A Canadian investor has purchased a pair of running shoes dating back to Nike's origins for a record-breaking US$437,500 -- or roughly C$577,000 -- at public auction. Miles Nadal won the 1972 Nike Waffle Racing Flat "Moon Shoes", seen here in an undated handout photo, in a Sotheby's online sale on Tuesday.
Image Credit: THE CANADIAN PRESS/HO-Sotheby's
July 26, 2019 - 9:00 PM
A Canadian investor has purchased a pair of running shoes dating back to Nike's origins for a record-breaking US$437,500 — or roughly C$577,000 — at public auction.
Miles Nadal won the 1972 Nike Waffle Racing Flat "Moon Shoes" in a Sotheby's online sale on Tuesday, rounding out his haul of 100 pairs of rare footwear from the auction house.
Designed by Nike co-founder Bill Bowerman, the handmade sneakers feature the signature waffle soles that helped launched the multi-billion dollar athletic brand.
Of the 12 pairs created for runners at the 1972 Olympic trials, Nadal snagged the only "Moon Shoes" known to exist in unworn condition, according to Sotheby's.
The auction house said the sale was more than four times higher than the previous record-holder for footwear — a signed pair of Converse sneakers that Michael Jordan wore in the 1984 Olympic basketball final, which fetched about US$190,400 in 2017.
Nadal, who founded Toronto-based investment firm Peerage Capital, also scooped up the other 99 lots in Sotheby's first-ever sneaker sale for US$850,000, or more than C$1.1 million, in a private transaction on July 17.
Other highlights from the collection include a limited-edition Adidas sneaker created by rapper Pharrell Williams in collaboration with Chanel, the ultra-rare Air Jordan 11 honouring Yankees short stop Derek Jeter and Nike's tribute to the self-lacing shoes worn by Marty McFly in "Back to the Future Part II."
The auction of 100 sought-after sneakers from streetwear marketplace Stadium Goods marked a departure for Sotheby's, one of the world's largest brokers of fine art.
Nadal initially offered to buy the entire collection, but the auction house and seller decided to put the crown jewel up for public auction.
"I am thrilled to acquire the iconic Nike 'Moon Shoes,' one of the rarest pairs of sneakers ever produced, and a true historical artifact in sports history and pop culture," Nadal said in a statement.
"I think sneaker culture and collecting is on the verge of a breakout moment, and I hope Sotheby's and Stadium Goods will continue to lead the way in this exciting new future."
Nadal plans to showcase the shoes in his Dare to Dream Automobile Museum in Toronto, which is also home to his extensive collection of classic cars.
News from © The Canadian Press, 2019