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So if a pair of used sneakers can bring 437K...
MrEureka
Posts: 24,737 ✭✭✭✭✭
Actually, I’m at a loss for words.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
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Brought moon money
Lunatic money.
Impressive. With the deep pocket company insiders, the number was probably low.
You know, there is something alluring about any object when it is photographed, written up and has a legendary name backing it as if the object was of great desire and beauty.
When the owner gets the used shoes home, and they just sit there like some old worn shoes the owner probably has a few dozen of, the allure will probably wear off.
I don't feel so bad now having bought a france gold medal that was $200 over gold spot.
Not much different than an Apple I selling for a million dollars, or a gem proof early $20 Lib for 250k.
Think about it - which has had more cultural impact in the last 50 years - Nike shoes or the U.S. Mint?
I'm sure there's a thread on a shoe forum somewhere criticizing someone for spending millions on an old metallic disk. To each his own.
No offense to us coin collectors, but to the average person, this likely seems much cooler than a coin.
Bought by Nike?
Actually, they aren't used. They are the only known mint state condition pair in a population of 12. It does look a bit toned but that doesn't mean it's not mint state.
For better or worse, that may be true. Nike and sports stars are everywhere these days.
But this still comes nowhere near coins, cars or art. The most expensive coin is still more than 20x more expensive at a cool $10M.
Imagine the look on the executor’s face when the safe deposit box is opened and all that he finds is those sneakers!
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I wouldn't pay that much if they were worn by George Washington when he kicked King George III in the rear end.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
The "average person" couldn't care less about a pair of used shoes.
Which moon?
Don't ever believe that you have heard, seen or read it all. There will always be something somewhere capable of resetting to bar to new levels that simply redefine the level.
Experience the World through Numismatics...it's more than you can imagine.
You need to run this by the nation’s expert, if not the world’s expert on this colectable, Chumlee in the “Pawn Stars” series.
Amazing... Though I am have heard the same type of comments about prices of coins from those who do not collect coins. Remember Beanie Babies?? People become obsessive in the pursuit of rare items in their area of interest....and with disposable income at hand, this is what we see. So, like our coins bring us pleasure, I hope the winner of these shoes is having a great day....Cheers, RickO
If I use a coin comparison I could actually argue that the shoes went too cheap...the original waffle racers are the equivalent to a 1794 dollar yet ten times rarer (150 survivors vs 12)...and the pair that sold was MS...
That lot could have easily topped $1MIL had they just thrown in an old pair of sweat socks and maybe a couple of old cigarette butts.
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Your hobby is supposed to be your therapy, not the reason you need it.
I am waiting for MJ to weigh in since he knows shoes. Many of the posters on this thread appear to know as much about shoe collecting as me, which isn't much.
I do know that the history/origins of Nike is pretty fascinating stuff. Look up Bill Bowerman.
"Look up, old boy, and see what you get." -William Bonney.
Actually, the 1794 dollar is the only specimen strike that was created - truly a Pop 1. Furthermore, it is the only 1794 dollar that can claim to be the very first legal tender Dollar struck in the history of the United States. So, those Nikes are actually 12 times more available than the specimen 1794 dollar!
Maybe the buyer has a fetish and likes to smell shoes.
We'll have to agree to disagree. If you tell someone these are from the first batch of Nike sneakers ever made, hand made with a waffle iron, most would find that pretty interesting. Nike is an incredibly large and popular brand with tremendous cultural impact. These are not just some random old sneakers. (Oh and they are unused, just discolored)
Whether or not they put much value into that is a different question...
You might if you had 200 million and your 16 car garage was already filled with Ferraris and Lamborghinis and you were bored and looking for something interesting to buy because $400K to you was two weeks worth of dividend income.
$437K for a handful known... Guess I'll look at Goodwill for a pair
Here's some info on the collector, Miles Nadal. Looks like he purchased the entire 100 lot auction. Makes sense that it would go to an investor given the history of the Nike company.
He's the CEO of Peerage Capital: https://www.peeragecapital.com/
https://www.businessinsider.com/nike-moon-shoe-sell-after-investor-buys-99-rare-shoes-2019-7
As a long-time distance runner I can certainly appreciate the historical significance of these shoes.
I find it hard to believe that many of you here who spend what many consider stupid money on old pieces of metal have no empathy for other collectors..."you spent a million dollars on a nickel??"
I'm also surprised at the lack of empathy to this collecting area.
