In the past four months alone, two major sneaker events have taken place in Singapore. In February, the American sneaker exhibition Sneakertopia launched its Singapore edition at the ArtScience Museum. Running until July 30, the event lets visitors deep dive into the world of street culture through an appreciation of over a hundred limited-edition sneakers on display.
Then earlier this month, Sneaker Con made its debut on Singapore soil for two days only at the Singapore Expo Hall. First started in 2009 in New York, the event is billed as “the greatest sneaker show on Earth” and is centred on the sneaker subculture’s love for covetable drops and grail-worthy releases.
With all these talk about rare and covetable sneakers and its asset-class status in the resale scene – market experts Cowen predicts global resale of sneakers to hit US$30 billion (S$40 billion) by 2030 – we asked three pros in the game to share what exactly makes some shoes more desirable than others.
Are there certain brands which are more covetable than others?
“It all boils down to why you collect sneakers. If a collector’s passion for sneakers is sparked by the blaze of ’80s subcultures – from the golden age of hip hop to Jordan’s first signature shoe – the reason for collection is likely preservation, a shoe-shaped memento of a time in history. Certain brands would then be more desirable, depending on which era most resonates with the individual, be more prominent than others.
For those who view sneakers as a form of art or a fashion-forward statement, the prominence of the designer (either a collaborative partner or the brand’s in-house creative) could be a significant determining factor. Sometimes, it could even be the obscurity of the artist that enhances a pair’s value.
On the other end, if sneakers are deemed as investments or an alternative asset, then supply or demand in the marketplace would influence the desire for a certain pair.
When it comes down to sneaker collecting, it’s a highly subjective experience. However, as with most collectible cultures, there is bound to be a majority group with shared preferences, thus an increased perceived appeal. This is most obvious when basing value on the secondary market’s patterns and is especially evidenced when artists with mass appeal collaborate on sneakers. But many collectors also keep their shelves (or sometimes warehouse spaces!) full of sentimental items, or a mix of emotional and financially valuable pieces.”
Are there tell-tale signs that a design or collaboration will reach collectible status?
“Usually this happens when there are ties to a bigger association. It could be a legacy silhouette or colourway that slammed on the courts as NBA stars scored winning shots. It could be an influential figure with an aura so magnetic that an attraction to their sneakers seems inevitable.
Of course, there are always anomalies to every pattern. An interesting trend we’ve noticed in recent years is the eagerness of brands to collaborate with smaller, but highly engaged communities like retailers or indie artists. Often, a limited quantity is produced. All these factors – a dedicated following with a carefully calculated lack of pairs – create the perfect environment to breed a collectible, taking a highly-valued life of its own in the secondary market.”
Are all collaborations worth the hype?
“Collaborations are almost always limited-edition releases, so the scarcity and the short time span tend to draw more urgent eyes to a shoe. The collaborating partner also imbues the sneaker with added dimension and relevance to their respective fields.
As with all collaborations, whether in the sneaker industry or otherwise, whether an item is ‘worth the hype’ is highly subjective. It really depends on why a collector collects, and what features are most paramount to them.”
What iconic sneakers would you love to own but don’t?
“As someone who has been surrounded by fashion, both personally and professionally, the sneakers I choose are always from a fashion lover’s perspective.
Personally, I adore the Sacai x Nike Waffle series because it’s easy to match with any style, from vintage denim to even designer dresses. The next pair I’m hoping to cop is the Ssacai × Nike Vapor Waffle “Black and White”, which currently sits on the secondary market for around $2,000.
My current rotation includes the following: Undercover × Sacai × Nike LD Waffle “Black/Sail-Dark Grey-Bright Citron” (bottom right) and Fragment × sacai × Nike LD Waffle “Blackended Blue” (middle).”
Are there certain brands which are more covetable than others?
“The brands hundred per cent matter and most of the established sneaker brands have coveted sneakers. Brands can fluctuate when it comes to popularity. In recent times, collaboration models can be the most coveted, such as the recent Nike collaborations with Louis Vuitton and Tiffany & Co. In recent history, the Adidas Yeezy collection was very coveted but with the recent falling out the attention on this has waned.”
