Kanye West's sneakers break sale records at $1.8 mn: Sotheby's
New York, United States: Sotheby's announced Monday that a pair of Nike Air Yeezy 1s worn by rapper Kanye West sold for $8.7 billion, more than tripling the previous record for sneakers.
The shoes broke the record set by a pair of Nike Air Jordan 1s that sold for $615,000 at a Christie's auction in August 2020.
"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.
West wore the black high-top Yeezys when performing "Hey Mama" and "Stronger" at the 2008 Grammy Awards.
The sneakers were prototypes for a partnership between Nike and West, with the final product not going on sale until April 2009.
RARES, a sneaker investment platform that allows users to invest in unusual pairs of athletic sneakers, purchased the shoes.
Individuals can purchase shares in a pair in the same way as investors can purchase stock in a company.
The Air Yeezy 1s were purchased by RARES via a private sale from sneaker collector Ryan Chang.
According to Brahm Wachter, Sotheby's head of streetwear and new collectibles, the price "speaks volumes of Kanye's legacy as one of the most successful apparels and sneaker designers of our time, and of the Yeezy brand he has created, which has become an industry titan."
Nike had previously only called sneakers after famous athletes before partnering with West.
The Air Yeezy 1 was released in limited edition in 2009, and the Air Yeezy 2 was released in 2012.
The majority of Air Yeezy 1s cost between $2,000 and $4,000, depending on the model.
West first collaborated with Nike before moving on to Adidas to launch his own brand.
According to an internal UBS bank note obtained by Bloomberg, Yeezy sneakers will produce approximately $ 1.7 billion in sales in 2020.
COVER IMAGE VIA TWITTER.