Welcome to the 173rd insertion of DEMUR®, an analytical series highlighting the intricacies of the artistic world and the minutiae lying within. In this episode, we step inside the sneaker world, discovering how footwear became an $86 billion industry on the backs of Michael Jordan, hip-hop and an American Rubber Company.
Sneakers have quickly become one of the hottest commodities. Like handbags, through limited runs, intense sell-out speeds and an extremely lucrative secondary market, they’re integral in both polarizing sportswear and high fashion niches. While incredibly sought after, the history behind sneakers themself is widely unknown, rooted in the 19th century before the NBA was even a thought - but then again, what even is a sneaker?
By definition, footwear with a rubberized sole and canvas upper is classified as a ‘sneaker’. This term was coined by the United States Rubber Company, which began manufacturing footwear so quiet you could “sneak” up on someone when worn. They were first released around 1892 just a year after basketball was invented, pioneering a new on-foot silhouette while drastically advancing footwear technology.
At the time, shoes didn’t retain any ‘resell’ value and were only used practically. It would take nearly a century before sneakers amassed hype of any sort, which can be widely accredited to Michael Jordan’s partnership with Nike. Releasing the Air Jordan 1 in 1985 for a whopping $65, he would ignite a slew of brand deals and collaborative works. Catching like wildfire in the mainstream, these kicks would swiftly make their way into hip-hop culture, only furthering their surrounding infamy.
But what other brands like Adidas, or Reebok? Nike was the industry's monopoly until Kanye West voided his contract and signed with Adidas. As Yeezy launched, interest in sneaker culture inherently surged, dawning a new age in the resell community. Spawning the likes of Benjamin Kickz, we’d watch while prices soared, as pieces like the Eminem 4’s ($227k), Paris Dunks ($133k), ‘72 Waffle Racers ($437k), Space Jam Samples ($176k) and Ye’s personal Air Yeezy 1’s ($1.8m) sold at auction.
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