Kanye West sneakers sell for record $2.4m

NEW YORK • A pair of Nike Air Yeezy 1s worn by rapper Kanye West sold for US$1.8 million (S$2.4 million), triple the previous record for sneakers, Sotheby's said on Monday, as the market for rare sports shoes soars.

The shoes beat the record held by a pair of Nike Air Jordan 1s, which sold for US$615,000 in August last year at a Christie's auction.

The record price for sneakers has been broken several times recently as what was seen as a niche market 10 years ago now attracts interest from the public as well as leading collectors.

"The sale marks the highest publicly recorded price for a sneaker sale ever," Sotheby's said in a statement.

"The sale also marks the first pair of sneakers to top US$1 million," it added.

The black high-top Yeezys were worn by West, 43, during the 2008 Grammy Awards as he performed Hey Mama and Stronger.

The sneakers, which were part of a collaboration between Nike and West, were prototypes, with the resulting model not going on sale until April 2009.

The shoes were acquired by Rares, a sneaker-investment marketplace that allows users to invest in rare pairs of athletic footwear.

Individuals can buy shares in a pair, just as investors buy stock in a company.

Rares, launched last month by former American football player Gerome Sapp, bought the Air Yeezy 1s through a private sale from sneaker collector Ryan Chang.

The sale price exceeded Sotheby's estimate of US$1 million.

"That was actually the grail of grails," said Sapp.

The sneaker is expected to list on the platform's "stock exchange" at US$15 to US$20 a share on June 16, he added.

Before collaborating with West, Nike had named shoes only in honour of famous athletes.

The Air Yeezy 1 was released in limited edition in 2009, followed by the Air Yeezy 2 in 2012.

Most Air Yeezy 1s sell for between US$2,000 and US$4,000, depending on the model.

West initially teamed up with Nike before switching to Adidas to create his own line.

Michael Jordan's Air Jordan 1 Highs that Christie's sold last August were worn by the basketball legend during a 1985 exhibition match in Italy, when he dunked the ball so hard it shattered the backboard.

That sale broke a record set in May last year when a pair of Air Jordan 1s sold for US$560,000.

AGENCE FRANCE-PRESSE