Kanyer’s Yeezy shoes hit a record $ 1.8 million in private sales Business and Economic News

Kanye West’s “Grammy Worn” black leather, a prototype 12-size Nike Air Yeezy 1 sneaker, hit a record $ 1.8 million in private sales, Sotheby’s announced Monday.

Sotheby’s announced on Monday Sotheby’s announced on Monday that Kanye West sneakers were going down the runways for $ 1.8 million, a new world record for a pair of sneakers.

The American rapper’s 2008 “Grammy Worn” Nike Air Yeezy samples were prototypes of a line developed by West and Mark Smith for Nike. They appeared at a 2008 performance at the 2008 Grammy Awards.

RARES was a platform for buyers to invest in sneakers, which paid the highest publicly recorded price for the pair. RARES is a leader in fractional ownership, allowing users to invest in shoes by buying and trading their shares.

Private sales broke the current shoe auction record, surpassing the $ 560,000 Sotheby’s raised in May 2020 for the 1985 Air Jordan 1s pair, designed and worn by basketball player Michael Jordan.

The black leather, 12-inch Nike Air Yeezy 1 prototype, Yeezy front shoe strap and branded Y-lace medallion locks feature pink.

It was put up for sale at Sotheby’s by New York collector Ryan Chang.

West wore them to the 2008 Grammy Awards for emotional performances by Hey Mama and Stronger, creating a social media craze among fashionistas.

West ended its partnership with Nike in 2013 and moved the brand to Adidas, where the Yeezy sneaker brand brought in an estimated $ 1.7 million in sales in 2020, according to Forbes.

“Our goal is to increase the accessibility of buying an iconic shoe – and part of history – and strengthen communities that have created a sneaker culture with the tools to achieve financial freedom through RAREES,” said Gerome Sapp, RARES founder and CEO.

Brahm Wachter, head of modern street clothing and collections at Sotheby’s, said, “The sale speaks to Kanye’s legacy as one of the most influential clothing and sneaker designers of our time.”