MJ 1996 Air Jordan.
Photo: Amanda Bass
Sotheby's is ramping up its sports offerings as the auction house looks to capitalize on growing demand for sports memorabilia and appeal to a younger demographic.
The company on Wednesday announced its first “Sports Week,” which will include six live, online auctions featuring items from many of the biggest names in sports. Auctions will begin on April 4.
Demand for sports memorabilia has increased 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, director of streetwear and modern collectibles at Sotheby's, told CNBC. “Sports Week represents another example of Sotheby's commitment to engaging in collecting communities with creative sales formats and is presented with attractive estimates that cater to all sports fans and collectors alike, both the experienced and those who “they are looking to boost their collection.”
The sports collectible market is huge and continues to grow. Consulting group Market Decipher estimated the valuation of sports memorabilia at $26.1 billion globally in 2021. The group predicts the market will explode in the coming years, reaching $227.2 billion by 2032.
According to Wachter, the sports category was in greater demand during Covid, when the popular documentary series “The Last Dance” premiered. “The Last Dance,” which tells the story of Michael Jordan and the Chicago Bulls' quest for their sixth NBA title, increased interest in Jordan collectibles, which later translated into other sports memorabilia.
Sports have also brought a new, younger demographic to the market.
Sotheby's said its average sports memorabilia customer is between 20 and 40 years old, 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 betting on sports. In addition to dramatically increasing its bids, the auction house is partnering with the NBA to sell game-used jerseys and is in talks with a variety of other sports organizations about potential deals.
Earlier this year, Sotheby's sold The Dynasty Collection, a set of six individual Air Jordan sneakers worn by Jordan in the deciding games of his six NBA Finals championships, for $8 million. The sale set a new world auction record for game-worn sneakers and became the second-highest price achieved for Jordan sports memorabilia.
Thrilla in autographed Manilla shorts.
Photo: Amanda Bass
Highlights of the Sotheby's Sports Week auction include a pair of Muhammad Ali's shorts from their legendary 1975 “Thrilla in Manila” bout, considered one of the greatest boxing matches in history. The trunks are expected to sell for an estimated price of between $4 million and $6 million, which would make them one of the most valuable Ali memorabilia items to appear at auction.
Kobe Bryant's jersey for the Los Angeles Lakers.
Photo: Amanda Bass
A Kobe Bryant Los Angeles Lakers jersey from Game 1 of the 2009 NBA Finals that will also be auctioned that week is expected to fetch an estimated value of between $1.5 million and $2.5 million. The late star scored 40 points 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 best players, including Jordan, Bryant, LeBron James, James Harden and Russell Westbrook.
Jordan's Air Jordan 11 from Game 5 of the 1996 NBA Finals is the top product and is expected to fetch between $200,000 and $400,000. Jordan wore the sneakers when he returned from his brief retirement to lead the Bulls to a 72-10 regular-season record and then their fourth NBA title.
Detail photo of Sabrina Ionescu's shirt.
Photo: Amanda Bass
For fans looking to get their hands on more recent memorabilia, Sotheby's offers several items from February's NBA All-Star Game weekend in Indianapolis. These include a James 2024 All-Star jersey, which is expected to fetch between $200,000 and $300,000, along with the jerseys Stephen Curry and Sabrina Ionescu wore during their three-point contest. Curry and Ionescu's jerseys are expected to sell for between $30,000 and $500,000 and $8,000 and $12,000, respectively.
The entire sports collection is expected to sell for more than $12 million, with individual items ranging from $500 to approximately $6 million each.
