Michael Jordan’s Championship Sneakers Sell for Record $8 Million at Auction

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.

Michael Jordan of the Chicago Bulls shoots the winning jump shot with 5.2 seconds left during game six of the NBA Finals against the Utah Jazz in Salt Lake City in June, 1998. The Bulls won 87-86 for their sixth NBA championship.
AFP via Getty Images

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.

Superannuation is the first thought when it comes to self-funding retirement. Yet it is hardly the only option for doing so.

Just as we have a choice in how and where we work to earn a living, many people also have a choice in how to fund their retirement.

It is possible and sometimes preferable to leave your superannuation untouched, allowing it to continue growing. Some or all of your income can come from alternative sources instead.

Here are some alternatives you can consider.

1. Downsize your home

For many who own their own homes, the equity accrued over decades can eclipse the funds in superannuation. However, it’s theoretical money only until it is unlocked.

Selling up the family home and downsizing – or rightsizing – for retirement allows you to pocket those gains tax-free and simultaneously relocate to a more suitable home with lower upkeep costs.

Up to $300,000 from the proceeds can be contributed by a downsizer to boost your super, and the remainder can be used to fund living expenses or actively invested.

Remember that while the sale proceeds of your home are tax-free, any future profits or interest earned from that money will be taxable.

2. Part-time work

Semi-retirement allows you to gradually step into retirement. You continue earning income and super while working part-time, keeping a foot in the workforce while testing the waters of your new found free time.

Doing so also offers scope to move into different roles, such as passing on your skills to future generations by teaching/training others in your field of expertise, or taking employment in a new area that interests you and is closer to home.

3. Self-employment

Retirement from a full-time position presents a good opportunity to pursue self-employment. With more time and fewer commitments on your hands, you have greater scope to turn your hobby into a business or leverage your professional skills and reputation as an external consultant.

Also, for the self-employed and those with a family business, director’s loan repayments from the company are typically tax-free, offering a potentially lucrative source of

income and a means of extracting previous investments into the business without selling your ownership stake.

4. Investments

Rental property income (from residential or commercial properties) can supplement or even provide a generous source of income. The same applies to dividends from shares.

These are likely to be more profitable if you own them well before retirement.

Income that is surplus to your everyday needs can be reinvested using tax-effective strategies to grow your future returns.

5. Family trust

A family trust could be used to house investments for yourself and other relatives, building intergenerational wealth.

Trusts allow funds to be allocated to beneficiaries to manage marginal tax rates and stretch the money further, you have control over how income is split between different family members and have flexibility for changing circumstances.

6. Selling collectables

You may not realise the value of items you have collected over the years, such as wine, artwork, jewellery, vintage cars, and antiques.

Rather than have them collect dust or pay to store them, they could be sold to fund your living costs or new investments.

Where possible, avoid selling growth assets in a depressed market – wait until you can extract maximum value.

7. Obtaining a part-pension

Part-pensions are not only possible but valuable in making your superannuation stretch further. They still entitle you to a concession card with benefits in healthcare, transport, and more.

Take these savings even further by requesting pensioner discounts with other companies, on everything from utilities to travel and insurance to eating out.

Also, don’t overestimate the value of your assets as part of the means test. It’s a common mistake that can wrongly deny you a full or part-pension.

Plan ahead

However, you ultimately fund your retirement, planning is crucial. Advice would hopefully pay for itself.

Understand your spending and how those habits will change before and during retirement, then look to investments that offer the best fit.

Consider a mixture of strategies to diversify your risk, manage your tax liabilities and ensure ongoing income.

Above all, timing is key. The further ahead you plan, the more time you have to embrace additional opportunities and do things at the right time to maximise their value. You’ve worked hard and now is your chance to enjoy the fruits of your labour!

Helen Baker is a licensed Australian financial adviser and author of the new book, Money For Life: How to build financial security from firm foundations (Major Street Publishing $32.99). Find out more at www.onyourowntwofeet.com.au