The auction house Sotheby’s is taking advantage of the increasing popularity of sports memorabilia by expanding its sports offerings. Recently, the company announced its first-ever “Sports Week,” featuring a series of live and online auctions showcasing items from some of the biggest names in sports. This move comes as a response to the surge in demand for athletic memorabilia and a strategy to attract a younger demographic to the auction house. According to the head of Streetwear & Modern Collectibles at Sotheby’s, Brahm Wachter, the sports category has become one of the fastest-growing segments for the auction house, with a significant increase in interest and engagement from collectors.
The sports collectibles market has been experiencing significant growth in recent years, with a global valuation of $26.1 billion in 2021, as estimated by Market Decipher. The consulting group predicts that the market will continue to expand, reaching a staggering $227.2 billion by 2032. The COVID-19 pandemic further fueled the demand for sports memorabilia, with the release of popular documentaries like “The Last Dance,” which chronicled Michael Jordan and the Chicago Bulls’ journey to their sixth NBA title. This surge in interest has not only benefited Jordan collectibles but also increased the overall demand for sports memorabilia across different categories.
One of the significant impacts of the sports memorabilia boom is the influx of a younger demographic into the market. Sotheby’s reported that the average age of clients interested in sports memorabilia ranges from 20 to 40 years old, with 50% of them being new to auctions. Furthermore, the interest in sports memorabilia has led to additional purchases in other categories such as contemporary art and watches. In response to this trend, Sotheby’s has decided to expand its sports offerings, partnering with the NBA to sell game-worn jerseys and exploring collaborations with various sports organizations.
During Sotheby’s Sports Week, several notable items will be up for auction, including a pair of Muhammad Ali’s shorts from the legendary “Thrilla in Manila” match in 1975, estimated to sell for $4 million to $6 million. Additionally, a Kobe Bryant Los Angeles Lakers jersey from Game 1 of the 2009 NBA Finals, where he scored 40 points, is expected to fetch between $1.5 million to $2.5 million. The auction will also feature classic sneakers worn by NBA greats such as Michael Jordan, Kobe Bryant, LeBron James, James Harden, and Russell Westbrook. Jordan’s Air Jordan 11s from Game 5 of the 1996 NBA Finals are anticipated to sell for $200,000 to $400,000.
For fans looking to own a piece of more recent sports history, Sotheby’s will also offer memorabilia from February’s NBA All-Star weekend, including jerseys worn by James 2024 All-Star, Stephen Curry, and Sabrina Ionescu. The estimated prices for these items range from $8,000 to $500,000. Overall, the entire sports collection is projected to generate more than $12 million in sales, with individual items priced between $500 to approximately $6 million each.
Sotheby’s Sports Week serves as a testament to the growing appeal of sports memorabilia and the increasing interest from collectors, particularly among a younger audience. The auction house’s strategic expansion into the sports category reflects the significant potential and market growth in the sports collectibles industry. As the demand for sports memorabilia continues to rise, Sotheby’s is well-positioned to capitalize on this trend and offer collectors a diverse selection of valuable and iconic sports artifacts.