How much are you prepared to pay for a pair of running shoes? $100? $150? How about $437,500?
That's what Canadian collector Miles Nadal forked over for a pair of 1972 Nike running shoes on Tuesday, breaking the world auction record for a pair of sneakers in the process.
The "Moon Shoe," which was the top-seller in Sotheby's Ultimate Sneaker Collection online auction, is deeply intertwined with Nike's long history in athletics, the auction house said in a statement.
Renowned Oregon track coach Bill Bowerman originally designed the waffle shoe for runners competing in the 1972 Olympic Trials. The first prototype of the shoe's sole was made with melted rubber and a waffle iron.
Little did Bowerman know just how sought after the shoe would become.
Only 12 pairs were created and the ones auctioned off this week are the only known pair to exist today in unworn condition. Nadal had been eyeing the pair all week and offered to buy the entire collection of rare sneakers in the online auction. However, Sotheby's opted to keep the Nike running shoes available in the public auction.
Nadal far exceeded the pre-sale high estimate of $160,000 to secure the shoes.
"When I initially acquired the 99 other pairs in this auction last week, I just knew the Nikes had to remain part of this remarkable collection, and I couldn't be happier with the result," he said.
As an avid collector, Nadal owns his own private museum in Toronto, where his collection of classic cars is on display. He plans to add the sneakers to his personal exhibition.
"I think sneaker culture and collecting is on the verge of a breakout moment," he said.
Until now, the world auction record for a pair of sneakers was set in 2017 when a pair of Converses Michael Jordan wore in the 1984 Olympic basketball final sold for $190,373.
Commenting on this, the global head of eCommerce at Sotheby's, Noah Wunsch, said the auction showed how art, fashion, and culture can be fused together.
"We are eager to see where this sale takes us, not only in future sneaker offerings, but also in other new luxury lifestyle areas," Wunsch said, according to Reuters.