Sotheby’s “Sports Week” is here, and attempting to tap into the memorabilia magic

Sotheby’s “Sports Week,” an annual event revolving around a series of sports memorabilia auctions, begins later today and runs through April 12. And it’s becoming a bigger deal than Ron Burgundy (if you’re reading this, sorry, Ron!).

Some of the things for sale over the next two-ish weeks:

• A pair of Muhammad Ali’s shorts from his legendary 1975 “Thrilla in Manila” match (expected to sell for $4 million–$6 million).
• A Kobe Bryant Lakers jersey from Game 1 of the 2009 NBA Finals, in which he scored 40 points, his highest-scoring Finals performance ($1.5 million–$2.5 million).
• 50 pairs of shoes donned by some of the league’s greatest players, including MJ, Kobe, LeBron, James Harden, and Russell Westbrook.

The items up for auction are collectively expected to fetch over $12 million, with individual purchase prices ranging from $500 to $6 million.

The sports memorabilia market is like a child trying to execute a big jump at the playground – on the upswing. Sports memorabilia saw higher demand during Covid following the release of the popular Michael Jordan/Chicago Bulls’ documentary series, The Last Dance.

This demand boost was first applied to Jordan collectibles, then translated into other sports memorabilia, CNBC reports. And it appears the experience is almost like a gateway drug – Sotheby’s says its average clients for sports memorabilia are 20–40 years old and mostly new to auctions, with some sales leading to more purchases in the contemporary and watch categories.

👀 Looking ahead… The sports memorabilia market was pegged at $26 billion in 2021, and is projected to reach ~$135 billion by 2032 after adjusting for the current reality of NFTs.