Sotheby's is expanding its offerings to include sports memorabilia, such as Michael Jordan shoes, Muhammad Ali trunks, and Kobe Bryant jerseys.

• Six upcoming auctions are part of Sotheby's inaugural "Sports Week."
• The category of sports collectibles in the auction house is rapidly expanding due to increasing demand for items worn by famous athletes such as Michael Jordan, Muhammad Ali, and Kobe Bryant.
• The category has also helped attracted a younger collecting audience.

The auction house is expanding its sports offerings to capitalize on the increasing demand for sports memorabilia and attract a younger audience.

On Wednesday, the company announced its inaugural "Sports Week," featuring six live and online auctions with items from top sports stars, starting April 4.

Recently, the demand for sports memorabilia has increased, making it one of Sotheby's fastest-growing categories, according to the auction house.

"Sotheby's head of Streetwear & Modern Collectibles, Brahm Wachter, stated to CNBC that there has been significant growth and interest in the category. He added that Sports Week is another example of Sotheby's dedication to engaging with collecting communities through unique sale formats and appealing estimates that cater to all sports fans and collectors, regardless of their experience level."

The global market for sports collectibles is expected to grow exponentially, reaching a value of $227.2 billion by 2032, according to consulting group Market Decipher, which estimated the value of sports memorabilia at $26.1 billion in 2021.

During the Covid pandemic, the sports category experienced increased demand, coinciding with the release of the popular documentary series "The Last Dance," which focused on Michael Jordan and the Chicago Bulls' pursuit of their sixth NBA championship. This documentary boosted interest in Jordan collectibles, which in turn led to a surge in demand for other sports memorabilia.

Sports has also brought a new, younger demographic into the market.

According to Wachter, some sales in the contemporary and watch categories lead to more purchases among Sotheby's average client for sports memorabilia, who are 20 to 40 years old and 50% of whom are new to auctions.

Sotheby's is intensifying its focus on sports by significantly increasing its offerings and forming partnerships with sports organizations, including the NBA, to sell game-worn jerseys.

This year, Sotheby's sold The Dynasty Collection, a set of six individual Air Jordan sneakers worn by Jordan in the clinching games of his six career NBA Finals championships, for $8 million. This sale set a new global auction record for game-worn sneakers and became the second-highest price achieved for Jordan sports memorabilia.

The "Thrilla in Manila" shorts of Muhammad Ali, one of the greatest boxing matches in history, are among the highlights of Sotheby's Sports Week auction. These trunks are estimated to sell for $4 million to $6 million, making them one of the most valuable Ali memorabilia to be auctioned.

An estimated $1.5 million to $2.5 million is expected to be fetched for a Kobe Bryant Los Angeles Lakers jersey from Game 1 of the 2009 NBA Finals, where the late star scored his highest-scoring NBA Finals performance with 40 points.

Sotheby's will sell 50 pairs of classic sneakers worn by NBA greats such as Jordan, Bryant, LeBron James, Harden, and Westbrook during Sports Week.

The Air Jordan 11s worn by Jordan during Game 5 of the 1996 NBA Finals are expected to sell for between $200,000 and $400,000. These sneakers were worn by Jordan as he led the Bulls to a 72-10 regular season record and their fourth NBA title after returning from retirement.

Sotheby's is offering several items from February's NBA All-Star weekend in Indianapolis, including a James 2024 All-Star Jersey, expected to fetch $200,000 to 300,000, along with the jerseys Stephen Curry and Sabrina Ionescu wore during their three-point competition. The Curry and Ionescu jerseys are expected to sell for between $30,000 to $500,000, and $8,000 to $12,000, respectively.

The entire sports collection is predicted to generate revenue of over $12 million, with individual items priced between $500 and approximately $6 million.