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Sneaker collectibles study: Shoe me the money

Data & Guides Money Sneaker collectibles study: Shoe me the money

The cross-section of hip-hop, basketball, and breakdancing in New York in the 1970s and 80s spurred the advent of a new subculture: the sneakerheads. [1] National Geographic, “How sneaker culture took over the world”, 2023 https://www.nationalgeographic.com/culture/article/sneaker-culture-sneakerheads-air-jordans-history-expression Being a sneakerhead has become big business. In 2021, the global sneaker resale market was valued at an estimated $10 billion. [2] CNN, “How collecting sneakers became a multi-billion-dollar industry”, 2021 https://edition.cnn.com/style/article/sneaker-market-high-value-auction/index.html But as with any investment, you aren’t guaranteed a profitable return.

This study, on behalf of Self Financial, focused on the changing resale value of recently released sneakers. To do this, the study considered the 10 sneakers on the annual list of the most influential sneakers according to the popular fashion magazine Complex. [3] Complex, “The Oral History of Complex”, 2012 https://www.complex.com/pop-culture/a/rob-kenner/the-oral-history-of-complex The study then analyzed the changing value of 50 sneakers (the top 10 sneakers for 2020, 2021, 2022, 2023, and 2024) by using data from an online marketplace.

Key findings from the study:

• Only one in ten of the collectible sneakers(10%) in the study had depreciated in value since their original release.
• The average change of value for a sneaker in the study from its original price to resell value in January 2025 was +$664 ($304 to $968).
• If someone had bought all the sneakers on the top 10 influential sneakers of the year according to Complex between 2020-2024, and sold them in January 2025, they would be $33,197 richer.
• Nike sneakers in the study were the most expensive to purchase (with an average $321 original price), but increased per year by an average of 99.7%. 
• On average, the sneakers in the study had a moderate-to-high volatility of 27%, and the average 12-month trading value varied by $1,576.

Sneakers increasing in value over time

Among the 50 sneakers analyzed in this study, 90% increased in value between their release date and January 2025, with only five pairs (10%) experiencing depreciation when comparing the original purchase price to the current resale value.

Only 10% of sneakers in the Complex annual list of best sneakers had depreciated in value between their release and January 2025.

The original purchase price of the sneakers analyzed ranged from $75 to $2,750 – with the mean average being $304. Taking the average resale price of the sneakers in the month of January 2025, the sale price of the sneakers ranged from $109 to $7,759, at a mean average price of $968. This is a $664 increase in value from the starting price to the January 2025 selling price.

To illustrate this, if someone bought all the sneakers on the top 10 influential sneakers of the year according to Complex since 2020 (which would cost a sum of $15,180), they could have sold these sneakers in January 2025 for a mean average of $48,377. Overall, this would be a $33,197 return on investment (a value increase of 218.7%).

Volatility

Volatility is a measure of how greatly the value of an asset (in this case, sneakers) can go up or down over a time period. The higher the volatility, the more likely the value of an asset can change drastically. Some traders – like day traders – prefer a higher volatility because it means that you can quickly make big profits. For others, looking for a long-term investment, high volatility is less attractive as it makes the asset a riskier investment. [4] Investopedia, “Volatility From the Investor's Point of View”, 2022 https://www.investopedia.com/ask/answers/010915/volatility-good-thing-or-bad-thing-investors-point-view-and-why.asp

The average trading volatility of collecting and reselling sneakers in the study was 27% – this is considered a moderate-to-high volatility.

Volatility statistics were available on StockX (an online marketplace) for 47 of the 50 sneakers in the study. Of these, the average volatility was 27%. [5] StockX, 2025 https://stockx.com/

For context, the average long-term figure on the Cboe Volatility Index is 19.5 (a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market) [6] Cboe, “VIX Index”, 2025 https://www.cboe.com/tradable_products/vix/ [7] SAXO, “Volatility for investors explained: what's going on and should you be worried?”, 2025 https://www.home.saxo/content/articles/equities/volatility-for-investors-explained---whats-going-on-and-should-you-be-worried-12032025 This means that overall, collecting sneakers could be considered as a moderate-to-high volatility investment. For context, the average 12-month trade range for a pair of sneakers in the study was $1,578.

