Sotheby’s is expanding its sports offerings to tap into the surging demand for sports memorabilia and attract a younger audience.
The auction house revealed plans for its inaugural “Sports Week,” featuring six live and online auctions showcasing items from renowned sports figures. Scheduled to commence on April 5, the event aims to capitalize on the escalating interest in athletic collectibles, with sports emerging as one of Sotheby’s rapidly advancing categories.
Brahm Wachter, Head of Streetwear & Modern Collectibles at Sotheby’s, highlighted the remarkable growth and enthusiasm surrounding the sports memorabilia sector. He remarked, “We’ve seen exponential growth and interest in the category.”
Wachter emphasized that Sports Week exemplifies Sotheby’s dedication to engaging collectors through innovative sale formats, offering appealing estimates to cater to a diverse range of sports enthusiasts and collectors, whether seasoned veterans or newcomers eager to kickstart their collections.
The sports collectibles market continues to expand rapidly, with projections indicating significant growth ahead. Market Decipher, a consulting group, estimated the global value of sports memorabilia at $26.1 billion in 2021. Anticipating further escalation, the group forecasts the market to surge to $227.2 billion by 2032.
During the Covid pandemic, the sports category experienced heightened demand, particularly with the release of the acclaimed documentary series “The Last Dance,” as noted by Wachter.
This series, which journeys into the enthralling narrative of Michael Jordan and the Chicago Bulls’ pursuit of their sixth NBA title, sparked a surge in interest in Jordan collectibles, subsequently fueling demand for other sports memorabilia.
Moreover, sports have attracted a fresh, younger demographic to the market, underscoring its broadening appeal and ongoing evolution.
Sotheby’s revealed that the majority of its sports memorabilia clientele falls within the age range of 20 to 40, with half of them being newcomers to auctions.
According to Wachter, interestingly, some of these initial sports-related purchases have led to further acquisitions in the contemporary art and luxury watch categories,.
Given this trend, Sotheby’s is intensifying its focus on sports. Alongside significantly expanding its offerings, the auction house is forging partnerships to broaden its reach.
It has recently teamed up with the NBA to auction game-worn jerseys and is exploring potential collaborations with various other sports organizations.
Earlier this year, Sotheby’s made headlines by selling The Dynasty Collection, a set of six Air Jordan sneakers worn by Michael Jordan during the decisive games of his six NBA Finals victories, for a staggering $8 million.
This sale not only established a new global auction record for game-worn sneakers but also secured the second-highest price ever achieved for Jordan sports memorabilia.
Sotheby’s Sports Week auction is set to feature remarkable pieces, including Muhammad Ali’s shorts worn during his iconic “Thrilla in Manila” match from 1975, widely regarded as one of the greatest boxing bouts in history.
These trunks are anticipated to command a price between $4 million and $6 million, potentially ranking among the most valuable items of Ali memorabilia ever presented at auction.
Another standout item is a Kobe Bryant Los Angeles Lakers jersey from Game 1 of the 2009 NBA Finals, expected to fetch between $1.5 million and $2.5 million. This jersey commemorates Bryant’s remarkable performance, during which he scored an impressive 40 points, marking his highest-scoring NBA Finals game.
In addition to these iconic pieces, Sports Week will showcase a selection of classic sneakers worn by basketball legends.
Sotheby’s will present 50 pairs of sneakers worn by some of the NBA’s most illustrious players, including Jordan, Bryant, LeBron James, James Harden, and Russell Westbrook.
Among the highlights are Jordan’s Air Jordan 11s from Game 5 of the 1996 NBA Finals, projected to sell for between $200,000 and $400,000.
These sneakers hold significant historical value as they were worn by Jordan upon his return from a brief retirement, leading the Chicago Bulls to a record-breaking 72-10 regular season and securing their fourth NBA championship.
For enthusiasts seeking more recent memorabilia, Sotheby’s presents several items from February’s NBA All-Star weekend in Indianapolis. Among these offerings is a James 2024 All-Star Jersey, projected to command between $200,000 and $300,000.
Additionally, jerseys worn by Stephen Curry and Sabrina Ionescu during the three-point competition are also up for auction. The Curry jersey is expected to sell for $30,000 to $500,000, while the Ionescu jersey is anticipated to fetch $8,000 to $12,000.
The entire sports collection is estimated to surpass $12 million in total sales, with individual items ranging from $500 to approximately $6 million each.
