Shoes worn by rapper Kanye West at Grammys sell for record ₹13 crore

Shoes worn by rapper Kanye West at Grammys sell for record ₹13 crore

The pair of Yeezy sneakers was the first recorded shoe sale to top $1 million

In 2008, Kanye West wore high-top black Nike Air Yeezy 1 prototypes on stage at the Grammy Awards, where he performed "Stronger" and "Hey Mama." Now, those same sneakers have sold for $1.8 million to RARES, a sneaker-investing platform. The shoes are the prototype of West's Yeezy line, and they're the most expensive sneaker sale ever recorded.

The pair of Yeezy sneakers was the first recorded shoe sale to top $1 million, according to New York-based auction house Sotheby's. The sneakers were the first-ever shoe in West's Yeezy line, which, in the years since, has contributed to West's becoming a billionaire and a major player in sneaker and streetwear culture.

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Ryan Chang, who listed the shoes at Sotheby's and collects and curates streetwear under the handle of @applied.arts.nyc, worked with Sotheby's on the sale to RARES.

RARES will launch sales of shares of the sneakers on June 16, according to the platform's website, which entreats users to "own a piece of the world's most valuable shoe."

RARES said that users can "reserve a spot" to buy shares of the valuable sneakers. Users create an account and are notified when shares of the shoe open up for sale. RARES sells these and other sneakers as SEC-approved investments and allows for collective ownership of the shoes.

Shares of shoes sold on the platform usually run between $15 and $25, according to the company. Gerome Sapp, the CEO of RARES, said in a press release that acquiring the Yeezys worn by West would allow "millions of individuals the ability to now invest in the culture."

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