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When ESPN premiered The last Dance In April, the 10-part series about Michael Jordan’s last season with the Chicago Bulls cracked the rating jackpot and became the most watched documentary on the network. The last two episodes were broadcast on Sunday.
Almost two decades have passed since Jordan was eliminated from the NBA, but he’s as popular as ever – and very rich. With a net worth of $ 2 billion, Jordan is the richest former professional athlete in the world and the fourth richest African American, behind only Oprah, Robert F. Smith and David Steward.
Good investments are the root of his fortune (example his purchase of the Charlotte Hornets in 2010), but great credit also goes to the life-changing decision he made in 1984 when Nike came to him with an unprecedented first choice. of-its-kind endorsement deal: design your own line of basketball shoes.
Today, this Air Jordan brand generates nearly $ 3 billion a year for Nike, and its oversized and ongoing success has laid the foundation for all other sponsors of athletes who have tried to copy their model.
Air Jordans are unique for their immense popularity and endurance even after all these years – which is why they are a long-term investment that is just as valuable as the watches from Hermes Birkins and Rolex.
Imagine a pair of signed Air Jordan 1s that the basketball star wore in 1985 that were auctioned off at Sotheby’s last week. The online sale, which ended Sunday, raised an estimated $ 150,000. It sold for $ 560,000, breaking the world record for sneakers.
Sotheby’s saw a timely opportunity with the popularity of The last Danceas well as the huge success of selling rare sneakers with Stadium Goods last summer. “Sneakers have become an important part of our global culture and the market has responded. Over the past decade, the importance of luxury items as collectibles has exploded, and collectors at Sotheby’s are more used to taking note of traditional categories,” says Brahm Wachter, Director of E-Commerce Development at Sotheby’s.
Sneaker resale sites like StockX and GOAT saw sales spike after the ESPN documentary debuted, but Air Jordans’ value has grown steadily and reliably for years.
“When it comes to long-term sneaker prices, the Jordans tend to appreciate over time,” says Jesse Einhorn, senior economist at StockX. “More than 80 percent of the Jordans in our market have appreciated in value over the past year, a dozen models have appreciated more than $ 500, more than a hundred have at least doubled their resale value, and the average best-selling Jordan has seen it’s a spike the resale price by 27 percent. ”
Plus, the majority of StockX customers are too young to have been Michael Jordan fans during their NBA career, but Air Jordan is still the best-selling brand – further proof of its long-term potential.
“Michael Jordan and the brand that bears his name have achieved mythical status in American culture – one that goes beyond the details of his heroic deeds on the pitch,” says Einhorn.
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