Christie’s launches ‘Department X’ as collectible sneakers and street-wear boom

Nike Unreleased Air Jordan VI Donda West Sneaker

Christie's is launching a new department to take advantage of the booming market for collectibles.

Air Jordans and Supreme skate decks were given their own category by the auction house. The move is indicative of the changing collectibles world.

The Christie's head of handbags, streetwear and sneakers, who will head Department X, said that the auction world is a strong one. We felt it was time to get into this new market because it will only get stronger.

Sneaker culture will be one of the biggest categories at Department X. Private selling exhibitions and online auctions will be held throughout the year.

Sneaker and sports collectibles have increased in value. In June, Christie's held a "Six Rings Legacy of the GOAT" sale devoted to basketball legend Michael Jordan's career. Jordan's "last dance" jersey from his 1998 NBA Finals Game 1 sold for $10.1 million, setting a new record for sports collectibles.

A collection of 200 pairs of Louis Vuitton and Nike Air Force 1 sneakers designed by the late designer was sold at auction for $25 million. There was one pair that sold for $350,000.

Most of the buyers in the new category are between the ages of 20 and 40.

Kanye West Grammy Worn, Nike Air Yeezy 1 Sneaker Prototype

Christie's will hold a private-sale exhibit titled "Ye Walks" celebrating two pairs ofKanye West's sneaker designs. The first West designed with Nike was the Airy 1 prototype. The Donda West Air Jordan VI is named after West's mother.

Hats, shirts, skate decks and even pinball machines from Supreme have all gone up in price. There was a collection of Supreme t-shirts for $2 million in 2020.

Younger people like to look at images and culture that they grew up with. Street wear and rare sneakers tied to sports icons are likely to grow in value as younger people gain more wealth.

She said that they went for what tugged at their own past experiences. These people in their 30s and 40s are celebrating their culture.

Despite falling stocks and recession fears, the rise of so-called "hype-wear" such as sneakers and t-shirts is likely to continue.