Air Jordans break auction record at $2.2mn, a testament to power of a partnership

An iconic pair of Michael Jordan’s sneakers, ones worn the Chicago Bulls legend in the 1998 NBA Finals Game 2 against the Utah Jazz, went up for auction and were sold for $2.2 million, making them the most expensive pair of Jordan sneakers ever sold. The sneakers are signed Jordan, who did so with every game worn pair and handed them off to a ballboy. This pair, the red and black Air Jordan 13s, was set to fetch as much as $4 million before the Sothe’s auction, but went for less than expected but still at a record price.
The auction came a few months after a jersey worn Jordan in Game 1 of the same 1998 Finals series went for a whooping $ 10.1 million, double what Sothe’s initially expected – and becoming the most expensive game worn sports memorabilia ever purchased at an auction. The resale price of the Jordan jersey overtook the Maradona jersey, which the Argentine legend had worn in the quarterfinals of the 1986 World Cup in Mexico, in which he scored two goals against England, including the vaunted ‘Hand of god’. That jersey had been sold for $9.3 million.
Why the Jordans?
The previous sneaker record was also held the Jordan brand, with the Nike Air Ships that he wore earlier in his career, being sold for $1.47 million in 2021. But why is it that the Jordans have such resale value?

Another horic day at #SothesNewYork! Michael Jordan’s 1998 NBA Finals Game 2 Air Jordan 13s from the famous ‘The Last Dance’ season sold for $2.2 million, setting a new world record for the most valuable sneakers ever sold. pic.twitter.com/myK5uWZVBE
— Sothe’s (@Sothes) April 11, 2023
The game worn sneakers are the upper end of the sports memorabilia market. These prices, sneakers and numbers don’t paint the full picture of how successful Jordans are in the resale market. A market which had an estimated value of $2 billion in 2020 and might well go up till $30 billion in 2030, according to Cohen Research.
The Jordan brand has been very successful as a subset of the Nike brand. Firstly, there is the athlete himself. The aura of Jordan transcended generations. It was a brand that was solely built on the shoulders of one of the greatest basketball players to ever live.
There is also the way these sneakers are marketed. Most Jordans are released in a set number and to gain access to one of those prized pairs can be difficult. The resale market essentially solves this problem selling the sneakers for a premium price.
Pop culture
Then there is the marketing of Jordan sneakers that’s through film. Take the case of ‘The Last Dance’, a documentary from the 1998 NBA Finals, which has interviews from Jordan, his teammates and other media personalities from basketball, and away from the sport.

Released in the middle of the pandemic on Netflix, the documentary once again reinforced the power of Jordan as one of the greatest to ever play the game of basketball. The 10-part documentary spiked the Jordan brand’s sales numbers up as well.
“Michael Jordan game-worn sports memorabilia has proven time and time again to be the most elite and coveted items on the market,” said Brahm Wachter, Sothe’s head of streetwear and modern collectables, in a press release prior to the sale. “However, items from his ‘Last Dance’ season are of a greater scale and magnitude as seen with our record-breaking sale of his Game 1 jersey in 2022.”
How Nike got on board
In fact, this Air Jordan 13s sale coincides with a movie directed Ben Affleck called ‘Air’ that focuses on how Nike managed to convince Jordan to sign with their brand in 1984 for a five-year contract. A year later, Nike released the Air Jordan 1, retailing it for $65 and expecting to sell atleast 100,000 pairs of the sneakers and earning $3 million in the first three years. According to Sports Illustrated, they ended up earning $126 million in one year.

In 1997, ‘Brand Jordan’ became a subset company under Nike’s umbrella. 2022, the company had made $5 billion in revenue, according to investor Joe Pompliano. To put it into context, during his playing career with the Chicago Bulls, and later the Washington Wizards, Jordan had earned a total of $90 million in salaries.
Nike has profited and grown from this association as well. Their market cap of $136 billion in 2020 was three times that of Adidas’. In 1985, prior to Jordan joining Nike, Adidas were 50% larger than the American sportswear giants based on revenue, as per Forbes. Even Reebok had outgrown Nike 1987, albeit for a short period.
Jordan memorabilia at auctions
1998 NBA Finals Game 1 (jersey): $10.1m
1998 NBA Finals Game 2 Air Jordan 13 (sneakers) $2.2 m
Nike Air Ships (sneakers) $1.47m
“Shattered Backboard” Nike Air Jordan 1s (sneakers) $615,000
Rookie season Air Jordan 1s (sneakers) $560,000