Max Hensley edits Scripophily magazine for the International Bond & Share Society (IBSS). He passed along this commentary on Important Things in public auctions. Thanks.
-Editor
I'm on the Sotheby's promotion email campaigns so I get notice of all the big
things Sotheby's is offering for sale or auction. It used to be, years ago, when that venerable firm offered mostly old things with provenance and intrinsic value – antiques, paintings, coins, etc. Important is the term they applied to Louis XV ormolu-mounted girandoles. In that time, life was somewhat predictable and, well, language still had meaning.
So, I was shocked by an email notice of a March 26 Sotheby's sale of
Important Sneakers and Modern Collectibles . One word I do not associate
with sneakers is important . Smelly, torn, fungus, stained, dirty, maybe. But not important by any stretch of the imagination.
What was Sotheby's thinking about? Here's the partial lot description of one of
those important sneakers:
The Nike Dunk High FLOM Livestrong White Sample offered is a true unicorn
that embodies the creative vision of Brooklyn native Leonard Hilton McGurr, widely known as Futura. As one of the pioneering figures of the New York City graffiti movement, Futura's innovative approach to street art has left an indelible mark on contemporary culture. Renowned for his abstracted blending of text and imagery, Futura's influence extends beyond the realm of graffiti, encompassing collaborations with icons like The Clash and contributions to esteemed institutions such as the Musée de Vire and the Museum of the City of New York.
A frequent Nike collaborator, one of Futura's many achievements was the Nike SB Dunk High FLOM, a legendary sneaker featuring a tiled pattern
crafted from various denominations of printed money (emphasis added). With purportedly fewer than 25 pairs in existence, mostly distributed among friends and family, these sneakers attained mythical status, becoming highly coveted by collectors. The exclusivity of the pair intensified demand, far exceeding the limited supply.
$80,000 start price in a timed auction, where it evidently did not sell. Not to be discouraged, another exotic shoe did sell for $23,320, a coveted Nike SB Dunk Low Pro ‘Freddy Kreuger Salesman Sample.
The next time someone complains about the price of some stock or bond, you
can point to these. Dear, it was cheap at the price. Just imagine if I had started collecting sneakers!
Wayne Homren, Editor
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