Sports Memorabilia is now Fine Art... just ask Sotheby's

In a world where the lines between high art and popular culture have become increasingly blurred, a development has recently unfolded in the realm of fine art auctions that marks an unmistakeable inflection point in the history of a centuries-old auction house, as well as the long-held strata dictating the 'high-status’ world of fine art from the ill-considered hobbyist world of sports memorabilia.

Sotheby's, a titan of the auction world, renowned for trading in the rarest and most valuable artworks, luxury items, and antiques (like a $157,159,000 Modigliani, Munch's $120M ‘The Scream,’ a $2,535,000 Chagall, and plenty of eye-popping Warhol results) is making a bold statement: sports memorabilia, highlighted by items like the "Dynasty Collection," dubbed “the most valuable and significant collection of Air Jordan sneakers ever brought to market,” now command the same reverence and value as traditional fine art.

It’s not as much a ‘take’ as it is a fact. And it isn’t just starting, the signs have been there for a year (at least) when Sotheby’s launched their inaugural “The One” auction in 2023.

Described as an unprecedented selection of the finest products of human achievement in history, the first lot in this historic auction — which included a total of 20 lots — featured LeBron James’ 2013 NBA Finals-Clinching Game Miami Heat Game-Worn Jersey.

Not only did it receive prime real estate, but it hammered at an auction-best $3.68M, beating out a more Sotheby’s-typical piece titled “A Monumental Gilt Copper Alloy Head of Buddha” which fetched a fraction of the price at $403.2K.

After announcing a partnership with the NBA to facilitate the sales of game-worn jerseys, including the headline-grabbing result for Wembenyama’s first NBA jersey earlier this fall for $762K, it feels like they’re leaning in… and in the process, completely upended decades of ‘upturned nose’ curation, avoiding all but the most classically revered cultural artifacts — a strategy clearly born out of a desire to cater to an aging cohort of wealthy clientele (and a reticence to alienate them by ‘tarnishing’ their name with uncouth auctions of ‘lesser’ material importance’.

The Sotheby’s Insight Roundtable from last month directly addressed the influx and impact of younger bidders.

The discussion included important findings that shed light on the repositioning Sotheby’s has undergone recently to appeal to younger demos — proving their adaptation has not been one based on a hunch as much as an unavoidable business decision.

Here’s a remarkable stat for the auction house which was founded in 1744:

Gen X collectors have surpassed Boomers as “the most active bidders in the $1m+ market” and were the “most important demographic in the first half of 2023,” accounting for 40% of bidders (from 36% in 2022).

This is an art-based analysis, but it’s ignorant to assume the house is not looking at this data and applying it elsewhere.

Are younger bidders fans of fine art? Of course.

But do they consider a pair of game-worn Air Jordans similarly significant in terms of cultural relevancy and long-term value?

Yes.

The inclusion of sports memorabilia in high-end auctions is more than a nod to popular culture; it's a recognition of the changing dynamics of art and collectibility. It challenges our traditional notions of what constitutes fine art and opens up a dialogue about the value we place on different forms of cultural expression.

Sotheby's, through its innovative approach, is not only acknowledging this shift but is actively participating in the redefinition of fine art. The "Dynasty Collection" of Air Jordan sneakers is not just a collection of footwear; it's a symbol of this new era where sports memorabilia and fine art walk side by side in the esteemed halls of auction houses.