Auctioneering company Christie's is introducing a brand-new department specializing in luxury streetwear, sneakers and sports collectibles called Department X. This new division caters to the booming sneaker and streetwear market, which sees coveted products sell to collectors for multi-millions of dollars.
With in-demand footwear and "iconic pieces of hype culture," Department X will be a hub for not just online auctions but also a destination for live previews in New York, plus private exhibitions to speak to the hearts of pop culture fans and luxury lovers. To kick off the launch of this new department, Christie's will be presenting a private selling exhibition of rare Kanye West sneakers, named Ye Walks.
Alongside collectibles-focused Department X, the 255-year-old auction house announced the launch of a platform called Christie’s 3.0 that will facilitate blockchain-based sales of NFTs.
Collectibles-Focused Auction Departments
Department X by Christie's Shares Sneakers & Streetwear
Trend Themes
1. Luxury Streetwear - The growing market for luxury streetwear presents an opportunity for companies to tap into a new audience and reimagine what constitutes as luxury.
2. Sports Collectibles - As sports memorabilia continues to be highly valued by collectors, companies can leverage this trend by creating innovative ways to authenticate and verify the authenticity of these items.
3. Blockchain-based Sales - The use of blockchain technology to verify the authenticity and ownership of NFTs provides a new avenue for companies to sell digital assets and create new revenue streams.
Industry Implications
1. Auction Houses - Auction houses can capitalize on the growing popularity of streetwear and sports collectibles by creating specialized departments that cater to these markets.
2. Fashion and Apparel - Fashion and apparel companies can enter the luxury streetwear market by collaborating with designers to create limited edition, high-end pieces that appeal to collectors.
3. Blockchain Technology - Companies in the blockchain space can offer innovative solutions for verifying the authenticity and ownership of sports collectibles, streetwear, and other valuable assets.