While stocks have taken a hit in recent weeks, there has been a raging bull market in Michael Jordan’s Air Jordan sneaker line.
In episode five of the hit 10-part documentary series, âThe Last Dance,â we see Jordan almost turn down Nike as a sponsor, potentially missing out on a billion dollar opportunity.
The design of the Air Jordan sneaker line is also documented, and in what the basketball star thought was his last Madison Square Garden appearance, Jordan donned a pair of his first signature sneakers: the Air Jordan 1 “Chicago” . a shoe that was 13 at the time in 1998.
He’s a trainer that’s been coveted by sneakerheads since the ex-Chicago Bulls star wore them in his rookie year – and it’s only been reissued a handful of times, most recently in 2015. .
And if the resale market prices of this sneaker have always been strong, they have skyrocketed since the broadcast of the first episode of “The Last Dance”.
According to Stockx, a website where people can buy and sell sneakers and streetwear – much like traders buy and sell stocks – between January 1 and the series premiere on April 18, 217 pairs of the Air Jordan 1 2015 âChicagoâ retro trainers were sold for an average price of $ 925.
In the two weeks after the series first aired on April 19, 60 pairs of the model were sold for an average price of $ 1,241.
Sneakerhead Paul Barber from Sunderland in the UK operates a sneaker art Instagram account called @Sneaksketchuk and is an Air Jordan 1 collector.
âI bought my Chicago pair in December 2018,â he told CNN Sport. âEven then they weren’t cheap, but I found a pair in the US that was ‘cheaper’ than I could get them for on this side of the pond. , they still cost me just under Â£ 500 ($ 623).
For Barber and many other sneakerheads, the Air Jordan 1 holds special significance, not only for its design, but also for its cultural significance.
âThis sneaker started a revolution, it started a fire that even 35 years later is still burning. The Jordan 1 is symbolic, but it’s also a good identifier for who you are,â said Barber.
“People see you in these sneakers and they instantly know you love your kicks. You’ll see people checking your sneakers and they’ll give you a little nod of appreciation.”
It’s not just the 1’s that gain value; the price of many other Air Jordans has gone up since the show premiered.
Much like the stock market, the sneaker market is a reflection of real world events.
When Kobe Bryant passed away at the end of January, the former LA Lakers star’s sneaker line rose in value.
Some “Kobes” that were previously worth a few hundred dollars have suddenly been sold for thousands of dollars.
It has been reported by a number of outlets that in response Nike has withdrawn merchandise related to Bryant to avoid reseller profits.
Nike later denied, saying instead that the company had just sold Kobe products.
The cultural significance of the Air Jordan 1 should not be underestimated.
In 2018, journalist and sneaker enthusiast Russ Bengtson wrote: âIf it’s hard to separate the Air Jordan 1 from sneaker culture, it’s because most of what we call ‘sneaker culture Was born around the Air Jordan 1 itself. “
Some 35 years after the shoe was released, it is still making waves.