Former president and 2024 Republican contender Donald Trump may potentially be in the hole for $355 million after losing his latest court case. But his newly announced line of Trump-branded sneakers is proving to be a financial hit, at least in the short term.
Now, the question remains if the shoe will be a long-term success in the collectibles market.
The $399 “Never Surrender High Tops,” offered in a limited edition of 1,000, have already sold out, according to GetTrumpSneakers.com, a retail site that says it is not affiliated with any political campaign. Trump unveiled the pricey footwear, done in gold coloring with what’s described as a “T” badge and an American flag collar, at the Sneaker Con show on Saturday in Philadelphia.
“This is something that I’ve been talking about for 12 years, 13 years. And I think it’s going to be a big success,” Trump said at the gathering.
Resellers on eBay
EBAY,
are already hawking a pair for anywhere between around $1,500 to $45,000. Still, sneaker and political-memorabilia experts remain divided as to whether the shoe can hold its value.
Sneaker collectors, otherwise known as sneakerheads, are known to pay top dollar for in-demand shoes. Pairs with an initial retail price of $100 to $300 can indeed immediately skyrocket on the resale market — and some can continue to climb for years.
Trump’s $399 “Never Surrender High Tops” have already sold out.
Getty Images
For example, Sotheby’s, the prominent auction house, points to a number of Nike
NKE,
Air Jordan sneakers that sell for $15,000 to $32,000. The Michael Jordan-branded line launched in the mid-1980s.
The Trump shoes stand to benefit from two key factors, experts say. The first is Trump’s brand name and his loyal cadre of supporters.
“His fan base is just massive. No matter what he drops, it’s going to sell,” said Justin Roper, a sneakerhead who hosts his own conventions across the country, including upcoming ones in Cleveland, Wilmington, Del., and Atlantic City, N.J.
The second factor is the limited run of 1,000 pairs. Put the two together and you have plenty of collectible potential.
Not to mention the sheer uniqueness of the item. “He’s the first president who’s released a shoe,” said Kenny Berbick, an avid sneakerhead and one of the owners of EB Kicks, which makes a shoe-cleaning solution.
At the same time, what’s hot one day in any collectible market can quickly lose luster. Trump remains a highly controversial and divisive figure. Everyone may seemingly love Michael Jordan, but Trump clearly has more than his share of haters.
Frank Luntz, a veteran political pollster and communication consultant who has a collection of more than 250 sneakers, questioned if Trump will end up mass-producing the shoe to the point that it has little to no value.
“They’ll be selling for less than $100 a year from now,” he told MarketWatch by email.
As it is, Trump is already offering two other Trump-branded sneakers — one in white, another in red — for $199 each. Both are available for pre-order on the GetTrumpSneakers site.
Tom Peeling, a longtime collector of political memorabilia, said it may take time, even decades, to sort out what a Trump sneaker will be worth. Just a few presidents — namely, Abraham Lincoln, Theodore Roosevelt, Franklin Delano Roosevelt and John F. Kennedy — have seen sustained value for collectibles that featured them, said Peeling, who edits the magazine of the American Political Items Collectors organization.
Given that reality, Peeling added that if he had to choose between a $400 Trump sneaker or a $500 Lincoln campaign badge, he’d go with the Honest Abe collectible.
“I’m not sure [the Trump shoe] would hold up over time,” he said.
Officials with Trump’s 2024 campaign didn’t respond immediately to a MarketWatch request for comment.
This story originally appeared on Marketwatch
