Nike "Moon Shoe" sneakers break world record at auction

We are used to seeing rare vintage handbags and luxury items go under the hammer, but a pair of used sneakers has never had the same collector's appeal.

Or so we thought. A rare pair of the 1972 Nike Waffle Racing Flat 'Moon Shoe' has broken all previous world records of sneaker auctions, fetching USD 437,500 (GBP 351,772) from luxury auction house Sotheby's, and has since become the most expensive sneaker ever sold.

The hammer price nearly trebled the pre-sale estimate of 160,000 dollars

The lucky bidder was Miles Nadal, a collector based in Toronto Canada, who also purchased 99 other lots of the auction in a private sale last week. An avid collector, Mr. Nadal plans to display the sneakers, alongside his collection of classic cars, at his private museum in Toronto, Canada. The pre-sale estimate of the shoe was 160,000 dollars.

The Nike “Moon Shoe” is one of the most significant artifacts in Nike's long history. Nike co-founder and renowned Oregon University Track Coach Bill Bowerman designed the shoe for runners at the 1972 Olympic Trials; only about 12 were created, even fewer exist today – and the present lot is the only known pair to exist in unworn condition. As the famous story goes, Bowerman was first inspired to create the innovative waffle sole traction pattern found on the brand’s early running shoes by tinkering with his wife’s waffle iron and pouring rubber into the mold to create the first prototype of the sole.

I am thrilled to acquire the iconic Nike ‘Moon Shoes,’ one of the rarest pairs of sneakers ever produced, and a true historical artifact in sports history and pop culture. When I initially acquired the 99 other pairs in this auction last week, I just knew the Nike’s had to remain part of this remarkable collection, and I couldn’t be happier with the result. I think sneaker culture and collecting is on the verge of a breakout moment, and I hope Sotheby’s and Stadium Goods will continue to lead the way in this exciting new future.

The sale of the Nike Moon Shoe was part of an auction by sneaker emporium Stadium Goods, titled "The Ultimate Sneaker Collection Online."

Stadium Goods, which was founded in New York in 2015, rains one of the most premier marketplaces for coveted footwear. Unique to Stadium Goods is the “Trophy Case,” a culturally significant collection of rare sneakers, a selection of items that have attained “holy grail” status, the rarest of the rare.

Last year Farfetch, the luxury retail marketplace, bought Stadium Goods for 250 million dollars. The business of sneaker resale is hot, and according to Forbes is attracting interest from more than die-hard sneaker fanatics and collectors, as today's purchase of Nike's "Moon Shoe" would attest.

Article and image source Sotheby's