This is how much a pair of sneakers raked in at Sotheby’s

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The shoes were sold to avid collector Miles Nadal following his purchase of the auction’s other 99 lots last week in a private sale. Nadal plans to display the sneakers, alongside his collection of classic cars, at his private museum in Toronto, Canada and has plans to open the museum to his friends, family, charitable organisations and others upon request.

In bidding, Nadal far surpassed the 1972 Nike Waffle Racing Flat ‘Moon Shoe’ pre-sale high estimate of $160,000.

The Nike ‘Moon Shoe’ is considered to be one of the most significant artifacts in Nike’s long history, stated Sotheby’s. Nike co-founder and renowned Oregon University Track Coach Bill Bowerman designed the shoe for runners at the 1972 Olympic Trials. Only about 12 were created, even fewer exist today – and the present lot is the only known pair to exist in unworn condition.

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As the famous story goes, Bowerman was first inspired to create the innovative waffle sole traction pattern found on the running shoes by tinkering with his wife’s waffle iron and pouring rubber into the mold to create the first prototype of the sole, according to Sotherby’s.

“I am thrilled to acquire the iconic Nike ‘Moon Shoes,’ one of the rarest pairs of sneakers ever produced, and a true historical artifact in sports history and pop culture. When I initially acquired the 99 other pairs in this auction last week, I just knew the Nike’s had to remain part of this remarkable collection, and I couldn’t be happier with the result. I think sneaker culture and collecting is on the verge of a breakout moment, and I hope Sotheby’s and Stadium Goods will continue to lead the way in this exciting new future,” said Nadal in a statement.