Recently, a pair of sneakers designed and worn at the 2008 Grammys by Kanye West sold for $1.8 million. This sale introduced a new era in which collecting sneakers have become similar to collecting art. Previously, footwear was seen more as a functional accessory, but over time, with the addition of famous designers, exhibitions, and social media, sneakers have become collectible pieces of art. 

Over the past few years, the sneaker industry has been booming. Buying sneakers at retail price and then reselling them in a secondary market has allowed sneaker resellers to make huge profits. In fact, StockX, an online sneaker reselling marketplace, recently reached a $1 billion U.S. valuation, highlighting how large the global market is for sneaker reselling.

There has been “an exponential boost in the auction world,” explained Nicholas Smith, the host of BBC’s podcast Sneakernomics. “They are in the same area now as something collectible like baseball cards or luxury watches.”

Especially with the younger generation, sneakers are a new form of art that speaks to them, as the sneakers are both wearable and have connections to their favorite artists or brands. For example, Virgil Abloh, the creative director of Off-White and Louis Vuitton Men’s Collections, collaborated with Nike to design a pair of sneakers that are seen as extremely valuable collector items. Initially released at a retail price of $190, this pair recently sold for $4,360 on StockX. Although this may seem like a large amount of money for a pair of shoes, it is not considered a lot for an art piece. 

Abloh even stated that “this generation may value sneakers more than a Matisse,” comparing the attainability of sneakers to that of traditional art pieces such as those from the French artist Henri Matisse.

“Sneakers are an access point for a lot of young people to own and collect an item that isn’t prohibitively expensive,” said Jesse Einhorn, StockX’s data content director. 

With the help of designer collaborations, pop culture, and museum exhibitions, sneakers have reached this point of popularity where people are willing to pay thousands of dollars and wait hours in line just for a chance to get their hands on a certain pair.

However, the concept of sneakers as collectible items is not new. Back in 1985, Nike released the first Air Jordans. It was the first signature shoe for one of the greatest basketball players ever and therefore highly coveted. With the rise in sneaker culture and the robust internet, an even larger market exists today. Now, many limited edition sneakers sell out within seconds and can be sold for double or quadruple their retail value on secondary markets.

“I consider them a body of work,” said Abloh regarding his shoe collaboration with Nike. “They have a visual language across them all. I hold sneakers as art—to hold on to and be close to.”

Photo courtesy of Erik Mclean on UNSPLASH.COM