Michael Jordan’s shares rise after Last Dance

Michael Jordan’s shares rise after Last Dance

After the release of the ESPN and Netflix documentary "The Last Dance", sales of almost every product associated with the six-time NBA champion have gained new dimensions. In an online auction in Sotheby, a signed Air Jordan 1 shoe sold a record $ 560,000 on Sunday. The auction record for a pair of sneakers has been broken. Sotheby's e-Commerce Development Director Brahm Wachter said, “We saw tremendous offers until the sale closed, and its value has only more than doubled in the last hour. This, coupled with strong international offers from six countries on four continents, shows that Michael Jordan's incredible appeal as one of the most recognized and legendary athletes of all time, but also that the sneakers collection is truly a global and growing market. ”He said. It has been nearly twenty years since the NBA All-Star retired in 2003. As Nike's Jordan brand sales continue to grow, a new generation is growing without seeing what many see as the greatest basketball player of all time. The highly anticipated footage of the documentary "The Last Dance" helped revive everything about the Jordan brand. He recorded a record rating of 10 episodes. Twitter said over 11 million Tweets were about "Last Dance" when the documentary was released. At the end of the last episode, 20 of the 30 trending titles related to the Sunday night documentary were relevant.

Sales Burst

The newly discovered popularity led companies like StockX to make record sales. The Detroit-based secondary sneakers market said that since the premiere of "The Last Dance," an unsigned version of Air Jordan 1 has been selling for an average of $ 7,123. “Before the documentary was released, we haven't been selling these sneakers since 2017, and it was sold for $ 3,000 at the time,” said Jesse Einhorn, senior economist at StockX. Therefore, these recent sales represent a 100% increase in resale value. The company said last month that Jordan Brand sneakers sales increased 38% and attracted fans to their sites.