Bram Wachter (3:08)
The Nike Air Force One is perhaps the most successful sneaker that Nike ever released. It's absolutely iconic, even if you don't know about it. I'm sure you've seen it a thousand times. And they've made them in every variation in color since they were introduced in the 80s. And basically, people would bootleg these shoes so they would design them to look like Louis Vuitton Air Force ones. And there was this whole culture around creating these Louis Vuitton Air Force ones that were not real. And what Virgil Ablo did is he sort of made the ideal versions of the Louis Vuitton Nike Air Force One. If you had dreamed it up in a lab and said, how could these two brands, being Nike and Louis Vuitton, collaborate in a way that would drive sneakerheads crazy, he conceived the way to do that. Virgil Abloh was a lot of things, but he was the creative director of Louis Vuitton for Men's and a genius designer of streetwear, sneakers, design objects. He was a real force at Louis Vuitton while he was there. The ones that Sotheby's auctioned were the Louis Vuitton and Nike Air Force One with sort of the classic Louis Vuitton monogram pattern on it. I remember the first time I saw a photo of the shoes prior to the auction, my jaw just dropped. I was like, these are going to go nuts. I mean, the packaging for the shoes was crazy. First of all, it came in a hard Louis Vuitton outer box. Then when you opened it up, there was a Louis Vuitton dust bag. Once you got inside the dust bag, there was this orange pilot case embossed with the Louis Vuitton logo a million times over. This bright Nike orange with a white Nike swoosh on it. It looked like a Nike briefcase. And then inside that pilot case, there was a suede leather that protected the sneakers, which were printed in the classic brown Louis Vuitton print. Virgil Abloh was first and foremost an artist. They were really meticulously designed and beautiful products. When you look at them up close, what you realize is that the monogram pattern on the shoes is actually perfectly symmetrical between the right and the left Shoe. It's not like they just cut it out and sewed it together. They're put together in such a way, by hand, by the way, that all these, like, little intricate details that were really well thought out that make the shoes uniform and beautiful. They weren't just shoes. These were design objects. I got a phone call from a counterpart at Louis Vuitton. She mentioned to me the existence of these shoes, and there was a clear desire to do something with them for charity for the Virgil Abloh Postmodern Scholarship Fund. She just was asking me generally about how one could put them out into the world. And then at the end of the conversation, almost as a passing thought, I said, we could auction them. And she said, well, would that work? Right, because you have 200 of the same lot. If you think of a typical Sotheby's auction, there's a lot of variety. I mean, you have 50 lots, let's say, and all 50 are different from each other. And I thought about it and I was like, well, the sizes are different, and given the unique nature of the property, I think it might work. And I got a call back. I don't know if it was a week or two later, and they were like, we want to do this. I was so excited. I could feel that it was something really special. I could sense in my bones that this sale was going to be different from every other one. I was just determined to get this contract done. But I remember it was complicated. There was Sotheby's, there was Louis Vuitton, there was also Nike. I think we were going back and forth on this agreement, and we were launching at 7am the next day. There's a great quote that said in the movie Rat Race, good things take time. Great things happen all at once. I think that quote comes into play a lot of the time at Sotheby's. It's like sometimes amazing objects come in. You don't have a lot of time to bring them to market. And in this case, I was very fortunate to have amazing partners in both Louis Vuitton and Nike. Really the person, though, that made it what it is was Virgil, right? Who designed these things that so many people could relate to and wanted to be a part of. That is really who drove the success of it. But I think that at Sotheby's, one thing I'll say for sure is that we often don't have a ton of time to mobilize and we find a way to make it work. I think the contract got signed for these shoes at 1am the night before the launch. I think there were people at Sotheby's fabricating the exhibit at the same time without a signed agreement. By the way, my wife was nine months pregnant at this time. The sale took place in February of 2022. I think on the first day, our website broke. I don't remember Sotheby's website ever really, like, shutting down, but it literally could not handle the amount of bids that were coming in and the number of people that were registering for the sale. And what was so crazy is that the morning that it launched, my wife went into labor. And so I remember that the website was crashing, and we had to get on a phone call with Louis Vuitton because the website was literally buckling. And so I got on the phone with Louis Vuitton, and we were talking about it. I said, you know, my wife is in labor right now, so I think I'm gonna have to get off the phone. And they were literally like, what are you doing on the phone? Like, get off the phone right now. And I was like, okay, I guess I'll get off. And so we. We went to the hospital. The sale starts to unfold. We started the bidding at $2,000, and the estimate was 5 to $15,000 per pair. I remember the sale was closing as we were in the hospital, and the Watts were just going absolutely crazy. I was seeing the watts go 80,000, 90,000, 100,000, and my phone was exploding. And by the. The auction, I think the average price per pair was $126,000 spread across 200 pairs, with the most expensive pair being the smallest size. I think it was a size five and a half, which achieved over $350,000 for a single pair of shoes. The total sale raised $25 million for the Virgil Abloh Post Modern Scholarship Fund. And it was an unbelievable success, and still to this day was one of the greatest successes I think I've ever had at auction. It was a big week of different kinds of success all at the same time. I think that there's always culture shock when it comes to sneakers, especially at Sotheby's, right, which is an institution that's known for selling rare books and manuscripts and really art. I've always felt there was a culture shock. I think that the culture shock was tenfold in the wake of that sale, across the entire organization. And I think in many ways, the world currency can be an interesting reflection of, you know, how people view art objects. The price changes your perception of the art or, like, the meaning of the art. The price achieved of these sneakers, I think certainly affected people's perception of shoes as art and collectibles and what an art object is. I think that definitely is true. There was this story where I was selling the Dynasty collection, which was a set of six shoes that Michael had worn one shoe in each of his championship clinching games. A bunch of art collectors were brought down to look at it. And one of the collectors said to me, what does this stuff really matter? In a thousand years from now, no one's going to remember who Michael Jordan is. That could be true, by the way. It may not be true, but what I would also say is it doesn't matter because I think that what this category has shown is that things that have cultural importance to people now can still be perceived as really important in the context of the market, the art market, the luxury collectibles market as it currently stands. And I don't know that everyone looks at things through the lens of, well, in a thousand years will this be important because it's so far beyond the mortality of the people that are currently collecting. I thought that was an interesting moment. It was a moment where I really reflected on what it meant to be a participant in the art market, to be somebody who is bringing a new category to light in the art market. And it made me very conscious of the things that people think about when they're purchasing objects. Some people might care, well, this is really important. A thousand years from now, and other people might not care at all.
