Sneakers have quickly become a lucrative investment option for savvy shoe-lovers, but fake versions of the much-loved footwear are marring the potential gain for collectors.

Sneaker collector Steven Wei from Kicks TW says there’s never been a better time to buy shoes, with classics fetching thousands.

“Sneakers are a very strong investment – that’s why everyone is loving it and the market is pumping at the moment,” he said.

Sneaker value explodes as Melbourne launches authentication program to tackle fakes
Sneaker collector Steven Wei from Kicks TW says there’s never been a better time to buy shoes, with classics fetching thousands. (9News)
A pair of Air Jordans from Footlocker retailed at $260 less than a year ago – now – they’re selling for $700.

In 1985 a pair sold for $40, but today the price tag could be up to a whopping $10,000.

“Because of social media which is a very big factor, it makes everyone want a piece of the sneakers,” Mr Wei said.

The sneaker market in Australia is worth $2 billion dollars annually, but fraud in the footwear trade is rife.

Sneaker value explodes as Melbourne launches authentication program to tackle fakes
Sneakers have quickly become a lucrative investment option for savvy shoe-lovers, but fake versions of the much-loved footwear are marring the potential gain for collectors. (9News)

The large amount of fake shoes being sold has prompted eBay to launch a sneaker authentication program.

The online retail giant eBay has started sending shoes to the US for authenticators to inspect before shipping to the customer.
“As a lot of things during COVID, the sneakerhead community was forced to move buying and selling online which does open them up to fakes and counterfeits,” eBay senior director David Ramadge said.

“Everything from stitching to shoelaces … they even sniff the shoe to test for glue to see if its real glue.”

E-commerce sneaker marketplace StockX authenticates shoes locally in Melbourne.

“Some standouts are obviously the box – the font on the box – the overall craftsmanship of the shoe – and there’s a few other tips that we can’t really share,” an Authenticator from StockX said.

Mr Wei has had all his sneakers authenticated.

His limited-edition Nikes are the most valuable of his collection and worth more than $100,000.

In one of Mr Wei’s cabinets alone there is more than a quarter of a million dollars worth of shoes.

Sneaker value explodes as Melbourne launches authentication program to tackle fakes
The sneaker market in Australia is worth $2 billion dollars annually. (9News)

It is for that reason he doesn’t normally keep them on display – normally, they’re under lock and key in a secret location.

“Now I really rate quality over quantity,” Me Wei said.

“Sneakers are colourful – they’re just beautiful you can put them on the wall – you can put them in your shop and in your office.

“It’s not only good for the value – it’s visual.”



This content first appear on 9news

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