in sports. Auctions begin on April 5th.
Demand for sports memorabilia has skyrocketed in recent years, and sports has become one of Sotheby’s fastest-growing categories, the auction house said.
“We’ve seen exponential growth and interest in this category,” Brahm Wachter, head of streetwear & modern collectibles at Sotheby’s, told CNBC. “Sports Week represents another example of Sotheby’s commitment to engaging with collecting communities through creative sales formats, presenting attractive offerings aimed at all sports fans and collectors alike, both experienced and those who are starting their collection want to boost.”
The market for sports collectibles is huge and growing. Consulting group Market Decipher estimated the value of sports memorabilia globally at $26.1 billion in 2021. The group predicts the market will explode in the coming years, reaching $227.2 billion by 2032.
The sports category saw higher demand during Covid when the popular documentary series “The Last Dance” hit theaters, according to Wachter. “The Last Dance,” which told the story of Michael Jordan and the Chicago Bulls’ quest for their sixth NBA title, sparked interest in Jordan collectibles, which then spilled over into other sports memorabilia.
The sport has also brought a new, younger demographic into the market.
According to Sotheby’s, the average sports memorabilia customers are 20 to 40 years old and 50% of them are new to auctions. Some sales led to more purchases in the contemporary and watch categories, Wachter said.
For this reason, Sotheby’s focuses entirely on sports. In addition to significantly expanding its offerings, the auction house is also partnering with the NBA to sell game-worn jerseys and is in discussions with a number of other sports organizations about potential collaborations.
Earlier this year, Sotheby’s sold the “Dynasty Collection,” a set of six individual Air Jordan sneakers that Jordan wore in the crucial games of his six career NBA Finals championships, for $8 million. The sale set a new global auction record for game-worn sneakers and was the second highest price achieved for Jordanian sports memorabilia.
Muhammed Ali’s fighting pants from the “Thrilla in Manila” boxing match.
Photo: Sotheby’s
Highlights of Sotheby’s Sports Week auction include a pair of Muhammad Ali’s shorts from his legendary 1975 “Thrilla in Manila” fight, considered one of the greatest boxing matches in history. The chests are expected to sell for an estimated $4 million to $6 million, which would make them one of the most valuable pieces of Ali memorabilia offered at auction.
Kobe Bryant’s jersey for the Los Angeles Lakers. The jersey was worn during Game 1 of the 2009 NBA Finals.
Photo: Sotheby’s
A Los Angeles Lakers Kobe Bryant jersey from Game 1 of the 2009 NBA Finals, also up for auction this week, is expected to fetch $1.5 million to $2.5 million. The late star scored 40 points in that game, his best performance in the NBA Finals.
Sports Week will also include some classic sneakers worn by NBA greats. Sotheby’s is offering 50 pairs of sneakers worn by some of the league’s greatest players such as Jordan, Bryant, LeBron James, James Harden and Russell Westbrook.
Jordan’s Air Jordan 11s from Game 5 of the 1996 NBA Finals are the headliner, expected to fetch between $200,000 and $400,000. Jordan wore the sneakers when he returned from his brief retirement and led the Bulls to a 72-10 regular season record and then their fourth NBA title.
Sabrina Ionescu’s jersey was worn during the 2024 NBA All-Star during her 3-point duel with Stephen Curry.
Photo: Sotheby’s
For fans looking for newer memorabilia, Sotheby’s is offering several items from February’s NBA All-Star Weekend in Indianapolis. These include a James 2024 All-Star jersey that is expected to fetch $200,000 to $300,000, as well as the jerseys worn by Stephen Curry and Sabrina Ionescu during their three-point contest. Curry and Ionescu’s jerseys are expected to sell for between $30,000 and $500,000 and between $8,000 and $12,000, respectively.
The entire sports collection is expected to sell for more than $12 million, with individual items ranging from $500 to about $6 million apiece.
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2024-03-20 13:47:40
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