Sneakers Surge

A designer’s death spurred a sneaker price jump. Virgil Abloh, 41, designer of Off-White and men’s artistic director for Louis Vuitton, died late last year from a rare cancer. In the immediate aftermath, sales and searches for Abloh’s designs reportedly surged on resale websites.

Prices also surged on StockX, the “Nasdaq for Sneakerheads,” where sellers set asking prices and buyers can place bids. While Abloh designed a range of clothes and accessories for Off-White and Louis Vuitton — as well as water bottles for Evian and home goods for Ikea, among other curiosities — the sneakers he released in collaboration with Nike have long been a fixation in the overactive sneaker market.

On StockX, a pair of Jordan 1’s was sold in November, 2021, for $10,500, a price jump of $3,000. The sneakers were originally $190 at retailers in 2017. When Christie’s auction house learned of Abloh’s death, it initially wanted to remove a large lot of Nike x Off-White sneakers set to be auctioned in December. The sneakers had an estimated value starting at $60,000. The auction closed December 9 at $62,500.

 

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