Auction house Sotheby’s just made history with its latest sneaker transaction. After setting a record for the most expensive shoe ever sold last year, the company has landed another record-breaking sale.
Sotheby’s announced today that it sold the Nike Air Yeezy 1 “Grammy” sample for a whopping $1.8 million to sneaker investing platform Rares. The auction house revealed it had acquired the shoe earlier this month and was making it available for purchase only through a private sale. Sotheby’s initially anticipated the shoe would fetch around the $1 million range.
The house set a previous record was set last year after an original Air Jordan 1 High “Chicago” that was game-worn and signed by Michael Jordan sold for $560,000. After that, another pair of Jordan-worn sneakers was sold by Christie’s in August for $615,000, the new record at the time of sale.
This unreleased iteration of the Nike Air Yeezy 1 was created exclusively for West in 2008 and worn by him during a performance at the 50th Annual Grammy Music Awards in February of that year, marking the first time the silhouette was revealed to the public. The shoe features a black perforated leather upper that’s paired with a midfoot strap along with a pink “Y” lace lock.
“We are thrilled to work with Sotheby’s on this acquisition,” says Gerome Sapp, CEO and Co-Founder of RARES. “Our goal in purchasing such an iconic shoe—and a piece of history—is to increase accessibility and empower the communities that birthed sneaker culture with the tools to gain financial freedom through Rares. We look forward to working with Sotheby’s to continue to identify rare finds that will help elevate, preserve and uphold sneaker culture.”