The top 10 sneaker investments in the study

The sneakers with the biggest price difference between the original price and the 2025 average price

The Dior x Air Jordan 1 sneaker by Nike saw a $5,559 increase in value since its 2020 release. The collaboration with the Parisian fashion house was commissioned to celebrate the 35th anniversary of the Air Jordan sneaker (and is the first fashion collaboration in Air Jordan history). [8] Vogue, “Dior’s Kim Jones On The Thrill Of Creating Michael Jordan-Approved Air Ones”, 2020 https://www.vogue.co.uk/fashion/article/dior-air-jordan-trainers-kim-jones-interview This sneaker also had the greatest volatility in the study (174%). In a 12-month trade range (as of January 2025), the price of the sneaker fluctuated between $1,653 - $14,064, a difference of $12,411. [9] StockX, “Jordan 1 Retro Low”, 2025 https://stockx.com/en-gb/air-jordan-1-retro-low-dior

The Jordan 1 Retro Low Dior sneaker by Nike saw a $5,559 increase in value since its 2020 release – the greatest price increase in the study.

Second is another collaboration between a couture brand and Nike. The 2022 Louis Vuitton x Nike Air Force 1 Low had an original release price of $2,750, but had an average resale value of $6,000 in January 2025 – a $3,250 difference. The sneakers were designed by Virgil Abloh, the first Black artistic director of Louis Vuitton, and paid homage to street culture. Tragically, Abloh died in 2021 before the sneakers were generally released. [10] Reuters, “Louis Vuitton star designer Virgil Abloh dies after private battle with cancer”, 2021 https://www.reuters.com/lifestyle/louis-vuitton-designer-virgil-abloh-dies-2021-11-28/ This sneaker had the second greatest volatility (69%), fluctuating between $2,918 and $9,820. [11] StockX, “Louis Vuitton Nike Air Force 1 Low”, 2025 https://stockx.com/en-gb/louis-vuitton-nike-air-force-1-low-by-virgil-abloh-white-green

Completing the top three is the Joe Freshgoods x New Balance 992 'No Emotions Are Emotions'. When these sneakers were released in 2020, their retail price was $260. [12] Complex, “The Best Sneakers of 2020”, 2020 https://www.complex.com/sneakers/a/brendan-dunne/best-sneakers-2020 In January 2025, these sneakers fetched an average price of $3,381 – a price difference of $3,121. [13] StockX, “New Balance 992”, 2025 https://stockx.com/new-balance-992-dont-be-mad-anatomy-of-the-heart Unlike the other two sneakers in the top three, these sneakers had 28% volatility, much closer to the study average of 27%. [13] StockX, “New Balance 992”, 2025 https://stockx.com/new-balance-992-dont-be-mad-anatomy-of-the-heart

The sneakers with the biggest percentage increase since the original price and the 2025 average price

Another way to measure the success of an investment is the percentage value increase between their original retail price and their resale value in January 2025.

The sneakers with the greatest percentage increase is the 2020 Ben & Jerry's x Nike SB Dunk Low 'Chunky Dunky'. This playful pair of sneakers is inspired by Ben & Jerry’s popular Chunky Monkey ice cream flavor. [14] Complex, “Nike SB's 'Chunky Dunky' Ben & Jerry's Collab, Explained”, 2020 https://www.complex.com/sneakers/a/brendan-dunne/ben-and-jerrys-nike-sb-dunk-low-chunky-dunky Since its original release price of $100, the rare edition of this sneaker had increased in value by 1,870.5% to $1,971 in January 2025. [15] StockX, “Nike SB Dunk Low”, 2025 https://stockx.com/en-gb/nike-sb-dunk-low-ben-jerrys-chunky-dunky

Following with a percentage value increase of 1,218%, are Fragment x Travis Scott x Air Jordan 1 High. [16] StockX, “Jordan 1 Retro High OG SP”, 2025 https://stockx.com/en-gb/air-jordan-1-high-og-sp-fragment-design-x-travis-scott These sneakers had an original retail price in 2021 of $200, which had increased to $2,636 by January 2025. But these sneakers also had a much more variable price than other sneakers in the study. The sneakers had a 54% volatility score, the 5th highest in the study. [16] StockX, “Jordan 1 Retro High OG SP”, 2025 https://stockx.com/en-gb/air-jordan-1-high-og-sp-fragment-design-x-travis-scott

Joe Freshgoods x New Balance 992 'No Emotions Are Emotions' increased in value by 1,201% since their release in 2020. This collaboration between Joe Freshgoods (a Chicago-based brand helmed by Joe Robinson) and New Balance was originally priced at $260. [12] Complex, “The Best Sneakers of 2020”, 2020 https://www.complex.com/sneakers/a/brendan-dunne/best-sneakers-2020 In January 2025, the average resale price was $3,381. [13] StockX, “New Balance 992”, 2025 https://stockx.com/new-balance-992-dont-be-mad-anatomy-of-the-heart

The worst 10 sneaker investments in the study

The sneakers with the biggest price drop between the original price and the 2025 average price

But not all sneakers in the study increased in value since their release. Of the five that didn’t, the worst-performing sneaker was the Gucci x Adidas Gazelle Indoor. Originally purchasable for $850 in 2022, these same sneakers were valued at $597 in January 2025 (a loss of $253 in value). The sneakers also had a low volatility of 15%.

