Sneakers are becoming the new collectible in the world of limited edition items. Nike Air Jordan fans may be surprised to hear that a pair of Air Jordan X OVO sneakers sold for a whopping $20,000. When we first learned about this it was intriguing and we wanted to know more about the elements that would cause the value to shoot up so high. When you have any item that is rare and you combine the scarcity of the model with the touch of a famous celebrity, its the making of a small fortune for the person who is in legal possession of them. This was the case with these high priced shoes. We took a closer look at the $20,000 Nike Air jordan X OVO sneakers and here is what we discovered.
The story behind the $20,000 Air Jordan 10 OVO sneakers
The shoes are Air Jordan 10 OVOs period. There are no precious metals or gemstones inset into these sneakers. What makes them special as well as valuable is their rarity. They are a special edition that was made as a gift for famed rap artist Drake and his crew. This was in celebration and in honor of the partnership forged between Drake and the Jordan's Nike branded sneaker line. The gift was made to all members of the crew traveling with Drake and at a Toronto's Raptor's venue, Drake gifted this pair to a member of the audience, along with a second pair to another. The value of the sneakers was instant because they were very rare and they also had an amazing story behind them. He put them up for sale immediately and they brought a price of $20,000. This just goes to show you that the value of an item, particularly a collectible is in the eyes of the beholder. The guy that received them as a gift was willing to part with them and there was somebody else who was willing to pay $20 grand just for the privilege of ownership.
Are these sneakers really worth $20,000?
Obviously, the Air Jordan 10 OVO sneakers sold for $20,000 weren't worth owning for that price for everyone or the fan who sold them would have kept them. Sure, there are two sides to the argument and the bottom line is that we all have our own preferences and what is a veritable treasure for one person isn't that big of a deal to another. The reason that we're able to say with confidence that yes, they're worth this amount of money is because of their rarity and collectibility. If the value is there for just one person, they're worth the cost to that individual. You may or may not agree and I'm certainly not willing to part with that kind of cash for a pair of sneakers but to each his own. We're happy for the guy that make a fast $20,000 as well as for the lucky winner of the auction that got the rare shoes for a fraction of what some others have gone for.
Not the most expensive Nike's ever sold
When we compare this rare pair of Air Jordans with some of the new releases that go for between $120 and $240 manufacturer's suggested retail price, they're darned expensive, but in our research, we made a lot of new discoveries that led us to believe that the price paid for these shoes pales in comparison to what some of the other iconic and rare models have gone for. These are by far, not the most expensive Nikes ever sold. The Air Jordan 12 Flu Game pair sold for an amazing $104,000. This was the pair that Michael Jordan wore when he played with symptoms of the flu and by sheer willpower made 38 points that led them to a win during the NBA Finals in 1997.
Coming in a close second was a black pair of Air Jordan 10 OVO sneakers from the Drake Collection that sold for an incredible $100,000. It's a mind blowing figure and it shows us that the black colorway was preferable to the lighter pair. This was the second pair that was given to the other fan, and it went for five times the amount as the white pair that went for $20,000. The thing about the Drake Collection is that they were made specifically for Drake and his entourage, but they were never released for sale to the public, so there was a limited number of them in existence. All Drake had to do was touch the shoe to make it even more valuable. The Flu Game pair of Nike sneakers are the most expensive, so this makes the $20,000 pair look more affordable.
We had a lot of fun researching the facts related to the $20,000 pair of Air Jordan XOVO sneakers. The fact that one small lot were made for Drake and his crew, and never released for sale to the public is certainly a big deal. This increased not only their rarity, but it gave the shoes a story behind them which in the world of collectibles, amounts to a historical value. Whether you're a big fan of Drake or not, it's still a great back story. Unless you're a Nike sneaker historian, the average person or Nike fan is not likely to know that there have been Nike Air Jordans, some used and some new, that have gone for tens of thousands of dollars at auction because of their historical significance. After learning about the other pair that was gifted to a fan going for $100,000 at auction, and the Michael Jordan Flu Game pair going for $104K, it was a little more palatable to conclude that the pair that went for a mere $20K was probably not such a bad deal after all.
Written by Dana Hanson
Read more posts by Dana Hanson