Why Are These Ugly Sneakers Going For $70,000 On eBay?

  • Glenn Davis

What you see above is the design for Nike’s new Foamposite Galaxy sneakers. You can see why they’re called “Galaxy” – the design intends to evoke deep space, apparently. Why this was an idea for a sneaker, we’re not sure. Despite the look leaving something to be desired, though, it’s still a new sneaker with the Nike name attached, so demand is high. How high? Well, if you’d like to pick up a pair of these suckers on eBay, prepare to be greeted by an imposing dollar figure like this:

People always want new Nike shoes, but it takes a little more than that to explain 70 grand. The reason for this level of sneaker insanity traces back to a few days ago, when Nike announced it wouldn’t sell the Galaxy through its online store “due to extremely limited quantities.” Well, there’s the first big step: people pay more for stuff when there’s less of it. (Economics degree at work right there.)

Then, on top of that, demand was so great at some of the physical stores that actually were selling the shoes (priced at $220, so they were already outrageously expensive to begin with), police were dispatched and ordered the sale of the shoes to be stopped, in order to prevent violence (remember the Air Jordan XI Concord mayhem from December?). Of course, we’re not sure a crowd frantically trying to buy shoes is less dangerous than a crowd furious that they can’t, but either way, this meant one less option for some desperate shoppers.

Add it all up, and you’ve got that striking eBay auction – over what are, again, ugly sneakers – you see above. Is it crazy people care this much? Sure, but we see a similar scene every time a hotly anticipated new item comes out. Nike’s released plenty of such hotly anticipated items, and knows how to milk the furor for all it’s worth. And so do those lucky profit-seekers who actually get their hands on the shoes and know if they make them available, someone will give them $70,000. Bet Phil Knight looks at that figure and gets jealous.

[Darren Rovell]