I wonder if there's a generational thing going on. Lots of people talk about the lack of YNs but many sneaker collectors tend to be younger. People I know in their 20s tend to collect sneakers, and have them in glass curios, more than they collect coins.
Sorry, you'll get no agreement from me on that point. We must live in very different worlds. I couldn't care less about the Nike brand and wouldn't pay even a dime for any pair of used Nike shoes (unless I knew I could QUICKLY and CERTAINLY sell them for a big profit.)
I'm not into moderns...
The interesting thing is that many collector coins are dropping in price over time. So from an outsider looking at our hobby, I wonder how many say they wouldn't buy a coin unless they could quickly and certainly sell them for a big profit? And I wonder what our hobby would be like if everyone thought that way.
Beats those used underwear in auction on eBay.
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
I'm a coin guy, but I can admit this pair of shoes is a heckuva lot cooler than a lot of coins.
Dealing in Canadian and American coins and historical medals.
The sneaker, urban art, and street art market has completely exploded over the last 10 years. Unfortunately, we cannot say the same about the market for most coins.
Based on my experience, the average age of collectors for these types of items is generally much younger than one would see at a coin show. These types of collectibles--sneakers, graffiti art, and the like--are "hot" right now and actively sought by collectors, even if they may seem like an odd choice to a longtime collector of coins, furniture, or other more "traditional" collectibles.
When major auction houses started selling this type of material for $1,000, $10,000, and $100,000, the movement seemed to have really solidified.
Heritage actually just held an auction of sneakers and other related street art that realized $2,721,597! Link here for the curious: https://fineart.ha.com/c/auction-home.zx?saleNo=5444&ic=Items-OpenAuctions-Closed-BrowseAuctionInfo-071713
Really surprising that some of the collectors in this thread are shocked by this result.
In fact, if I had to own a half million dollar collectible for the next 20 years as an investment, i think I’d take the pair of nikes.
Why would you choose the shoes? I’m not arguing the point, but am curious about your thoughts.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Increasingly, I find myself simply rejecting the idea of paying significant money for any collectibles, including coins.
What would you rather have if you were not allowed to sell but had to hold, can't resell?
Your favorite coin currently in your collection or this pair of shoes?
It's TIME to look at other stuff.
This morning I woke up thinking I may have paid too much for a buffalo nickel I just purchased at book value. Now I’m alright with it😊.
Imagine the look on the executor’s face when the safe deposit box is opened and all that he finds is those sneakers!
It'll be good if the owner has thought to install an Odor-Eater® in each sneaker.
“I have all the money I want, and there is a better use I can make of my time. We work to become, not to acquire.” — Elbert Hubbard
I understand the point but no equivalence to coins, pro or con.
Hell, 291fifth doesn't even like Coins, no surprise he doesn't like expensive shoes.
Liberty: Parent of Science & Industry
Ah, there it is, just needed to keep reading, lol.
Liberty: Parent of Science & Industry
I like coins but not what they cost.
I'd a thunkt there is a very strong possibility these shoes end up in a museum. I'm not surprised at all by high bids when an item appears for auction which will draw interest from a variety of different deep pocketed institutes who have little interest in resale value.
As a sneakerhead I really enjoyed this post. The two hobbies continually leave me with a drained bank account.
Also that is the worst condition "deadstock" I've ever seen. Legendary story though.
As a high school and college cross country runner, I remember those shoes. Nike (actually Bill Bowerman) designed the first "waffle" training and racing shoes in the early to mid 70's. This was when Oregon first began producing great distance runners (Prefontaine especially). Many people don't know that Nike first began as a distance running shoe company. Before I became a coin dealer, I owned a chain of specialty running stores in Minneapolis with Olympian Garry Bjorklund (10,000 meter finalist at Montreal 1976). New Balance, Asics, Reebok, and others soon jumped on the bandwagon, and the Athletic Shoe Era began in the late 70's. It was a great time to be in that business. The footwear at that time evolved into what we have today. I can see how someone would pay huge money for this item, as it has historical significance to many people in this field/industry.
With this said, I'd rather have 450-500K in rare coins than these shoes!
@mfeld My post was meant to say that I'd take the shoes over most $500k coins if I had to make an investment in one or the other, but I didn't write that very clearly.
My reason is the current average age of "sneakerheads" vs the average age of coin collectors. When you have a young, driven collector cohort interested, they will gain in money and stature and as the years go on they'll compete over the items they lusted after as youngsters. It happened with coins (kids growing up in the 50s and 60s), classic cars and it'll probably happen with the shoes as well. Nothing is certain but I'd place my bet there, if I had to pick.