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You may have heard recently that a pair of sneakers sold for over $400,000 USD. The sneakers or as Canadians refer to them, running shoes, were an ultra-rare pair of “1972 Nike Moon Shoes.” One of only 12 hand-made pairs ever made by Nike co-founder Bill Bowerman. The strategic purchase was made by an inveterate art investor, although he admits sneakers are a new medium for him, historically preferring automotive collecting. Have you ever considered investing in art as an alternative investment?
The Purchase that Made History
Echelon has a real connection to the person that purchased the “1972 Nike Moon Shoe” for a record $437,500 USD. The purchase broke the previous single-pair auction record of $190, 373 USD for a pair of signed Converse worn by Michael Jordan during the 1984 Olympic basketball final. Miles S. Nadal, founder of Peerage Capital, businessman, philanthropist and collector, was the man the behind the purchase. Mr. Nadal is also a majority shareholder in Echelon.
Mr. Nadal is well-known for his collection of high-performance and vintage vehicles, even building the Dare to Dream Automobile Museum at his company’s headquarters in Toronto to house his drivable art collection. However, this new foray into art and collectibles was something new.
“Nadal stated in a release, “I am thrilled to acquire the iconic Nike ‘Moon Shoes,’ one of the rarest pairs of sneakers ever produced, and a true historical artifact in sports history and pop culture. When I initially acquired the 99 other pairs in this auction last week, I just knew the Nikes had to remain part of this remarkable collection, and I couldn’t be happier with the result.”
Many collectors are passionate about their collections because of the tangible quality many of these fine artifacts provide for them.
“I’ve always been an appreciator of iconic collectibles — cars, watches, art, books, antiquities,” he said. “And so I thought this would be a really cool thing to have.” ~Miles S. Nadal (Interview with CNBC)