Shoes and the Art of the Auction

Shoes are like paintings; they can join the auction game, where people with too much money buy stuff that isn't worth that much money so that they can say that the stuff they own is, in fact, worth that much money.

Pablo Picasso's Nude, Green Leaves, and Bust sold for $106.5 million in 2010. Although the secondary market for footwear auctions hasn't peaked in the same way, it's certainly making noise. Example: Kanye West's Air Yeezy 2 'Red October'  auctioned for over $16 million in 2014

Why? And, more importantly, what does this say about us culturally?

It doesn't necessarily mean that there are many (or any) people that value paintings, or shoes, this much. Wealth is subjective, and it's impossible to determine what these pieces are truly worth to the purchasers. What it must mean, however, is that there is a market for collectables that doesn't need to abide by the same rules of supply and demand as the mass markets.

This is important from a business perspective. A brand only needs one buyer, and a little earned media, to make a front page statement.

Brandon Cohn