Online auction giant eBay opened the three-day Museum of Authentics in an apparent bid for a bigger slice of the sneaker resales market, which has boomed during the pandemic.
“We’re essentially showcasing and displaying some of the rarest, most iconic sneakers in the world,” eBay sneaker expert Alaister Low told AFP ahead of the opening in the city’s trendy suburb Brunswick.
The signed Air Jordans, dubbed the “Mona Lisa of sneakers” by Low, were worn by Jordan on-court in 1985 and a similar pair sold at auction in 2020 for US$560,000, the most expensive shoes ever put under the hammer at the time.
Alongside the Chicago Bull’s footwear are College Dropout Bapestas, Kanye West’s earliest sneaker collaboration. West’s touch rivals Jordan’s, with a pair of Nike Air Yeezys worn by the rapper fetching US$1.8 million last year.
For the owner of the Air Jordans on display, building a collection is about more than money.
“It’s all about the passion. I just love sneakers because I never resell them,” said Michael Fan, who lent out a small selection of his collection of 700 shoes to the exhibition.
Fan, who said his array of shoes fills a carefully organised basement in his Melbourne home, told AFP that approaching the sneakers as a purely financial investment was a gamble. “If you put the investment as a first priority, there will be high risk,” he said.
The market for rare shoes was “going up crazily”, Fan added, with values of some in his collection jumping more than 100 times their original cost in the past decade.
Low agrees, adding that Covid-19 lockdowns kicked the trend into overdrive.
“Sneakers have just exploded in terms of growth; on eBay, we’ve seen triple-digit growth over the last three years,” he said.
Similar to several other online resellers, including Detroit-based StockX that was valued at more than US$3.5 billion last year, eBay is touting its ability to make sure shoes traded on its platform are the real deal.
The online-shopping stalwart says its “Authenticity Guarantee” service has experts pore over every detail, including “logo placement, stitching, leather quality and even smell”, before granting an authentication certificate.