Michael Jordan’s game-worn Air Jordan 11. Worn during Game 5 of the 1996 NBA Finals.
Photo: Sotheby’s
Sotheby’s is increasing its sports-related products as it seeks to capitalize on growing demand for sports memorabilia and appeal to a younger demographic.
The company announced Wednesday its first “Sports Week,” which includes six live and online auctions featuring items from many of the biggest names in sports. The auction will begin on April 5th.
Demand for sports memorabilia has soared in recent years, making sports one of Sotheby’s fastest-growing categories, the auction house said.
“We’re seeing tremendous growth and interest in this category,” Brahm Wachter, head of streetwear and modern collectibles at Sotheby’s, told CNBC. “Sports Week is another example of Sotheby’s commitment to engaging the collecting community with creative sales formats, targeting both experienced sports fans and collectors as well as sports fans and collectors looking to start a collection. Attractive quotes are being offered that cater to similar demands.”
The market for sports goods is huge and growing. Consulting group Market Decipher estimates that sports memorabilia will be valued at $26.1 billion worldwide in 2021. predict that the market will expand explosively In the coming years, it will reach $227.2 billion by 2032.
According to Wachter, demand for the sports category increased due to the coronavirus pandemic, which saw the release of the popular documentary series “The Last Dance.” Chronicling the story of Michael Jordan and his Chicago Bulls’ quest for his sixth NBA title, “The Last Dance” sparked interest in Jordan collectibles, and later on to other sports memorabilia. and changed its shape.
Sports has also brought a new, younger demographic to the market.
Sotheby’s says the average age of its sports memorabilia customers is between 20 and 40, and 50% of them are new to auctioneering. Wachter said some of the sales will lead to increased purchases in the contemporary goods and watches categories.
As a result, Sotheby’s is fully committed to the sport. In addition to dramatically increasing its inventory, auction houses are Partnered with NBA The company plans to sell game-worn jerseys and is in talks with various other sports organizations about possible partnerships.
Sotheby’s was sold earlier this year. dynasty collection, a six-piece set of Air Jordan sneakers worn by Jordan in all six NBA Finals championship games, priced at $8 million. The sale set a new world auction record for game-worn sneakers and became the second-highest price ever paid for Jordan sports memorabilia.
For Muhammad Ali’s fight, he wore trunks from the boxing match “Thrilla in Manila.”
Photo: Sotheby’s
Highlights of the Sotheby’s Sports Week auction include Muhammad Ali’s shorts from the legendary 1975 “Thrilla in Manila,” considered one of the greatest matches in boxing history. The trunk is expected to fetch an estimated $4 million to $6 million, making it one of the most valuable pieces of Ali memorabilia to come to auction.
Los Angeles Lakers Kobe Bryant jersey. This jersey was worn in Game 1 of the 2009 NBA Finals.
Photo: Sotheby’s
Kobe Bryant’s Los Angeles Lakers jersey worn in Game 1 of the 2009 NBA Finals will also go up for auction the same week and is expected to sell for an estimated $1.5 million to $2.5 million. The late star scored 40 points in that game, making him the highest scorer in an NBA Finals.
Sportsweek will also feature classic sneakers worn by NBA greats. Sotheby’s is offering 50 pairs of sneakers worn by some of the league’s greatest players, including Jordan, Bryant, LeBron James, James Harden and Russell Westbrook.
Jordan’s Air Jordan 11 worn in Game 5 of the 1996 NBA Finals is the featured item and is expected to sell for between $200,000 and $400,000. Jordan wore the sneakers when he returned from a brief retirement to lead the Bulls to a 72-10 regular season record and win his fourth NBA title.
Jersey worn by Sabrina Ionescu during the 3-point challenge with Stephen Curry at NBA All-Star 2024.
Photo: Sotheby’s
For fans looking to pick up some recent memorabilia, Sotheby’s is offering several items from February’s NBA All-Star Weekend in Indianapolis. That includes James’ 2024 All-Star jersey, which is expected to fetch between $200,000 and $300,000, as well as jerseys worn by Stephen Curry and Sabrina Ionescu in the 3-point tournament. Curry and Ionescu’s jerseys are expected to sell for $30,000 to $500,000 and $8,000 to $12,000, respectively.
The entire sports collection is expected to sell for more than $12 million, with individual items ranging from $500 to approximately $6 million each.
