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Wow, $25,000 in a day

Ocean Man

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Note this isn’t something I did.

Recently a famous idol released a shoe collaboration and made a limit of only 88 pairs of shoes. Family, Strangers, and staff included.

This person I know waited in line all day, bought five pairs of shoes for $219.00 each, and now the price has raised to $5,000 for each pair. Granted she hasn’t sold them yet so potentially nobody will buy them, but the cost now for the shoe is $5,000.

Pretty crazy flip. I knew sneaker heads made some decent money, but wow, from initially investment of $1,000 to roughly $25,000.
 

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Ocean Man

Ocean Man

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PizzaOnTheRoof

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Not Gary Vee, but this person did a great flip, haha.

<Insert Gary Vee garage sale flipping meme>
Ah ok. Saw a video of Gary releasing a new shoe.
 

AgainstAllOdds

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WTF? Who would pay that for a shoe?
A lot of shoes appreciate and hold value just like any other collectable.


Treasure assets are a good store of value if it's a hobby you enjoy and can get a return on.
 

Sander

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WTF? Who would pay that for a shoe?
I would.

If I could sell it for $6,000.
 

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WillHurtDontCare

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WTF? Who would pay that for a shoe?
Athletes, finance people, politicians.

I imagine that there are plenty of people who want the prices on certain items to buy high simply so that most people can't afford them.

Status is an inelastic demand. If you can convince someone that owning your doodad makes them better than their peers, there is no price they will not pay for it.

Note: that isn't necessarily why people pay a lot for items, but that is a motivating factor some of the time.
 

BellaPippin

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WTF? Who would pay that for a shoe?
You wouldn't believe what I just paid for a purse I had in sight for 6 years and the business closed this January when I actually went to get it last month, making it a collection item. Talk about going berserk. Same stuff happens with sneakers.


Edit- For the record this was a one time thing, this purse and I had unresolved issues since 2014. I do not encourage anyone to do this.
 
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Ocean Man

Ocean Man

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CrimsonNight

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I wonder if this is the same phenomenon as the tulip mania/bitcoin. People speculate that the demand and prices of the shoes will always go up, so they suck it up when buying them in the hope of getting ROI later on.

Well at least until it doesn't.

(The counter-argument can be found just by looking at famous paintings / old collectibles that always sells more than what it previously sold for. No idea if it is just inflation though.)
 

Kak

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Lol, you got me. That is me 100%. Poverty mindset
Some people are producers, most people are consumers.

I would argue:
heavy consumer/medium producer= suburban professional or douche :rofl:
heavy consumer/light producer= poverty mindset
heavy producer/medium consumer= legacy mindset, upper class
 
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