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 attract a younger demographic.
The company on Wednesday announced its first “Sports Week,” which will include six live and online auctions with items from many of the biggest names in sports. Auctions will begin on April 5.
The auction house said demand for sports memorabilia has jumped in recent years, and sports has become one of Sotheby's fastest-growing categories.
“We have seen tremendous growth and interest in this category,” Brahm Wachter, head of streetwear and modern collectibles at Sotheby’s, told CNBC. “Sports Week represents another example of Sotheby’s commitment to engaging the collecting communities with creative sale formats, and is offered at attractive estimates that meet the needs of all sports fans and collectors alike, whether seasoned or those looking to launch their collection.”
The sports collectibles market is huge, and getting bigger. Advisory group Market Decipher estimated the value of sports memorabilia at $26.1 billion globally in 2021. The group expects the market to explode in the coming years, reaching $227.2 billion by 2032.
The sports category witnessed increased demand during Covid, when the famous documentary series “The Last Dance” was released, according to Wachter. “The Last Dance,” which chronicled the story of Michael Jordan and the Chicago Bulls' quest for their sixth NBA title, boosted interest in Jordan collectibles, which then translated into other sports memorabilia.
Sports have also brought a new, younger demographic to the market.
Sotheby's said the average age of its customers buying sports memorabilia ranges from 20 to 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 turning to sports. In addition to significantly increasing its offerings, the auction house is teaming up with the NBA to sell game-worn jerseys, and is in talks with a variety of other sports organizations about potential tie-ins.
Earlier this year, Sotheby's sold The Dynasty Collection, a set of six individual Air Jordan sneakers that Jordan wore in the six NBA Finals championship games, for $8 million. The auction set a new world record for match-worn sneakers, and became the second-highest price ever achieved for Jordanian sports memorabilia.
Muhammad Ali fight wore trunks from the “Thrilla in Manila” boxing match.
Photo: Sotheby's
Highlights of Sotheby's Sports Week auction include a pair of shorts worn by Muhammad Ali from his legendary 1975 “Thrilla in Manila” bout, considered one of the greatest boxing matches in history. The boxes are expected to sell for $4 million to $6 million, making them one of the most valuable items of Ali memorabilia to appear at auction.
Kobe Bryant Los Angeles Lakers jersey. The jersey was worn during Game 1 of the 2009 NBA Finals.
Photo: Sotheby's
Kobe Bryant's Los Angeles Lakers jersey from Game 1 of the 2009 NBA Finals is also expected to sell at auction this week for an estimated $1.5 million to $2.5 million. The late star scored 40 points in that game, his highest 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 like Jordan, Bryant, LeBron James, James Harden and Russell Westbrook.
Air Jordan 11s from Game 5 of the 1996 NBA Finals are 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.
The 2024 NBA All-Star Sabrina Ionescu jersey she wore during the 3-Point Challenge with Stephen Curry.
Photo: Sotheby's
For fans looking to acquire the latest memorabilia, Sotheby's is offering several items from February's NBA All-Star Weekend in Indianapolis. These jerseys include James' 2024 All-Star Jersey, which is expected to fetch between $200,000 and $300,000, along with jerseys worn by Stephen Curry and Sabrina Ionescu during their three-point contest. Curry and Ionescu jerseys are expected to sell for between $30,000 to $500,000 and $8,000 to $12,000, respectively.
The entire sports collection is expected to sell for more than $12 million, with the value of individual items ranging from $500 to about $6 million each.
