Michael Jordan memorabilia soars in value amid 'Last Dance' nostalgia

immense global success of documentary " Last Dance" amid coronavirus lockdown has boosted sales of collectibles related to NBA icon Michael Jordan, some of which are trading in hundreds of thousands of dollars. "Timing is everything," says Jordan Geller, a collector who on Sunday will be richer by at least USD 240,000 thanks to sale at Soby's of a pair of Air Jordan 1 sneakers -- first model created especially by Nike for Michael Jordan, who made his NBA debut in 1984. game-worn pair could set an auction record for sneakers set last year by Nike's Moon Shoe, a pair of which sold for USD 437,500.

various Air Jordans have been popular with collectors for 30 years, along with jerseys and trading cards featuring Jordan -- who won six NBA titles with Chicago Bulls and is widely considered greatest player in league history. Many specialists consider Jordan a key figure in creating market for collectible sneakers, with only n-sports personalities such as Kanye West or Travis Scott able to compete with him today. But ESPN's 10-part documentary " Last Dance" which weaves details of Jordan's entire career through narrative of Bulls' pursuit of a sixth NBA title, has ramped up interest in all things Jordan.

"I think this is a game-changer," Chris Ivy, director of sports collectibles at Herit Auctions, said of documentary series that was carried globally by Netflix. Ivy predicted interest fueled by " Last Dance" will continue.

'Iconic, mythical'

On StockX shoe resale platform, Air Jordan 1 Chicago model w sells for up to USD 1,500, compared to $900 in March. first episode of " Last Dance" aired on April 19. "That could be largely attributable to documentary because that's a sneaker that's been on market for years," says StockX ecomist Jesse Einhorn.

Likewise, a 1986 Fleer collector's card sold for USD 96,000 in early May at Herit, an item that was worth USD 20,000 to USD 30,000 at beginning of year.

"A lot of people who had a sports cards collections as a kid have been frantically going through ir attics to find those boxes and those binders," laughs Geoff Wilson, founder of Sports Card Investor platform.

"I haven't seen anything like this, where it's well past his career," Ivy said, ting Jordan retired in 2003.

excitement extends beyond Jordan himself. Sales of Bulls-branded items are up 400% in May compared to last year on sports merchandise site Fanatics. "For a lot of people my between 40 and 50 years old, Michael Jordan was Babe Ruth of our generation," Ivy said.  "People in that range are starting to get in a point in ir lives where y're starting to collect again." 

Even younger fans, weaned on exploits of late Kobe Bryant and LeBron James, are feeling allure of Jordan. " majority of our customers are millennials and Gen Z, many of whom were t necessarily alive when Jordan played," Einhorn said.  "It's a testament to Jordan's staying power as an iconic, almost like mythical, cultural figure." 

And market for basketball shoes is maturing, with support from a new generation of enthusiasts as evidenced by emergence of trading platforms and prices realized at auctions over last three years. "Sneaker collecting and reselling used to be underground activities that were enjoyed by a few sneaker heads," Geller said.  "It's much more mainstream w." 

change has t escaped tice of manufacturers, who have adapted ir marketing and promotional strategies accordingly. "Sneaker brands are catering to sneaker collectors by releasing more and more limited edition sneakers, so with smaller quantities demand goes through roof."  But in Geller's opinion, thing can compare to original Air Jordans, especially those that can be linked to great man himself.

"I think Game Worn Air Jordan 1s are most iconic sneakers of all time," Geller said. 

" fact that se shoes were Game-Worn by Michael Jordan takes m to a whole or level." 

Will we ever crack USD 1 million mark?

"I think so," said Ivy. 

"I'm working towards a consignment in future that I think has potential to get to a million dollars." 

Im credits: Twitter / AP