Sotheby's and Stadium Goods are pleased to announce a major update for The Ultimate Sneaker Collection auction. A private collector, Miles Nadal, will acquire 99 of the 100 sneakers within the auction, purchasing multiple lots for a total of $850,000. Nadal, an avid car collector, entrepreneur, and philanthropist, owns some of the world's rarest and valuable automobiles in existence. He can now say the same for sneakers. He intends to put the collection on display at his private Dare to Dream Automobile Museum in Toronto, Canada, where his cars are already housed. Nadal plans to share the collection with friends, family, and charitable organizations upon request.
The Ultimate Sneaker Collection auction curated by Stadium Goods for Sotheby's was originally scheduled for a two-week online bidding window, closing on July 23. Nadal presented an offer to acquire all 100 pairs, however Sotheby's and Stadium Goods opted to keep the bidding open to the public until the initial end date on the 23rd. The Moon Shoe auction is still open for bids at Sothebys.com.
Mr. Nadal had this to say about his acquisition of the incredible collection: "I have always been an avid enthusiast and appreciator of unique art and collectibles that represent innovative design, exceptional craftsmanship, and new and exciting trends in pop culture. Acquiring such a range of contemporary classics is a unique opportunity to build a substantial sneaker collection of iconic proportions. The collection will be a wonderful complement to the Dare to Dream classic car collection, and I am excited to showcase these magnificent sneakers."
CNBC sat with Mr. Nadal to further discuss his acquisition in a video, which can be viewed HERE.