A Los Angeles Lakers jersey regularly worn and signed by Kobe Bryant will be auctioned next month with a high estimate of US$7 million, making it the most valuable Bryant jersey to appear on the open market.
The late basketball star wore the gold jersey on Lakers media day on Oct. 1, 2007, and throughout the NBA Western Conference finals on May 9, 2008. During the 2007-08 season, he scored 645 points in the same jersey over 25 games, according to Sotheby’s, which is handling the auction. He was named league’s most valuable player that year, his only MVP season.
This is also the only gold jersey Bryant wore during the 2008 NBA playoffs, Sotheby’s said. He wore it again for his official MVP portrait that year.
“Sports artifacts with this type of long-term, heavy wear are a rarity in the collecting space, with many modern items worn for just a single game,” Brahm Wachter, Sotheby’s head of streetwear and modern collectables, said in a news release.
This jersey has been featured in murals and artworks depicting the basketball legend across the globe. There are more than 15 such murals in California alone, including the painting by artist Jonas Never located near the team’s arena in Los Angeles, according to Sotheby’s.
A shooting guard, Bryant spent his entire 20-year professional career with the Lakers. He appeared in 18 All-Star games, won two Finals MVP awards, and two gold medals on the 2008 and 2012 U.S. Olympic teams.
Bryant, along with his daughter Gianna and seven others, died in a helicopter crash in Calabasas, Calif., in 2020. He was 41.
The jersey will be sold at Sotheby’s online from Feb. 2-9, with bidding starting at US$5 million. It will be on public exhibition from Feb. 1-7 in Sotheby’s New York galleries.
The auction house declined to disclose the identity of the consignor. The jersey is offered with a collection of photographs of Bryant in this jersey taken by Greg Cohen, and a number of related items, including artwork, t-shirts, pins, books, and more.
The current record for any item of Kobe Bryant sports memorabilia is a game-worn and autographed jersey from his 1996-97 rookie season. It sold for US$3.7 million in 2021 at Goldin Auctions.
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
While most U.S. workers are putting in fewer hours, men in the top 10% of earners cut back their time on the job the most, according to a new study
American workers have cut the number of hours they spend in their jobs since 2019, but no group has dialled back its time on the clock more than young, high-earning men whose jobs typically demand long hours.
The top-earning 10% of men in the U.S. labor market logged 77 fewer work hours in 2022, on average, than those in the same earnings group in 2019, according to a new study of federal data by the economics department at Washington University in St. Louis. That translates to 1.5 hours less time on the job each workweek, or a 3% reduction in hours. Over the same three-year period, the top-earning 10% of women cut back time at work by 29 hours, which translates to about half an hour less work each week, or a 1% reduction.
High-earning men in the 25-to-39 age range who could be described as “workaholics” were pulling back, often by choice, says Yongseok Shin, a professor of economics, who co-wrote the paper. Since this group already put in longer hours than the typical U.S. worker—and women at the highest income levels—these high earners had longer work days to trim, Dr. Shin says, and still worked more hours than the average.
The drop in working hours among high-earning men and women helps explain why the U.S. job market is even tighter than what would be expected given the current levels of unemployment and labour force participation, Dr. Shin says.
“These are the people who have that bargaining power,” Dr. Shin says of the leverage many workers have had over their employers in a tight job market. “They have the privilege to decide how many hours they want to work without worrying too much about their economic livelihood.”
The paper published by the National Bureau of Economic Research, which isn’t yet peer reviewed, suggests high earners were more likely to benefit from flexible working arrangements, which could be a factor in reduced work hours.
Before the pandemic, Eli Albrecht, a lawyer in the Washington, D.C., area, says he worked between 80 to 90 hours a week. Now, he says he puts in 60 to 70 hours each week. That’s still more than most men in America, who averaged 40.5 hours a week in 2021, according to federal data.
Mr. Albrecht’s schedule changed when he shared Zoom school duties for two of his young children with his wife. He’s maintained the reduced hours because it’s making his relationship more equitable, he says, and gives him family time.
“I used to feel—and a lot of dads used to feel—that just by providing for the family financially, that was sufficient. And it’s just not,” Mr. Albrecht says.
The downshift documented by Dr. Shin and his colleagues occurred as many professionals have been reassessing their ambitions and the value of working long hours. Emboldened by a strong job market, millions of Americans quit their jobs in search of better hours and more flexibility.
Overall, U.S. employees worked 18 fewer hours a year, on average, in 2022 compared with 2019, with employed men putting in 28 fewer hours last year and employed women cutting their time by nine hours, data from the U.S. Census Bureau’s Current Population Survey show. The average male worker put in 2,006 hours last year, while the average female worker logged 1,758 hours.
Separate data from the Census Bureau suggests that men with families, in particular, are working less. Between 2019 and 2021, married men devoted roughly 13 fewer minutes, on average, to work each day, according to the American Time Use Survey, which hasn’t yet published 2022 figures. They spent more time on socialising and relaxing, as well as household activities, according to men surveyed by the Census Bureau. The amount of time unmarried men spent on work changed little during that same period.
As high-earning workers in the U.S. cut back, low-wage workers increased their hours, according to Dr. Shin’s research. The bottom-earning 10% of working men logged 41 hours more in 2022, on average, than in 2019. Women in the lowest earning group boosted their hours worked by 52 last year compared with 2019.
While women work fewer hours than men, the unpaid labor they perform outside of their jobs has been well documented. Many working mothers take what’s termed a “second shift,” devoting more time outside work hours to child care and housework.
Maryann B. Zaki, a mother of three who has worked at several firms, including in big law, recently launched her own practice in Houston, giving her more control over her hours. She says she’s noticed more men in her field opting for reduced schedules, sometimes working 80% of the hours normally expected—which can range from 40 to more than 80 a week—in exchange for a 20% pay cut. For the average lawyer, that would amount to a salary reduction of tens of thousands of dollars each year; such arrangements were initially offered to aid working mothers.
Responding to new expectations of work-life balance may be particularly vexing for industries already facing staffing shortages, such as those in medicine. Dr. Lotte Dyrbye, the chief well-being officer for the University of Colorado School of Medicine, said she often hears from early-career physicians and other medical professionals who want to work fewer hours to avoid burnout.
These medical workers are deciding that to be in it for the long haul requires a day every week or two to decompress, Dr. Dyrbye says. But as staff cut back their hours, it costs medical organisations money and may compromise access to care.
Self-tracking has moved beyond professional athletes and data geeks.