Rare Nike Shoes up for Auction as Nike Kills Q3 2022 Results

A variety of rare Nike Skateboard shoes and its 1980 "The One" are up for auction at Sotheby's and Heritage as Nike simultaneously kills Q3 2022 earnings.

Rare Nike Shoes up for Auction as Nike Kills Q3 2022 Results

Nike has released its earnings for Q3 2022, and thinks look pretty good...

In the primary market, NIKE (NYSE:NKE Q3 2022 earnings have again secured the company’s position as the apparel industry’s global leader. Ending February 28, 2022, Q3 revenues totaled $10.9 billion, advancing by 5% compared to the prior year.

Factors Driving Sales & Revenue Growth

Within NIKE, Inc. NIKE’s sales increased by 8% compared to the year prior, and Converse’ sales increased by 2%, both reported on a currency-neutral basis.

Direct and Digital sales for the NIKE brand contributed to revenue growth as sales hit $4.6 Billion.

NIKE Brand Digital, which refers to digital sales predominantly made via the SNKRS app, saw a 130% increase in demand during Q1 2023.


In 2017, Nike announced a new Consumer Direct Acceleration (CDA) strategy focused on driving sales through its own resources, such as NIKE stores, and cutting down on wholesale customer relationships. These sales are captured as NIKE Direct. By cutting out the “middle man”, the strategy enables Nike to make higher margins. According to Nike, their CDA strategy was the driving factor for a 1% (100 basis points) gross margin increase, which rose to 46.6%. Nike also states the change was impacted by markdowns, currency exchange rates, and an increase in the sales of full-priced items.

Shareholder Returns

Nike’s notability of driving value for its stakeholders doesn’t look to be going away anytime soon, as returns to shareholders saw increased payouts for the 20th consecutive year. A total of $485 million dividends were paid out, having increased a considerable 12% from the year prior.

Let's talk Auction Houses...

Last Wednesday, Heritage Auctions sold a pair vintage “One Line” Nike knockoffs for $93,750. Intrigued by the style’s intricate backstory (involving a tariff battle with the U.S. Government), the kicks’ original owner Mike Mohahan bought the pair for a few bucks in 2018 and has been preserving them since.

Sotheby’s first-ever Nike Skateboarding-dedicated auction, entitled “Nike SB | 20 years”, features some of the most sought-after sneakers of all time. Not initially seeing the value in manufacturing skateboarding sneakers, Nike produced an array of editions in extremely low quantities- as low as 1,000.

The low quantities of pairs in existence- not to mention the rarity of pairs still in good condition- drive massive prices reaching $44,000 per pair. Check out this New York Post Article for a breakdown of some of the “big ticket items” being listed.

Regardless of which market you’re focused on when shopping for sneakers- primary or secondary, Nike isn’t going anywhere.