Sneaker Boutique finds Auction Niche

When one hears of an auction, they would typically think of an old white man standing on a podium talking extremely fast and yelling out numbers as rich older businessmen bid on cars, houses, and boats or other luxurious items. However, Rich Franklin, the owner of Mount Kisco, NY sneaker boutique has found a niche auctioning sneakers. According to statista.com, sneaker company Nike’s revenue sales totaled 8.84 billion dollars in 2014. Forbes.com reported that in 2013 the Jordan company revenue was 2.25 billion. Statistics that show the sneaker culture and alive and thriving more than ever. As a result, sneaker boutiques, consignment shops, and conventions have popped up scattered all across the nation. All of which live off the idea of reselling shoes most cannot get due to the exclusiveness of the shoe. This has created what one could perceive as an over-saturated market. Since everyone began to jump on the ban wagon. An industry that can be hard to separate yourself from the rest.
Franklin re-opened and re-named the store Rich & Faded on April, 20th of 2014. He soon conceived the idea of a sneaker auction. Attenders would buy, sell, or trade their sneakers. Every shoe entered in the auction would pay a fee of five dollars and assign each pair of sneakers a number from one to ten based on the condition of the sneaker. Most importantly the shoes would be given an initial bidding price or a starting bid price. Here is where things get interesting in these Mount Kisco based sneaker auctions. Many of the attending demographic is one of two type of sneaker collectors. The first being, young kids about eleven to sixteen in age from local and neighboring schools and towns. Most of which have just recently started collecting and are less acquainted with the culture that some say began in 1985 with the release of the first Jordan sneaker. Some of which unknowingly enter shoes that are worn, beaten and battered to say the least. In some cases younger attenders ignorantly price shoes way lower than their true value. On the other hand, are older more mature attenders who are avid collectors and have an abundance of knowledge about the culture. With this concoction of attenders put together, many shoes are prices appropriately and some even at ridiculously low prices. While some of the older attenders enter shoes not much younger than some of the younger attenders. Shoes some would never see that adds an excitement to the auction.
Franklin says his auction has created a wonderful niche for him. Even streaming the auction live for those who cannot be in the auction physically in presence. The boutique owner calls the auction, “the only place where you can find Jordan’s for under 100$.” Franklin spoke about after the first auction he hosted many of the attenders asked when the next auction would be. He felt it was a no brainer to make the auction monthly. Fervent collector Chet claims,
“ You can't beat it, great people, great vibes, I love it!"
Chet has been collecting since the late 1980's, since the culture began. He claims he has a storage unit containing shoes up to 15 years old! Collector such as Chet bring a wonderful dynamic and knowledge to the auction.
The Dynamic of cheap shoes, a vast knowdlege of the culture and the sourrounding youths contagious energy, this auction sets itself apart from the rest. The only place where you can score a pair of Air Jordans for less than 100$. Although they may have been worn once or twice, this is a part of the culture. A culture this is still growing and evolving as week after week new release drops. The people at Rich & Faded are doing more than theyre fair share to keep your sneaker game on point. Just attend their monthly auctions.