‘I really wanted the Entourage Sneakers!’ Sotheby’s Join the High-Stakes Sneaker Game
Forget your antiquated visions of the auction house. You know the ones – wispy-haired white folk fumbling auction paddles over 18th-century rhinoceros horn cups. Auctions in the 21st century look very, very different.
In the summer of 2019, Sotheby’s dipped their toes into the sneaker sweepstakes, revealing a collection of 100 sneakers that included Mags, ‘Paris’ and from 1972. Of course, the market responded, and after a series of bank-breaking collections, Sotheby’s revealed – a set of six Air Jordan sneakers, each worn by Michael Jordan in the clinching games of his six career NBA championships.
The result? Record shattering.
Sneaker Freaker hooked up with Brahm Wachter, head of streetwear and modern collectibles at Sotheby’s, to join the high-stakes sneaker game.
Tell us a little about your background. How did you get involved with Sotheby’s?
When I was in college, I saw that famous episode of Entourage where Vincent and Turtle are trying to track down the Nike ‘Fukijama Gold’ sneakers – which they end up paying $50,000 for. That episode was a huge moment for me. I really wanted those sneakers! But I was never going to be able to get them. First of all, I was a college student. Second of all, they were just for the show.
So I was like, ‘Okay, I’m just going to make them.’ So I took a pair of white Air Force 1s, wiped them down with acetone, and repainted them black and gold. After that, I started to get involved in sneaker culture and customising my own sneakers. That was my first little business – customising sneakers and selling them.
Originally, I joined Sotheby’s as director of ecommerce development, and we had one central question: How do we bring a younger audience to Sotheby’s? One of the first things I tried selling was a pair of 1985 game-worn which at the time broke the record for the most expensive sneakers ever sold at auction – around $560,000.
After that, our CEO asked me to really build out the sneaker business. That was music to my ears. In fact, I had actually applied to NYU Stern – where I got my MBA – with a custom pair of Air Force 1s just a couple of years earlier!
Sotheby’s really pushed into the sneaker space in 2019 with a collection featuring Nike Mags (both the 2011 and 2016 versions), Paris Dunks, Waffle Racers from 72 and more. What inspired this move?
In many ways, Sotheby’s is a reflection of what’s really happening in the world, and we serve the secondary market. There has to be a primary market – there has to be activity. So we put our toes into the water, and the reception was crazy. It’s a much younger generation now. My audience ranges from 20 to 40 years old on average. About 50 per cent are new in each auction on average.
We realise there’s a big market here. It’s very deep. There are a lot of participants, and ultimately, we wanted to be a part of it.
Can you tell us about the impact of The Last Dance docuseries?
The Last Dance was something of a unicorn because I’ve never seen anything permeate pop culture the way that documentary did. It made Micheal Jordan and what he stood for so clear all over the world. It really changed the market for sneakers, collectibles and sports memorabilia.
What goes into curating a collection?
Most of the time, our auctions will have themes. It’s very rare that we do general sales. For instance, 2022 was the 40th anniversary of the Air Force 1. We’ll explore how it was born, its cultural significance, and its role in hip hop and basketball. Then we’ll actually go out to people we know in the market who are collectors or dealers, and we’ll try and find pieces that really put that story together.
Typically, we’ll source sneakers to tell a specific story.
Can you break down the verification process? There’s obviously been a lot of smoke in the industry of late with the high-profile cases between StockX and Nike…
It really depends on the particular item. If it’s game-worn, we’ll photo \-match it. We just sold a pair of game-worn for $2.2 million, and we photo-matched Michael Jordan wearing them from a little piece of glue on the side.
As for deadstock sneakers, we have our own processes and are certainly aware of what’s been happening in the space over the last 18 months. It’s something we have to stay vigilant about.
Can you tell us anything about your clients? What types of people buy and sell shoes at these steep price points?
Our audience is actually very broad. While we do sell sneakers for millions of dollars, we also sell sneakers for $500. So we have a group of clients that are passionate collectors and hobbyists and have been doing this for decades. We also have newer clients that are titans of industry in areas like advertising, private equity, finance and real estate.
The Air Jordan 13s – worn by Michael Jordan in Game 2 of the 1998 NBA Finals – recently sold for a record-breaking $2.2 million. What’s the next sneaker to break that ceiling?
I think ‘The Dynasty Collection’, which includes a set of six individual Air Jordan sneakers – each worn by Michael Jordan in the clinching games of his six career NBA championships – is the most valuable and important set of sneakers that’s ever been assembled. From a rarity and cultural importance perspective, there’s really just nothing else like it.
But in terms of sneakers that will continue to grow in value, anything OG – Air Jordans from the 1980s and 1990s, Nike Mags – anything that evokes the deepest sense of nostalgia. That’s where the market is in my mind.
Do you have any personal grails in your collection?
In 2022, we sold 200 pairs of the x Nike Air Force 1 with the pilot case for over $25 million (which benefited ‘Post-Modern’ Scholarship Fund). For me, that auction was one of my biggest achievements and an exciting moment in my career. When the Louis Vuitton x Nike Air Force 1s eventually released, the folks at LV were nice enough to allocate a pair, which I built a four-foot frame for. It’s massive.
Do you have a list of sneakers you’re on the hunt for?
Definitely Wilt Chamberlain’s All-Stars from the 100-point game. I’ve been looking for Michael Jordan’s ‘The Shrug’ Air Jordan 7s for many years. I thought I had them a few times. Nike ‘Fade to Black’ that he wore during his final game. There are certainly a few on the list.
What’s in the pipeline for the streetwear and modern collectibles division?
We have an upcoming auction called ‘Heat’, which is going to happen in June. It features a lot of really cool sneakers. There are several super rare Nike SB – a lot of which I’ve never seen while I’ve been here (and that’s saying a lot!).
Sotheby’s ‘The Dynasty Collection’ is on display at 1334 York Avenue, New York, June 1 – June 8.