Michael Jordan’s game-worn Air Jordan 11s. Worn during Game 5 of the 1996 NBA Finals.Photo: Sotheby’sSotheby’s is increasing its sports offerings, as the auction house looks to capitalize on the growing demand for sports memorabilia and draw in a younger demographic.The company on Wednesday announced its first “Sports Week,” which will include six live and online auctions with items from many of the biggest names in sports. The auctions will kick off April 5.Demand for athletic memorabilia has jumped in recent years, and sports has become one of Sotheby’s fastest-growing categories, the auction house said.”We’ve seen exponential growth and interest in the category,” Brahm Wachter, Sotheby’s head of Streetwear & Modern Collectibles, told CNBC. “Sports Week represents another example of Sotheby’s commitment to engaging in collecting communities with creative sale formats and is presented with attractive estimates that caters to all sports fans and collectors alike, both seasoned and also those looking to kickstart their collection.”The market for sports collectibles is massive, and only getting bigger. Consulting group Market Decipher estimated the valuation of sports memorabilia at $26.1 billion globally in 2021. The group predicts the market will explode in the coming years, reaching $227.2 billion by 2032.The sports category saw higher demand during Covid, when the popular documentary series “The Last Dance” was released, according to Wachter. “The Last Dance,” which chronicled the story of Michael Jordan and the Chicago Bulls’ quest for their sixth NBA title, boosted interest in Jordan collectibles, which then translated into other sports memorabilia.Sports has also brought a new, younger demographic into the market.Sotheby’s said its average client for sports memorabilia …
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[mwai_chat context=”Let’s have a discussion about this article:nnMichael Jordan’s game-worn Air Jordan 11s. Worn during Game 5 of the 1996 NBA Finals.Photo: Sotheby’sSotheby’s is increasing its sports offerings, as the auction house looks to capitalize on the growing demand for sports memorabilia and draw in a younger demographic.The company on Wednesday announced its first “Sports Week,” which will include six live and online auctions with items from many of the biggest names in sports. The auctions will kick off April 5.Demand for athletic memorabilia has jumped in recent years, and sports has become one of Sotheby’s fastest-growing categories, the auction house said.”We’ve seen exponential growth and interest in the category,” Brahm Wachter, Sotheby’s head of Streetwear & Modern Collectibles, told CNBC. “Sports Week represents another example of Sotheby’s commitment to engaging in collecting communities with creative sale formats and is presented with attractive estimates that caters to all sports fans and collectors alike, both seasoned and also those looking to kickstart their collection.”The market for sports collectibles is massive, and only getting bigger. Consulting group Market Decipher estimated the valuation of sports memorabilia at $26.1 billion globally in 2021. The group predicts the market will explode in the coming years, reaching $227.2 billion by 2032.The sports category saw higher demand during Covid, when the popular documentary series “The Last Dance” was released, according to Wachter. “The Last Dance,” which chronicled the story of Michael Jordan and the Chicago Bulls’ quest for their sixth NBA title, boosted interest in Jordan collectibles, which then translated into other sports memorabilia.Sports has also brought a new, younger demographic into the market.Sotheby’s said its average client for sports memorabilia …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
