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Sol(e)d out: Canadian businessman buys 99 of world's rarest sneakers at a whopping US $850,000

Sotheby's describes the collection as 'the most exclusive and coveted sneakers ever produced'.

, ET Bureau|
Updated: Jul 23, 2019, 10.40 AM IST
ET's dualpane - 2019-07-23T083305.711
Canadian business magnate Miles Spencer Nadal (right) plans to display the sneaker collection at his Dare to Dream Automobile Museum in Toronto. (Image: Sotheby's)
Miles Spencer Nadal, a Canadian executive inured to stiff leather shoes, can now be found in vintage sneakers. Four years since his unceremonious exit from the New York-based advertising and marketing company, MDC Partners, Nadal acquired 99 of 100 rarest sneakers ever produced on July 17. The shoes, which were auctioned as a part of the Sotheby's and Stadium Goods Ultimate Sneaker Collection sale, were acquired for USD 850,000.

Sotheby's described the collection as "the most exclusive and coveted sneakers ever produced", with sneakers by Jordan, Yeezy and Nike going under the hammer. The only pair that was not purchased by Nadal was the Nike "Moon Shoe, one of the oldest products from the brand's stable. It was his intention to bid for the entire collection, but it was decided that the coveted pair of handmade Nike Moon Shoes would be kept available of public bidding on the internet.

The idea for the "Moon Shoes" was conceived by Nike co-founder Bill Bowerman, a respected track coach at Oregon University. The objective was to craft a sole that could give athletes greater traction. Bowerman drew inspiration from his wife's waffle iron - a kitchen implement used to bake waffles. Instead of batter, he poured rubber into the machine - a major landmark in footwear history.

nike moon
The coveted Moon Shoes from Nike. (Image: Sotheby's)

In its press release, Sotheby's says that 12 pairs of the shoe were made for the 1972 Olympic Trials. The pair that was put up for auction was the only one to have never been worn. The shoes will be available for public viewing at Sotheby's in New York till July 23. Other notable sneakers that will be on display include collaborative work by celebrities from fashion and music, the likes of Coco Chanel, Pharrell Williams, Adidas and Karl Lagerfeld.

Speaking of his recent acquisitions, Nadal said that he plans to display the sneaker collection at his Dare to Dream Automobile Museum in Toronto, Canada - a private museum featuring an extensive collection of classic cars. That Dare to Dream collection comprises of 142 cars and 42 motorcycles.

In 2015, Nadal was forced to step down from MDC following an investigation by the U.S. Securities and Exchange Commission into his finances. He agreed to return over USD 20 million to the agency. He was subsequently charged with misappropriation of funds and failing to disclose financial perks to investors. The SEC forbade him from serving in an executive role at a public company for five years. Since his expulsion from MDC, he founded an investment firm, Peerage Capital, which is privately held.

Lifting The Lid On A Priceless Collection: 400 Pieces Of Ancient Indian Treasures To Be Auc...

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Inkwell And Pen Case Or Davat-I Dawlat

24 May, 2019
A dagger of an emperor, an ornate pen case and a 17th century necklace of the Nizam. These are among the 400 pieces of ancient Indian treasures and Mughal jewels set to go under the hammer in New York on June 19.It is a known fact that during the reign of the Mughal dynasty, jewelled pen case and inkwell sets were presented to persons of utmost distinction. This emerald, ruby and diamond-set pen case and inkwell has the engraving of a sacred swan or hamsa under the inkwell. It is dated back to the late 16th century and is said to have originated in the Deccan region.

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