Michael Jordan’s stock soars after ‘The Last Dance’
If Michael Jordan were an action, analysts would have a buy rating on the old basketball icon.
After the ESPN and Netflix documentary “The Last Dance” airs, sales of almost all of the products associated with the six-time NBA champion reach new heights.
In an online auction on Sotheby’s, an Air Jordan 1 autographed pair sold on Sunday for a record $ 560,000, setting the new world auction record for any pair of sneakers and attracting bidders from the age of 19.
The 1985 Nike Air Jordan 1S autographed sneakers worn by Michael Jordon sell for $ 560,000 at a Sotheby’s auction.
“We saw huge auctions until the close of the sale, the value having more than doubled in the last hour,” said Brahm Wachter, director of e-commerce development at Sotheby’s. “This, coupled with strong international auctions from six countries on four continents, not only shows Michael Jordan’s incredible appeal as one of the most recognizable and legendary athletes of all time, but also that the collection of sneakers is really a global and growing market. ” “
It has been almost two decades since the 14-NBA All-Star retired in 2003. As sales of Nike’s Jordan brand continue to increase – the brand experienced its first quarter of a billion dollars in last December – a new generation grows without ever having seen what many consider the greatest basketball player of all time.
While the eagerly awaited images from “The Last Dance” were finally released, they helped revive everything associated with the Jordan brand. The 10-part documentary was released to record notes and reignited the conversation about Jordan. Twitter said there were more than 11 million tweets on “The Last Dance” while the series aired. At the end of the final episode, 20 of the 30 trending topics concerned the Sunday evening documentary.
The regained popularity has led to companies like StockX see record sales. The Detroit-based secondary sneaker market has said since the premiere of “The Last Dance”, a unsigned version of Air Jordan 1s are sold on the site at an average price of $ 7,123.
“Before the documentary aired, we hadn’t sold this sneaker since 2017, and at the time it was sold for $ 3,000. These last sales represent an increase of over 100% in the value of resale, “said senior economist StockX. Jesse Einhorn.
The company said in the past month that Jordan Brand sneaker sales have increased 38% and that this is driving fans to their site.
“Every day the documentary airs, we have seen an increase in traffic to the pages of the Jordan catalog, with an average increase of 76% compared to a typical Sunday,” added Einhorn.
“The Last Dance” tells of Jordan’s rise to fame with Nike being a huge part of it. Nike signed Air Jordan with their company in 1984 and has released a signature shoe every year since.
“I think they pulled out (on supply) to keep the heat out,” said Sam Poser, a shoe analyst with the Susquehanna group. “This is the key to the success and failure of brands these days,” he added.
According to Matt Powell, shoe analyst for the NPD group, sales of the Jordan brand rose slightly compared to the market. Nike did not respond to the request for comment.
Data Insight Company Gum Gum analyzed the fifth episode of the series “The Last Dance” and the impact of the exhibition had on the sponsors of Jordan. Gum Gum calculated that the brand Nike and Jordan had received more than nine minutes of exposure in a single episode, valued at $ 487,000.
It’s not just sneakers that see the boost, but also collectibles and souvenirs. StockX, which also sells souvenirs and collectibles, said prices were up 40% and sales up 70% from the previous month.
Michael Jordan’s trading cards saw the largest increases. Sales from Michael Jordan 1989 Hoops All-Star # 21 have quadrupled and the prices for this card have doubled since the documentary premiere last month.
“The interest and the prices on Jordan’s souvenirs are at an all time high thanks to the last dance. It really made Jordan the king and really the equivalent of Babe Ruth in basketball,” said Ken Goldin, founder and CEO of Goldin auction.
A 1968 Michael Jordan rookie card sells 3 times more than before “The Last Dance”.
Source: Ken Goldin | Goldin auction
Goldin gave an example showing the impact firsthand.
“One month before the broadcast, a 1986 Michael Jordan PSA 10 (Gem Mint, highest grade) rookie card sold at around $ 30,000. The night the show started five weeks ago, a record was set with a sale of $ 50,000 from the card. In my current auction, the card is currently $ 98,000 and maybe could go higher, “he said.
Goldin said the reason for the sharp rise in prices was due to simple principles of supply and demand.
“There is an insatiable demand for Jordanian products and there is not enough supply of quality vintage products to shop around, so prices are going up,” he said.
At Fanatics, the largest online retailer of sportswear and licensed merchandise, Michael Jordan Goods is up over 900% since the premiere of “The Last Dance”. The company said the best-selling market was New York, followed by Chicago.
eBay said that after the premiere of “The Last Dance”, average day sales of Chicago Bulls items hit a staggering 5,156% above their average in early April. EBay buyers were looking for Michael Jordan at an average of 821 queries per minute.
The company said that over the past decade, more than 17 million Michael Jordan items have been sold on eBay.
Regarding the sales goat, Jordan is the star of King over Lakers Lebron James. eBay said Michael Jordan sold around 500% more goods than James in 2019.
For fans and collectors who did not participate in the action, it may be worth the wait.
“I think prices could be close to a high point, and there will be some cooling on an unknown date, but I think its status and overall prices are consistently high,” said Goldin.