Christie's is projecting 'Department X' as collectible sneaks and streetwear crash

September 28, 2022: -Christie’s is raising a recent department to capitalize on the booming market for collectible sneakers, streetwear, and sports history.

On Monday, the auction house announced its Department X, giving Air Jordans and Supreme skate decks their category, alongside Impressionist & Modern Art and Old Masters. The move is the latest sign that a wave of younger collectors is redefining the collectibles world.

“When looking at the auction world and the way collectors are evolving and the new collectors coming into the marketplace, we felt this is a strong a robust marketplace,” said Caitlin Donovan, Christie’s head of Handbags, Streetwear, and Sneakers, who will head Department X. “It’s only going to get stronger, and that’s why we felt it was time to dive headfirst into this new market.”

Department X will sell rare collectibles across music, fashion, art, and sports history, but sneakers and streetwear will be among its most significant types. It will hold online auctions, live previews in New York, and private selling exhibitions throughout the year.

Sneakers and sports collectibles have exploded in popularity and value in recent years. In June, Christie’s held a “Six Rings Legacy of the GOAT” sale devoted to basketball legend Michael Jordan’s career, with deals approaching $1.5 million. And Sotheby’s this month sold Jordan’s “Last Dance” jersey from his 1998 NBA Finals Game 1 for $10.1 million, setting a fresh record for sports memorabilia.

A collection of 200 pairs of Louis Vuitton and Nike Air Force 1 sneakers designed by the late designer Virgil Abloh sold at Sotheby’s for $25 million earlier this year. That was more than eight times the estimate, with one pair trading for $350,000.

Sotheby’s launched its streetwear category in December, with most of the buyers between 20 and 40 years old and 80% of bidders new to the auction house.

As part of its Department X launch, Christie’s will hold a private-sale exhibit titled “Ye Walks,” celebrating two pairs of Kanye West’s sneaker designs. The Nike Air Yeezy 1 prototype was the first West developed with Nike. The Nike Donda West Air Jordan VI is created in memory of West’s mother.

Hats, shirts, skate decks, and even pinball machines from Supreme have also continued to soar in price. Christie’s presented a collection of 253 Supreme t-shirts for $2 million in 2020.

Donovan said younger collectors gravitate to the images and culture they increased up with. Streetwear, rare sneakers, and memorabilia tied to sports icons are likely to grow in value as younger collectors gain wealth.