Gucci x Adidas Gazelle Indoor sneaker saw a $253 decrease in value since its 2022 release – the greatest price decrease in the study.

The Nike A Ma Maniere x Air Jordan 3 were the second-worst-performing sneakers in the study for this metric. A Ma Maniere is a luxury fashion brand founded by James Whitner. [17] BoF, “The BoF Podcast | James Whitner on Culture, Community and Building Brands with Purpose”, 2025 https://www.businessoffashion.com/podcasts/creative-class/the-bof-podcast-james-whitner-on-culture-community-and-building-brands-with-purpose/ The brand often collaborates with Nike, and their A Ma Maniere x Air Jordan 3 were released in 2021 for an original price of $200. By January 2025, those sneakers fetched an average resale price of $109 – a $91 drop.

The Adidas Yeezy 450 saw the third greatest drop in value. The 2021 pair of sneakers originally sold for $200, but fetched an average resale price of $128 in January 2025 – a $72 drop and 36% depreciation in value. In May 2025, Adidas confirmed they had sold the last of their stock of Yeezy products, formally severing their collaboration with Kanye West, the founder of Yeezy. [18] New York Times, “Adidas Has Sold Its Last Yeezy Sneaker”, 2025 https://www.nytimes.com/2025/03/05/business/adidas-yeezy-kanye-west.html

The sneakers with the biggest % price drop between the original price and the 2025 average price

The sneakers with the largest percentage depreciation between starting value and value in January 2025 is a similar list to the ones above. Both A Ma Maniere x Air Jordan 3 and Adidas Yeezy 450 depreciated by the greatest amounts, respectively (-45% and -36%) followed by the Gucci x Adidas Gazelle Indoor which depreciated by 30%. However, only five sneakers in the study out of 50 depreciated. The two other sneakers which dropped in value were the Air Jordan 11 'Cool Grey' (-20%) and the Nike Air Zoom Alphafly Next% (-9%).

The most and least valuable sneaker brands

Rubber-soled sneakers (like plimsolls) were popular in the late 18th century, but it wasn’t until the 1920s – when Converse released the Chuck Taylor All-Stars and Adidas sneakers hit the market – that the practical, comfortable sports sneakers became popular. [19] Fact Monster, “The History of Sneakers”, 2017 https://www.factmonster.com/culture-entertainment/fashion/history-sneakers Today, sneakers aren’t just seen as sportswear, but everyday wear too. But despite all the choices consumers now have, two brands represent 57% of the industry: Nike and Adidas. [20] RunRepat, “Sneaker Industry Statistics”, 2023 https://runrepeat.com/sneaker-industry-stats

In this study, sneakers from four different brands were studied: Nike, Adidas, New Balance and Saucony. With only one pair of sneakers in the study, Jae Tips x Saucony Grid Azura 2000, Saucony has been discounted from the comparison below.

Overall, Nike performed on average best out of the three brands. On average, a Nike sneaker was the most expensive purchase ($321) and sold in January 2025 at an average price of $1,071. Per year, a sneaker averaged a 99.7% increase in value (or 301.9% across all time).

Nike sneakers in the study increased in value per year by an average of +99.7% – beating competitors Adidas (+37.4%) and New Balance (+77.8%).

German giants Adidas fared less competitively in the study. Of the four sneakers considered, the average original purchase price was $311, and the sale price in January 2025 was $277 – a $34 decrease. This is because two of the sneakers in the study depreciated in value, and two of the sneakers appreciated in value. Overall, the sneakers appreciated in value by an average of 37.4% across all time, and 17.6% per year. Adidas sneakers had the lowest volatility of 16%.

Taking an average of the six New Balance sneakers analyzed, the average original price was $209, and the average selling price was $867. This works out at an average 77.8% increase in the value of a pair of New Balance sneakers per year, and 251% across the whole period.

Methodology

For the purposes of this study, and to represent the changing worth of comparatively recently released sneakers, the study consulted the annually released list of the 10 most influential sneakers that year compiled by the journalists at Complex magazine over five years (2020-2024).

Every year the sneaker editorial group at Complex publishes their list of the year’s best sneakers. Deciding what is ‘best’ is a subjective decision, and is balanced between the tastes of the editorial group and the public interest or buzz around a particular release.

