Michael Jordan’s game-worn Air Jordan 11s. Worn during Game 5 of the 1996 NBA Finals.
Photo: Sotheby’s
Sotheby’s is increasing its sports offerings as the auction house looks to capitalize on growing demand for sports memorabilia and appeal to a younger demographic.
The company announced Wednesday its first “Sports Week,” which will feature six live and online auctions featuring items from many of the biggest names in sports. The auctions will start on April 5.
Demand for sports memorabilia has soared in recent years, and sports has become one of Sotheby’s fastest-growing categories, the auction house said.
“We’ve seen exponential growth and interest in the category,” Brahm Wachter, head of Sotheby’s Streetwear & Modern Collectibles, told CNBC. “Sports Week represents another example of Sotheby’s commitment to engaging collecting communities with creative sales formats and is presented at attractive valuations that appeal to all sports fans and collectors, both experienced and those looking to start their collecting.”
The market for sports collectibles is huge and growing. Consultancy group Market Decipher has estimated the value of sports memorabilia at $26.1 billion globally by 2021. The group predicts the market will explode in the coming years, reaching $227.2 billion by 2032.
The sports category saw more demand during Covid when the popular documentary series “The Last Dance” was released, according to Wachter. “The Last Dance,” which told the story of Michael Jordan and the Chicago Bulls’ quest for their sixth NBA title, fueled interest in Jordan collectibles, which then translated into other sports memorabilia.
Sports have also brought a new, younger demographic into the market.
Sotheby’s said its average sports memorabilia customer is aged 20 to 40, and 50% of them are new to auctions. Some sales lead to more purchases in the contemporary and watch categories, Wachter said.
As a result, Sotheby’s is involved in sports. In addition to dramatically increasing its bids, the auction house is cooperation with the NBA to sell game-worn jerseys and is in discussions with various other sports organizations about potential tie-ins.
Earlier this year, Sotheby’s sold The Dynasty Collection, a set of six individual Air Jordan sneakers worn by Jordan in the thrilling six NBA Finals games of his career, for $8 million. The sale set a new world auction record for game-worn sneakers and became the second-highest price ever achieved for Jordan sports memorabilia.
Muhammad Ali’s fight wearing trunks from the ‘Thrilla in Manila’ boxing match.
Photo: Sotheby’s
Highlights of Sotheby’s Sports Week auction include a pair of Muhammad Ali shorts from his legendary 1975 “Thrilla in Manila” fight, considered one of the greatest boxing matches in history. The trunks are expected to sell for around $4 million to $6 million, which would make them one of the most valuable items of Ali memorabilia to appear at auction.
Kobe Bryant’s jersey for the Los Angeles Lakers. The jersey was worn during Game 1 of the 2009 NBA Finals.
Photo: Sotheby’s
A Kobe Bryant Los Angeles Lakers jersey from Game 1 of the 2009 NBA Finals also will be auctioned that week and is expected to fetch about $1.5 million to $2.5 million. The late star scored 40 points in that game, his highest scoring performance in the NBA Finals.
Sports Week will also feature some classic sneakers worn by NBA greats. Sotheby’s will offer 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 11s from Game 5 of the 1996 NBA Finals are the headliner, expected to fetch between $200,000 and $400,000. Jordan laced up the sneakers as he returned from his brief layoff to lead the Bulls to a 72-10 regular season record and then their fourth NBA title.
Sabrina Ionescu’s jersey worn during NBA All-Star 2024 during the 3-point challenge with Stephen Curry.
Photo: Sotheby’s
For fans looking to get their hands on the latest memorabilia, Sotheby’s is offering several items from February’s NBA All-Star Weekend in Indianapolis. These include a James 2024 All-Star jersey, which is expected to fetch $200,000 to $300,000, along with jerseys worn by Stephen Curry and Sabrina Ionescu during their three-point contest. Curry’s and Ionescu’s jerseys are expected to sell for between $30,000 and $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 about $6 million each.