Are there tell-tale signs that a design or collaboration will reach collectible status?
“Normally, significant and popular retro shoes always do well and collaborations with big brands always have a high chance of success. Design and innovation also play a part but if the hype engine works well and demand far exceeds supply, it will very likely be a collectible with the resale price far exceeding the original retail price in the aftermarket.”
Are all collaborations worth the hype?
“Of course not. Every individual has tastes and preferences. How hype a collaboration becomes is now measured simply by how much the design can sell on the aftermarket.
I think collaborations (such as the Puma and The Ragged Priest tie-up above, which is available at Limited EDT) seem to elicit hype and attention because sneakers are accessible and youths gravitate towards them. Almost every luxury brand has collaborated with the sneaker or sports brands to get in the hearts and minds of the younger generation. With social media, influencers and famous celebrities adding their weight to these sneaker collaborations, it’s no surprise that the hype can reach crazy levels.”
What iconic sneakers would you love to own but don’t?
“I would love to supplement my collection of vintage shoes like having all the original colourways of the Air Jordan 1 and old Adidas vintage shoes from the ’60s through to the ’80s.”
Are there certain brands which are more covetable than others?
“Collecting items stems from the individual believing in the value of owning the item, with either monetary or sentimental value. It could be for pleasure or the prestige of owning rare items. The value of the brand inevitably comes into play, but it is definitely not the only variable to consider.
In the sneaker culture, more popular brands come to mind, such as Nike or Adidas. However, these are popular shoe brands, which would make the uninitiated think that these shoes are not worth collecting since they are so accessible.
However, this is where the rarity of collaborations comes into play. Thus, the other variable to consider is the other entities that participate in this collaboration, the objective of this collaboration and the eventual quantity. If this collaboration is produced in limited quantities, it immediately boosts the rarity of this collectible. And if the objective behind the design resonates with the general public, this sneaker is immediately elevated in the eyes of many collectors.”
Are there tell-tale signs that a design or collaboration will reach collectible status?
“There are a few tell-tale signs: rarity, type of collaboration, the way the collaboration is released and the level of creativity involved.
Rarity is a key variable when it comes to the collector’s mind, so the easiest tell-tale sign would be the estimated quantity released, as mentioned in the above answer.
The type of collaboration refers to whether it is a series or a stand-alone item. Typically, a collectible collaboration would entail a series of multiple pieces of art, such as ‘The Ten’ by Nike x Off-White, with different rarities of each component.
The way collaborations are released also comes into play. For example, if it’s through only a “Family & Friends” sale or a by-invite-only event.
Finally, the creativity of the design, such as using denim on shoes, which we’ve seen in the success of the Nike SB Dunk Low Denim by Reese Forbes. These dunks were made of denim, which is something you would not expect on a sneaker, but the durability of denim makes it perfect for the friction that comes with skateboarding.”
Are all collaborations worth the hype?
“The value lies in the eye of the beholder. I believe that every collaboration is worth some hype and admiration, as the creative process behind every collaboration is arduous and tedious. Different individuals value things differently and that is what I love about the sneaker world. The industry is so diverse and there is something everyone can own, love and dream of!
Collaborations lend an extra flavour to the world of art. This is where multiple ideas can come to life, bringing people from all walks of life together. Sneakers tell the world a story and collectors continue to propagate the idea and story behind each piece.
I think that it is the uniting factor that brings people together through the conversations it can elicit, inevitably generating hype & attention from customers worldwide.”
What iconic sneakers would you love to own but don’t?
“The first on my list would definitely be the Nike Air Yeezy 1 ‘Grammy’ (above). This is an iconic sneaker as it had the power to shift the entire streetwear landscape. Before Kanye West’s (or just Ye) collaboration with Adidas, he had a deal with Nike and launched several pairs with Nike. These sneakers were worn by Kanye at the 2008 Grammy’s, which was just a prototype, before Kanye eventually left to work with Adidas instead.
This really begs the wonder of how the streetwear landscape would have changed if Kanye had continued working with Nike and the infinite possibilities that could have entailed.”