The editors consider factors like what’s available on the market, wearability, resale price, originality. The final annual list is adjusted from the mid-year annual best sneaker ratings published by the magazine and feedback from the annual Sneaker of the Year Panel at ComplexCon. The stylization of the sneaker names is taken from the Complex articles. This is because the stylization of sneakers can be inconsistent. For example, on Complex, the sneakers “Joe Freshgoods x New Balance 992 'No Emotions Are Emotions’” are stylized differently than on StockX, where the product is listed as “New Balance 992: Joe Freshgoods No Emotions Are Emotions”. Because they are a discontinued product, there is no current New Balance product name available. Therefore, as the chosen products were taken from Complex, the names on the articles are used.

. The lists consulted were:

• The Best Sneakers of 2020
• The Best Sneakers of 2021
• The Best Sneakers of 2022
• Best Sneakers of 2023
• The Best Sneakers Of 2024 (So Far)

The original retail price was taken from the Complex magazine articles. All other data was taken from StockX – an online marketplace and clothing reseller, primarily of sneakers. As the value of sneakers often fluctuates, the average selling price was taken from the full list of sales in the month of January 2025.

Sources

• ^[1] National Geographic, “How sneaker culture took over the world”, 2023 https://www.nationalgeographic.com/culture/article/sneaker-culture-sneakerheads-air-jordans-history-expression
• ^[2] CNN, “How collecting sneakers became a multi-billion-dollar industry”, 2021 https://edition.cnn.com/style/article/sneaker-market-high-value-auction/index.html
• ^[3] Complex, “The Oral History of Complex”, 2012 https://www.complex.com/pop-culture/a/rob-kenner/the-oral-history-of-complex
• ^[4] Investopedia, “Volatility From the Investor's Point of View”, 2022 https://www.investopedia.com/ask/answers/010915/volatility-good-thing-or-bad-thing-investors-point-view-and-why.asp
• ^[5] StockX, 2025 https://stockx.com/
• ^[6] Cboe, “VIX Index”, 2025 https://www.cboe.com/tradable_products/vix/
• ^[7] SAXO, “Volatility for investors explained: what's going on and should you be worried?”, 2025 https://www.home.saxo/content/articles/equities/volatility-for-investors-explained---whats-going-on-and-should-you-be-worried-12032025
• ^[8] Vogue, “Dior’s Kim Jones On The Thrill Of Creating Michael Jordan-Approved Air Ones”, 2020 https://www.vogue.co.uk/fashion/article/dior-air-jordan-trainers-kim-jones-interview
• ^[9] StockX, “Jordan 1 Retro Low”, 2025 https://stockx.com/en-gb/air-jordan-1-retro-low-dior
• ^[10] Reuters, “Louis Vuitton star designer Virgil Abloh dies after private battle with cancer”, 2021 https://www.reuters.com/lifestyle/louis-vuitton-designer-virgil-abloh-dies-2021-11-28/
• ^[11] StockX, “Louis Vuitton Nike Air Force 1 Low”, 2025 https://stockx.com/en-gb/louis-vuitton-nike-air-force-1-low-by-virgil-abloh-white-green
• ^[12] Complex, “The Best Sneakers of 2020”, 2020 https://www.complex.com/sneakers/a/brendan-dunne/best-sneakers-2020
• ^[13] StockX, “New Balance 992”, 2025 https://stockx.com/new-balance-992-dont-be-mad-anatomy-of-the-heart
• ^[14] Complex, “Nike SB's 'Chunky Dunky' Ben & Jerry's Collab, Explained”, 2020 https://www.complex.com/sneakers/a/brendan-dunne/ben-and-jerrys-nike-sb-dunk-low-chunky-dunky
• ^[15] StockX, “Nike SB Dunk Low”, 2025 https://stockx.com/en-gb/nike-sb-dunk-low-ben-jerrys-chunky-dunky
• ^[16] StockX, “Jordan 1 Retro High OG SP”, 2025 https://stockx.com/en-gb/air-jordan-1-high-og-sp-fragment-design-x-travis-scott
• ^[17] BoF, “The BoF Podcast | James Whitner on Culture, Community and Building Brands with Purpose”, 2025 https://www.businessoffashion.com/podcasts/creative-class/the-bof-podcast-james-whitner-on-culture-community-and-building-brands-with-purpose/
• ^[18] New York Times, “Adidas Has Sold Its Last Yeezy Sneaker”, 2025 https://www.nytimes.com/2025/03/05/business/adidas-yeezy-kanye-west.html
• ^[19] Fact Monster, “The History of Sneakers”, 2017 https://www.factmonster.com/culture-entertainment/fashion/history-sneakers
• ^[20] RunRepat, “Sneaker Industry Statistics”, 2023 https://runrepeat.com/sneaker-industry-stats