Sotheby’s has recently unveiled its plans to increase its sports offerings, a strategic move aimed at tapping into the burgeoning demand for sports memorabilia and attracting a younger demographic. The initiative, known as “Sports Week,” will feature six live and online auctions showcasing items from some of the most prominent figures in sports. Kicking off on April 5, these auctions are set to cater to both seasoned sports fans and newcomers looking to kickstart their collections. The head of Streetwear & Modern Collectibles at Sotheby’s, Brahm Wachter, emphasized the exponential growth and interest in the sports category, highlighting the company’s commitment to engaging collecting communities through innovative sale formats.
The market for sports collectibles has witnessed a significant surge in recent years, with consulting group Market Decipher valuing sports memorabilia at $26.1 billion globally in 2021. Forecasts suggest that this market is poised for substantial growth, potentially reaching $227.2 billion by 2032. The onset of the Covid-19 pandemic saw heightened demand for sports memorabilia, fueled in part by the success of the documentary series “The Last Dance,” which chronicled the illustrious career of basketball legend Michael Jordan. This surge in interest extended beyond Jordan collectibles, sparking enthusiasm for a wide array of sports memorabilia and attracting a younger demographic to the market.
Sotheby’s has reported that the average age of clients interested in sports memorabilia ranges from 20 to 40 years old, with half of them being new to auctions. Interestingly, some sports memorabilia sales have led to increased purchases in contemporary art and luxury watch categories, underscoring the interconnected nature of collecting interests. In response to this growing demand, the auction house has not only broadened its sports offerings but also forged partnerships with prominent sports organizations. A recent collaboration with the NBA resulted in the sale of The Dynasty Collection, a set of game-worn Air Jordan sneakers worn by Michael Jordan during his six NBA Finals championships, fetching a record-breaking $8 million.
Among the top highlights of Sotheby’s Sports Week auction is a pair of Muhammad Ali’s shorts from the historic “Thrilla in Manila” match in 1975, anticipated to sell for $4 million to $6 million. Additionally, a Kobe Bryant Los Angeles Lakers jersey from Game 1 of the 2009 NBA Finals, where the late star delivered a remarkable 40-point performance, is expected to fetch $1.5 million to $2.5 million. The auction will also feature iconic sneakers worn by NBA legends like Michael Jordan, Kobe Bryant, LeBron James, James Harden, and Russell Westbrook, with Jordan’s Air Jordan 11s from Game 5 of the 1996 NBA Finals projected to command between $200,000 and $400,000.
For fans seeking more recent memorabilia, Sotheby’s will offer items from the NBA All-Star weekend in Indianapolis, including a James 2024 All-Star Jersey, projected to sell for $200,000 to $300,000. Additionally, jerseys worn by Stephen Curry and Sabrina Ionescu during the three-point competition are expected to range from $8,000 to $12,000. The entire sports collection is estimated to exceed $12 million in total sales, with individual items priced between $500 and $6 million, showcasing the robust and dynamic nature of the sports memorabilia market.