Kanye West’s Nike Air Yeezy 1 prototype fetched $1.8 million at an auction recently. This Grammy worn Yeezy has become the costliest pair of sneakers in history.
Over the years, sneakers have become a precious commodity as celebrities, athletes and movie stars endorse top brands. Limited edition sneakers known as ‘sneaker drops’ are popular with buyers. These sneakers make their way into the grey market and dealers sell them for a significant price.
The Nike Air Yeezy sale was hosted by the popular auction house Sotheby’s. There are some people who follow the sneaker market and bid for the best and limited edition drops and are called ‘sneakerheads’.
Most of the major fashion brands have taken to manufacturing sneakers. Traditional shoe brands like Nike and Adidas have begun manufacturing limited edition pairs or have started collaboration with celebrities. In fact the interest in sneakers is so high that it is seen as an asset class. The buyer of the Nike Air Yeezy 1 is a company called Rares that lets people invest in rare sneakers by buying and trading shares in them.