The Louis Vuitton and Nike “Air Force 1” by Virgil Abloh has raised a record-breaking US$25.3 million at the Sotheby’s auction concluded earlier this month.
This 200-lot sale is the auction house’s most valuable charity auction in nearly a decade. The event now holds the highest known public records for most valuable sneaker and fashion auctions ever staged.
The late fashion extraordinaire is known for his Midas Touch, where most of his products are highly sought after. Take for example Abloh’s inaugural collection for Louis Vuitton, the Spring/Summer 2019 collection, overtook the iconic 2017 Louis Vuitton x Supreme collection in just 48 hours of its Tokyo pop-up.
The appointment of Abloh as the French Maison’s menswear artistic director in 2018 is a reflection of the increasing intermingling of luxury and streetwear. Luxury goods have to respond to contemporary culture in order to remain relevant. Abloh is successful in melding the two and ended up bringing in a new consumer base for the brand. The result of this is evident in this Sotheby’s auction: an overwhelming majority of the bidders and buyers are newcomers and more than half of them are under 40.
Besides having a younger demographic participating in this auction, there is also strong participation from Asia. Collectors from the region comprised 40 per cent of the total buyers while bidders accounted for 44 per cent of all bid value. The average age of collectors is even younger at 35.
Commenting on the success of the Louis Vuitton and Nike “Air Force 1” by Virgil Abloh, Michael Burke, Chairman and CEO of Louis Vuitton said, “We are thrilled that the record-breaking fundraising auction for Virgil Abloh’s Post Modern Scholarship Fund has generated such exceptional results. We are proud that thousands of students will be able to benefit from the proceeds, allowing us to continue to uphold Virgil’s mission to inspire and support future generations.”
Charles F. Stewart, Sotheby’s CEO said this accomplishment “is a testament to Virgil Abloh’s legacy as one of the most visionary artists and designers of his generation whose widespread influence and impact is still palpable.” The auction house is also honoured to be have been the partner with Louis Vuitton and Nike in this charity event.
Proceeds from this sale will benefit The Virgil Abloh “Post-Modern” Scholarship Fund, which is in partnership with the Fashion Scholarship Fund that supports the education of promising students of Black, African American, or African descent.
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