Canadian collector pays more than $550,000 for rare Nike sneakers, sets new world record

Share this story:

Cillian O'Brien CTVNews.ca Writer

This image taken from video shows the Nike handmade Moon Shoe, designed by Nike co-founder Bill Bowerman in 1972, on display in New York on Friday, July 12, 2019. The sneaker is among 100 pairs of rare sneakers up for auction at Sotheby's in New York. Bidding runs through July 23. (AP Photo/Ted Shaffrey)

A Canadian collector has paid more than $550,000 for an ultra-rare pair of Nike sneakers designed by the sportswear giant’s co-founder.

Miles Nadal, founder and executive at Peerage Capital in Toronto, paid almost three times the expected asking price for the 1972 Nike Waffle Racing Flat Moon Shoes, which were designed by Bill Bowerman.

See more stories about the accomplishments of ordinary Canadians in our True North Tales newsletter

The sale set a new world auction record for a pair of sneakers, according to auction house Sotheby’s.

They were the last shoes to sell in an online auction of 100 pairs of classic sneakers, which also included Adidas and Yeezy brands. Nadal had already paid more than $1 million on the other 99 pairs.

“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,” Nadal said in a Sotheby’s statement.

“When I initially acquired the 99 other pairs in this auction last week, I just knew the Nike’s had to remain part of this remarkable collection, and I couldn’t be happier with the result.

“I think sneaker culture and collecting is on the verge of a breakout moment, and I hope Sotheby’s and Stadium Goods will continue to lead the way in this exciting new future.”

Last week, Nadal offered to buy the entire collection of rare sneakers offered in the auction, however, Sotheby's and Stadium Goods opted to keep the Nike racing flats available in a public auction.

Nadal plans to display the sneakers alongside his collection of classic cars at his private museum, the Dare to Dream Automobile Museum in Toronto. He told Sotheby’s that he will open the museum to friends, family and charities upon request.

Nike co-founder Bowerman designed his shoe for runners at the 1972 Olympic Trials and only about 12 were ever made, Sotheby’s said. The sneakers purchased by Nadal are the only pair known to exist in unworn condition.

Noah Wunsch, Sotheby's global head of e-commerce, said Bowerman used a waffle iron to imprint the tread on the shoes.

The previous world auction record for any pair of sneakers was around $250,000 for a pair of Converse worn and signed by Michael Jordan in the 1984 Olympic basketball final. This pair sold in 2017, Sotheby’s said.

Nadal serves as director of the Miles Nadal Jewish Community Centre in Toronto and is a fundraiser and donor for the city’s Mount Sinai Hospital, according to Footwearnews.com.

Please wait while your tweet loads — CTVNews (@ctvnews) An error occurred while retrieving the Tweet. It might have been deleted.

Please wait while your tweet loads — CTVNews (@ctvnews) An error occurred while retrieving the Tweet. It might have been deleted.

RELATED IMAGES A Nike "Moon Shoe" is on display at Sotheby's auction house in New York on July 12, 2019. Nike co-founder Bill Bowerman designed the shoe's sole using his wife's waffle iron. The shoes were made for runners at the 1972 Olympic trials. Sotheby's expects the shoes to auction online for between $110,000 to $160,000. (AP Photo/Ted Shaffrey)