Michael Jordan’s Championship Sneakers Sell for Record $8 Million at Auction
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In a transaction that further cements NBA Hall of Famer Michael Jordan’s standing atop the world of sports memorabilia, Sotheby’s New York sold six Air Jordan sneakers earlier Friday for the whopping total of US$8 million.
Dubbed the Dynasty Collection, the set of six shoes were sold to an anonymous buyer who was in the room during the bidding, according to the auction house. Sotheby’s had publicised the sale with a far-reaching tour, displaying the sneakers around the world while estimating that the set would sell for between US$7 million and US$10 million.
“To have something from one of Jordan’s championship clinching games is a goal for every collector of sports artefacts. To have something from all six is unheard of,” says Brahm Wachter, Sotheby’s head of modern collectables. “We are thrilled with the result which is a testament to the greatest to ever play the game.”
The Dynasty Collection earned headlining status for the second edition of Sotheby’s “The One,” a cross-category sale that features an eclectic range of notable objects representing human achievement and excellence.
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As the hammer fell, the final price tag set a new global benchmark for game-worn sneakers while becoming the second-highest price achieved for any Jordan memorabilia, just behind Jordan’s 1998 NBA Finals Game 1 jersey from the famed “Last Dance” season, which achieved US$10.1 million at Sotheby’s in September 2022 and still holds the world record for any game-worn sports memorabilia.
The auctioneer also holds the record for any pair of sneakers, with Jordan’s 1998 NBA Finals Game 2 Air Jordan 13s having earned $2.2 million in April 2023.
Jordan, who turns 61 on Feb. 17, famously handed off one of his size-13 and 13.5 shoes—an Air Jordan VI (1991), Air Jordan VII (1992), Air Jordan VIII (1993), Air Jordan XI (1996), Air Jordan XII (1997), and Air Jordan XIV (1998)—after each championship-deciding victory to Bulls PR exec Tim Hallam.
The sneakers were later obtained from Hallam by a private American collector, who ultimately enlisted Sotheby’s for the sale. Initially announced nearly a year ago, the collection has captured the attention of sports fans and hobbyists alike.
“Today’s record-breaking price is a testament to the GOAT. The Dynasty Collection undeniably ranks among the most significant compilations of sports memorabilia in history,” Wachter said in a statement announcing the result.
“Serving as both a reminder of Michael Jordan’s lasting impact on the world and a tangible expression of his recognized legendary status, its significance is further validated by this monumental result.
One other piece of Jordan memorabilia was included in the auction: the signed official scorekeeper’s sheet from the highest-scoring game of his career—a 69-point effort against the Cleveland Cavaliers on March 28, 1990. It sold for US$50,800.
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Continued stagflation and cost of living pressures are causing couples to think twice about starting a family, new data has revealed, with long term impacts expected
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Australia is in the midst of a ‘baby recession’ with preliminary estimates showing the number of births in 2023 fell by more than four percent to the lowest level since 2006, according to KPMG. The consultancy firm says this reflects the impact of cost-of-living pressures on the feasibility of younger Australians starting a family.
KPMG estimates that 289,100 babies were born in 2023. This compares to 300,684 babies in 2022 and 309,996 in 2021, according to the Australian Bureau of Statistics (ABS). KPMG urban economist Terry Rawnsley said weak economic growth often leads to a reduced number of births. In 2023, ABS data shows gross domestic product (GDP) fell to 1.5 percent. Despite the population growing by 2.5 percent in 2023, GDP on a per capita basis went into negative territory, down one percent over the 12 months.
“Birth rates provide insight into long-term population growth as well as the current confidence of Australian families,” said Mr Rawnsley. “We haven’t seen such a sharp drop in births in Australia since the period of economic stagflation in the 1970s, which coincided with the initial widespread adoption of the contraceptive pill.”
Mr Rawnsley said many Australian couples delayed starting a family while the pandemic played out in 2020. The number of births fell from 305,832 in 2019 to 294,369 in 2020. Then in 2021, strong employment and vast amounts of stimulus money, along with high household savings due to lockdowns, gave couples better financial means to have a baby. This led to a rebound in births.
However, the re-opening of the global economy in 2022 led to soaring inflation. By the start of 2023, the Australian consumer price index (CPI) had risen to its highest level since 1990 at 7.8 percent per annum. By that stage, the Reserve Bank had already commenced an aggressive rate-hiking strategy to fight inflation and had raised the cash rate every month between May and December 2022.
Five more rate hikes during 2023 put further pressure on couples with mortgages and put the brakes on family formation. “This combination of the pandemic and rapid economic changes explains the spike and subsequent sharp decline in birth rates we have observed over the past four years,” Mr Rawnsley said.
The impact of high costs of living on couples’ decision to have a baby is highlighted in births data for the capital cities. KPMG estimates there were 60,860 births in Sydney in 2023, down 8.6 percent from 2019. There were 56,270 births in Melbourne, down 7.3 percent. In Perth, there were 25,020 births, down 6 percent, while in Brisbane there were 30,250 births, down 4.3 percent. Canberra was the only capital city where there was no fall in the number of births in 2023 compared to 2019.
“CPI growth in Canberra has been slightly subdued compared to that in other major cities, and the economic outlook has remained strong,” Mr Rawnsley said. “This means families have not been hurting as much as those in other capital cities, and in turn, we’ve seen a stabilisation of births in the ACT.”
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