In 2021, a pair of Nike Air Yeezys worn by Kanye West at the Grammys became the most expensive pair of sneakers ever sold by fetching $1.8 million in a private sale facilitated by Sotheby’s. Two years later, those same sneakers sold again for just $180,000 — a staggering plummet in value that’s hard not to connect to West‘s own fall from grace over the past year.
The Air Yeezys were purchased in 2021 by Rares, a platform that allows users to invest in sneakers in a manner similar to stocks. Later that year, Rares launched the sneaker as an IPO, allowing investments in the sneaker at $15 a share. Based on the Air Yeezy’s value today, that same share would now be worth just $1.50 — a reminder of the risk of stock-trading if ever there were one.
Goldin hosted the auction, which ended Wednesday with just 13 bids and a final price of $180,106. The sneakers were originally slated to go up for bidding through Christie’s last fall, but the auction house cancelled its plans in wake of the antisemitic comments that led Adidas to formally end its relationship with West.
No mention is made of Rares in Goldin’s listing for the Air Yeezys, and there isn’t any other mention of another owner involved. Footwear News has reached out to Rares with a request for comment and confirmation that was the most recent owner. An update will be posted if a response is given.
The pair of Air Yeezys at-hand is a Nike prototype that West wore at the 2008 Grammys. His performance in the sneaker marked the worldwide debut, and when the Air Yeezy went on sale a year later it was an instant hit. Three colorways of the Air Yeezy 2 then went on sale in 2012 and 2014 and were also highly, if not more, coveted.
West ended his partnership with Nike in 2013, however, because Nike refused to give him royalties on the sales his shoes generated. He would then move on to Yeezy to build a billion-dollar sneaker empire brought down by a string of antisemitic comments. Adidas has been selling off its remaining stock of Yeezy sneakers over the past few months and said it would donate a portion of the proceeds to organizations including the Anti-Defamation League, the Philonise & Keeta Floyd Institute for Social Change, and Robert Kraft’s Foundation to Combat Antisemitism (FCAS).
About the Author:
Ian Servantes is a Senior Trending News Editor for Footwear News specializing in sneaker coverage. He’s previously reported on streetwear and sneakers at Input and Highsnobiety after beginning his career on the pop culture beat. He subscribes to the idea that “ball is life” and doesn’t fuss over his kicks getting dirty.
