A Pair of Michael Jordan’s ‘Last Dance’ Sneakers Shatters Auction Record

A pair of Nike Air Jordan XIII sneakers signed and worn by the basketball legend Michael Jordan during the 1998 NBA finals fetched US$2.2 million at a Sotheby’s online sale that concluded on Tuesday—setting a world record for the most expensive sneakers ever sold.

Still, the sale price fell on the lower end of its presale estimate between US$2 million and US$4 million. The buyer was the sole bidder for the sneakers, according to Sotheby’s, which declined to disclose the identity of the buyer.

“Today’s record-breaking result further proves that the demand for Michael Jordan sports memorabilia continues to outperform and transcend all expectations,” Brahm Wachter, Sotheby’s head of streetwear and modern collectables, said in a news release.

The previous record was held by a pair of Nike Air Ships worn by Jordan during a regular season game, which sold for US$1.472 million at a Sotheby’s auction in Las Vegas in 2021. The most valuable game-worn sports memorabilia ever sold at auction is also a Jordan item: A red jersey he wore during the first game of 1998 NBA finals sold for US$10.1 million in September 2022, double its presale estimate of US$5 million.

Jordan’s final season with the Chicago Bulls (1997-1998) is often referred to as “The Last Dance” after the ESPN/Netflix documentary series of the same name released in 2020.

Jordan wore the pair of sneakers during the second game of the 1998 NBA finals, during which he scored 37 points to lead the Bulls to a 93-88 victory against the Utah Jazz. He would finish the season with his sixth NBA championship and sixth Finals MVP award.

Jordan, 60, is also known for his product endorsements during his professional basketball career. His partnership with shoemaker Nike is chronicled in the film Air released last week.

Alibaba Group co-founder Jack Ma said competition will make the company stronger and the e-commerce giant needs to trust in the power of market forces and innovation, according to an internal memo to commemorate the company’s 25th anniversary.

“Many of Alibaba’s business face challenges and the possibility of being surpassed, but that’s to be expected as no single company can stay at the top forever in any industry,” Ma said in a letter sent to employees late Tuesday, seen by The Wall Street Journal.

Once a darling of Wall Street and the dominant player in China’s e-commerce industry, the tech giant’s growth has slowed amid a weakening Chinese economy and subdued consumer sentiment. Intensifying competition from homegrown upstarts such as PDD Holdings ’ Pinduoduo e-commerce platform and ByteDance’s short-video app Douyin has also pressured Alibaba’s growth momentum.

“Only with competition can we become stronger and allow the industry to remain healthy,” Ma said.

The letter came after Alibaba recently completed a three-year regulatory process in China.

Chinese regulators said in late August that they have completed their monitoring and evaluation of Alibaba after the company was penalized over monopolistic practices in 2021. Over the past three years, the company has been required to submit self-evaluation compliance reports to market regulators.

Ma reiterated Alibaba’s ambition of being a company that can last 102 years. He urged Alibaba’s employees to not flounder in the midst of challenges and competition.

“The reason we’re Alibaba is because we have idealistic beliefs, we trust the future, believe in the market. We believe that only a company that can create real value for society can keep operating for 102 years,” he said.

Ma himself has kept a low profile since late 2020 when financial affiliate Ant Group called off initial public offerings in Hong Kong and Shanghai that had been on track to raise more than $34 billion.

In a separate internal letter in April, he praised Alibaba’s leadership and its restructuring efforts after the company split the group into six independently run companies.

Alibaba recently completed the conversion of its Hong Kong secondary listing into a primary listing, and on Tuesday was added to a scheme allowing investors in mainland China to trade Hong Kong-listed shares.

Alibaba shares fell 1.2% to 80.60 Hong Kong dollars, or equivalent of US$10.34, by midday Wednesday, after rising 4.2% on Tuesday following the Stock Connect inclusion. The company’s shares are up 6.9% so far this year.