Sotheby’s is tapping into the expanding market for sports memorabilia by introducing its inaugural “Sports Week.” With six live and online auctions scheduled to commence on April 4, the esteemed auction house aims to cater to the increasing demand for sports collectibles while also attracting a younger audience. The head of Streetwear & Modern Collectibles at Sotheby’s, Brahm Wachter, emphasized the significant growth and interest in the sports category, making it one of the fastest-growing sectors for the auction house.
The valuation of sports memorabilia globally reached $26.1 billion in 2021, as estimated by Market Decipher. This figure is projected to skyrocket to a staggering $227.2 billion by 2032, indicating the immense potential and profitability of the sports collectibles market. Wachter highlighted the surge in demand during the pandemic, citing the release of “The Last Dance” documentary series as a catalyst for increased interest in sports memorabilia, particularly Michael Jordan collectibles, which subsequently extended to other sports categories.
Sotheby’s has successfully attracted a younger demographic of collectors, with the average age of clients for sports memorabilia falling between 20 to 40 years old. Moreover, half of these clients are newcomers to auctions, demonstrating the appeal of sports collectibles among a new cohort of buyers. Wachter noted that acquisitions in the sports category often led to further purchases in contemporary and watch segments, indicating a growing trend in cross-category collecting.
To capitalize on the burgeoning sports memorabilia market, Sotheby’s has significantly expanded its range of offerings. Notably, the auction house has formed a partnership with the NBA to auction game-worn jerseys, and is currently in discussions with various sports organizations for potential collaborations. Earlier this year, Sotheby’s achieved a milestone by selling The Dynasty Collection, featuring six Air Jordan sneakers worn by Michael Jordan during his six NBA Finals championship victories, for a record-breaking $8 million.
Among the highlights of Sotheby’s Sports Week auction are Muhammad Ali’s shorts from the historic “Thrilla in Manila” fight in 1975, estimated to fetch between $4 million to $6 million. Additionally, a Kobe Bryant Los Angeles Lakers jersey worn during Game 1 of the 2009 NBA Finals is expected to sell for $1.5 million to $2.5 million, commemorating Bryant’s remarkable 40-point performance in that game. The collection also includes iconic sneakers worn by NBA legends like Michael Jordan, LeBron James, and Kobe Bryant, with Jordan’s Air Jordan 11s from the 1996 NBA Finals commanding top estimates.
Recent Additions and Future Prospects
Sotheby’s is also offering recent memorabilia from the NBA All-Star weekend, such as James’ 2024 All-Star Jersey and jerseys worn by Stephen Curry and Sabrina Ionescu during the three-point competition. The ongoing sports collection by Sotheby’s is projected to exceed $12 million in total sales, with individual items ranging from $500 to $6 million each, reflecting the ever-growing market for sports memorabilia and the auction house’s strategic focus on this lucrative segment.
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