On Monday 26 April, a new world record was set in the collectable sneaker category, a market segment that has experienced tremendous growth in recent years, gaining the same collectable status as art or jewellery. Shoe collector Ryan Chang sold the pair of shoes in a private sale brokered by Sotheby's for a staggering sum of $1.8 million (£1.3 mil). The price is nearly triple the previous record, set in May 2020 by Michael Jordan's Nike Air Jordan 1's at $560,000 (£401,800).
The Nike Air Yeezy 1 were designed in a collaboration between American Rapper Kanye West and Nike creative director Mark Smith. West donned the shoes during his performances of ‘Hey Mama’ and ‘Stronger’ at the 2008 Grammy Awards.
The collaboration marked Nike's first with an artist and someone who was not an athlete. The rapper's pair of sneakers sported a whole new silhouette and is still considered the founding model of his fashion brand, Yeezy.
See also: The Emerging Category of Rare Sneakers
The Air Yeezy 1 was launched in 2009 as a limited edition, followed by the Air Yeezy 2, released in 2012. In 2013, Kanye West ended his collaboration with Nike, claiming his revenue share was too low. The following year, he turned to Adidas. According to Forbes and Bloomberg Report, the partnership has proven to be very profitable, generating nearly $1.7 billion (£1.2 billion) in 2020.
The shoes, size 12 (UK 11), are made from supple black leather and feature the Nike Swoosh logo, as well as Yeezy's signature forefoot strap.
The sneakers were purchased on 26 April by RARES, an online sneaker investment marketplace. RARES’ users can buy shares of a pair of shoes in the same way that investors purchase shares of a company.
Brahm Wachter, head of streetwear and collectibles at Sotheby's, claims the shoes’ price "speaks volumes of Kanye's legacy as one of the most influential clothing and sneaker designers of our time, and of the Yeezy franchise he has built which has become an industry titan".
