Art Basel delays the Hong Kong Art Fair and Nike x Louis Vuitton Air Force 1 pair rakes in over US$350,000

Bloomberg
Bloomberg2/23/2022 10:49 PM GMT+08  • 5 min read
Art Basel delays the Hong Kong Art Fair and Nike x Louis Vuitton Air Force 1 pair rakes in over US$350,000
Art Basel delays the Hong Kong Art Fair and Nike x Louis Vuitton Air Force 1 pair rakes in over US$350,000
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Art Basel has announced that it will delay its Hong Kong art fair from March until May this year as a result of the ongoing pandemic.

The news comes just one week after the fair released the exhibitor list of the show, set to feature 137 galleries from 28 countries and territories, and two days after parent company MCH Group AG revealed plans for new fair in Paris that Art Basel would host in October.

“Given the current government guidelines in Hong Kong, it has become clear that moving the fair to May is the right decision,” said Adeline Ooi, Art Basel’s director of Asia, in a statement. “We had anticipated this potential scenario in our planning process, and very much look forward to hosting gallerists, collectors, and art lovers at the HKCEC at that time.”
The fair, which takes place at Hong Kong’s Convention and Exhibition Centre, will now hold preview days on May 25 and May 26 and then open to the public May 27-29.

Given that these dates are just two weeks ahead of Art Basel’s prestigious Swiss edition, which runs from June 13 to June 19 in Basel, it could be logistically problematic for galleries to participate in both fairs.

See also: Founder of 39+ Art Space Liu Ying Mei talks about Chinese contemporary artists, the Singapore art scene and NFTs

In an emailed response to Bloomberg, Art Basel’s global director Marc Spiegler wrote “As always, we are flexible with our galleries in the case of a postponement, and they are able to withdraw or join when dates change.”


Virgil Abloh’s couture kicks bring in massive haul for charity
Marina Stanley
©2022 Bloomberg L.P.

Two hundred pairs of Nike Air Force 1 sneakers created by the late fashion designer Virgil Abloh sold for a combined $25.3 million at a Sotheby’s auction on Wednesday. The highest price paid, at $352,800, was for a pair of size 5 shoes that carried an original high estimate of $15,000. The proceeds will go to the Virgil Abloh “Post-Modern” Scholarship Fund, which aims to help students of color who are pursuing careers in fashion.The sale solidifies a design and charitable mission for Abloh, who was integral to the shoe’s creation. The 41-year-old died in November 2021 of cardiac angiosarcoma, a rare, aggressive form of cancer. The auctioned footwear is the first collaboration between Nike and French fashion house Louis Vuitton, where Abloh was artistic director.

See also: $15 million for a painting estimated at $200,000

“Today’s record-breaking azuction, which saw unparalleled global participation, 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,” said Sotheby’s Chief Executive Officer Charles F. Stewart in a statement following the sale.

The leather low tops feature Abloh’s signature “Air” quotation marks and Louis Vuitton’s iconic Damier Ebene pattern. Each pair of shoes comes with an orange case exclusive to the auction and embellished with the LV emblems.

Initial estimates for the online auction were $1 million to $3 million, but quickly Sotheby’s hit a participation record surpassing the total number of bids received not only just on opening day, but a record number of bidders for any of its online sales, period. The auction lasted from Jan. 26 through Feb. 8.

By the end, more than 1,200 bidders from across 50-plus countries participated with an average of 52 bids per lot, according to Sotheby’s. Buyers were younger than usual, with more than half under 40. Collectors from Asia accounted for 40% of total sales.

One unique aspect of this auction is that all of the shoes were identical, except for size, and that seemed to make a big difference. In addition to the top-selling size 5, a pair of size 9.5 sneakers went for 2nd highest at $201,600, and multiple pairs—across sizes 9.5, 10, 10.5, and 11—managed to each reach $189,000, the third highest haul of any lot. A size 6.5, on the other hand, was the lowest price paid at $75,600. One hundred percent of the lots sold in excess of their high estimates.

The Sotheby’s auction shines a light on the intense popularity of couture kicks as cult favorites and investments. A pair of game-worn Nikes worn by Michael Jordan sold at a Sotheby’s auction in Las Vegas last October for a record $1.47 million. The most expensive pair of known shoes ever sold were Nike Air Yeezy 1 prototypes worn by Kanye West during his performance at the 50th Annual Grammy Awards; they went for $1.8 million during a private sale in April 2021. The purchaser, Rares, plans to fractionalize the kicks as an investment for others.

West was among the many famous collaborators and fans who paid tribute following the death of Abloh at the peak of his game. Drake, Pharrell Williams, Victoria Beckham, and Gigi Hadid were also among this wave paying homage on social media. In August 2020, Abloh told Bloomberg that he considered his success a means to giving all his fashion projects a higher purpose. “What’s next for me is eradicating systemic racism. I’m taking on the task of raising Black voices—and that, to me, is a new chapter of my career.”

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