Rare Nike running shoes sell for record-setting $437,500
NEW YORK – Sotheby’s and Stadium Goods are pleased to announce that collector Miles Spencer Nadal has acquired the 1972 Nike Waffle Racing Flat ‘Moon Shoe’ for $437,500 – more than four times the previous world auction record for any pair of sneakers, and multiples of their high estimate of $160,000.
Nadal purchased the pair in an auction Tuesday following his acquisition of 99 of 100 of the rarest sneakers ever produced in a private sale for $850,000 last Wednesday.
The previous world auction record for any pair of sneakers was $190,373, for a pair of signed Converse worn by Michael Jordan in the 1984 Olympic basketball final sold in 2017.
Stadium Goods, a major sneaker and streetwear marketplace, curated a selection of the most prized footwear from their famed Trophy Case – the most exclusive and coveted sneakers ever produced by Nike, Air Jordan, Adidas, Yeezy and more spanning over 15 years of the most sought-after, limited edition drops in sneaker history.
Nadal originally presented an offer to acquire the entire collection of 100 pairs, however, Sotheby’s and Stadium Goods elected to keep the pair available in public auction. As a result, he acquired 99 pairs last week in a private sale, and the 1972 Nike Waffle Racing Flat “Moon Shoe” remained open for bidding until today in an online-only auction as originally scheduled.
The Nike “Moon Shoe” is one of the most significant artifacts in the history of the athletic brand. One of only a handful of pairs known to exist, the present pair is a handmade running shoe designed by Nike co-founder and legendary Oregon University track coach Bill Bowerman. As the famous story goes, Bowerman was first inspired to create the innovative waffle sole traction pattern found on the brand’s early running shoes by tinkering with his wife’s waffle iron and pouring rubber into the mold to create the first prototype of the sole. Made for runners at the 1972 Olympic Trials, only about 12 pairs of the Moon Shoes were created, with even fewer still remaining today. The sneaker is the only pair known to exist in unworn condition.
An avid car collector, entrepreneur, industrialist and philanthropist, Nadal plans to display the sneaker collection at his Dare to Dream Automobile Museum in Toronto – a private museum featuring an extensive collection of classic cars. He plans to share the collection with friends, family and charitable organizations, upon request.
Noah Wunsch, Sotheby’s Global Head of eCommerce, commented: “We are excited the iconic Nike Moon Shoe achieved more than double the previous world auction record for a sneaker today. The success of Sotheby’s & Stadium Goods Ultimate Sneaker Collection sale is a testament to the strength of this burgeoning collecting category. We’re extremely pleased that all 100 pairs of this exceptional selection of rare sneakers will remain together with Miles in his private museum.”
Nadal is the founder and executive chairman of Peerage Capital, a leading North American business services and private investment firm with over $8 billion of assets under management and 1,500 employees. The firm’s business encompasses real estate, real estate services, asset management, and financial services.
He is also the founder of Dare to Dream, a multi-faceted philanthropic initiative whose mission is focused on supporting community-based organizations, healthcare research and fundraising, child welfare facilities, and higher education development, from executive management leadership to biomolecular research.