By now you know the story.
In the spring of 2005, Nike SB announced that they would be releasing the first-ever City Pack, a series of extremely limited SB Dunk Lows exclusive to only four cities in the world – Japan, London, Paris, and New York. Nike selected Jeff Staple, creator of Staple Design and REED Space, to put his spin on the SB Dunk Low, and with inspiration stemming from NYās most famed feathered resident, Staple created the Nike SB Dunk Low NY Pigeon.Ā Ā
Only 150 pairs of Pigeon Dunks were made, and out of that supply, 30 were numbered and set to release at Stapleās REED Space in NYCās Lower Eastside. When news of the release hit the streets, mobs of people rioted outside of Stapleās small storefront, all desperate to secure a pair of Pigeon Dunks. After the NYPD arrived and dispersed the crowds, the story went viral, and everybody in the world understood the extent of SB Dunk demand.
Over 15 years later, SB Dunks are still the pinnacle of sneaker culture, perhaps now more than ever. There was a brief time in the 2010s where SB Dunks played second fiddle to Jordans and Yeezys. But the greatest trends all have a way of coming back, and today Nike SB Dunks are fully back in vogue.Ā
On StockX, sales and prices for Nike SB Dunks are at their highest point in our platformās history. It seems like every day thereās a new SB Dunk release that dominates the market, or an older model setting record resale highs. There isnāt one specific source to credit for the Dunk resurgence. Rather, it is the culmination of multiple independent factors. To make sense of the recent surge, we go deep into the numbers and history of the Nike SB Dunk renaissance.
Here is why 2020 belongs to the Nike SB Dunk.
Sneaker Culture Is Mainstream Culture
Image by @rayscorruptedmind
Sneaker culture has come a long way since the Staple Pigeons sent NYC into utter chaos in 2006. Back then, sneaker culture was a niche phenomenon; today, it is utterly mainstream. A lot of the credit (or blame) for this cultural transformation can be attributed to inevitable innovations in technology and information sharing. Content that would have been buzzing on NikeTalk 15 years ago is now all over Instagram Explorer pages and TV. New generations are being introduced to the sneaker world – and SB Dunks especially – every single day, and the community is growing at a rapid rate.
Consequently, the number of people interested in Nike SB Dunks today is greater than ever before. And yet ironically – and for buyers, tragically – the supply of older Dunks has never been smaller, and it’s dwindling more each day. Nike isnāt making any more 2005 Tiffany Dunks, or 2003 Heineken Dunks, or 2005 Paris Dunks. So as more deadstock pairs sell, the more limited and valued they become. The obsession for older SB Dunks has set off a chain reaction, leading to the demand of all SB Dunks under the sun.
The combination of increased demand with decreasing supply has led to a surge in SB Dunk prices on StockX.
The line chart above shows the monthly average price of all Nike SB Dunks on our platform. On the whole, we found that from the start of 2018 to the holiday of 2019, Nike SB Dunks only showed a slight increase in average resale value. Then 2020 hit and prices took aim at the stars.Ā
Besides a price decline at the start of May, SB Dunk resale prices have recently spiked across the board. The surge has been caused by both the rapid price appreciation of older SB Dunks, and the release of new Dunks (like the Strangelove and Ben and Jerry’s collab) at stratospheric resale price points. Ā In January of this year, the average Nike SB Dunk would have sold for just over Ā£150. Now, SB Dunks resell for an average monthly price of over Ā£450 – roughly a 200% increase in six short months. In all of StockX history, no one product category has ever experienced such a meteoric price increase.
SB Dunks Are Works Of Art
Just this spring, the Nike SB Dunk Low Paris became the highest selling sneaker in StockX history after selling at an astronomical $51,950. Very few shoes have ever reached heights like this, especially outside of an auction platform like Sothebyās who recently sold the most expensive shoes in history – a game-worn and autographed pair of Jordan 1 Chicago – for over half a million dollars. We are witnessing SB Dunks crossover into a unique space between consumer goods and fine art.
Considering that it is extremely limited and has a story behind it, the Paris Dunk Low is best understood as an art object. The shoe was limited to 202 pairs, exclusively sold in Paris, and created so that each pair was unique, featuring a section of painted canvas from French painter Bernard Buffet. A background story like this adds value that canāt be replicated.Ā
If we were to look at the SB Dunk Low Freddy Kruger, another SB Dunk that resells for around $10,000, we would learn how all existing pairs were rescued from being burned after New Line Cinema sent a cease and desist to Nike for using Freddyās name without a license. Again, an amazing story. Dunks carry a feeling of authenticity that many of todayās releases lack and buyers have shown how much they are valued, as evidenced by their incredible resale prices.
Influencers Are Actually Influential
Image by @kyliejenner
As much as we cringe at the term āinfluencerā, we canāt deny the influence of Kylie Jenner and her fit pics. Any Jenner post featuring sought-after sneakers pushes the resale needle. The proof is in the data. In May, Jenner took to Instagram wearing a pair of rare Nike SB Dunk High Ferris Bueller. Within 48 hours after posting, there were more sales of this ultra-rare pair of Dunks than the previous two months combined. Not only did the surge affect sales volume, but also resale prices. Ferris Bueller Dunk High prices spiked due to diminishing deadstock supply and soon prices skyrocketed from Ā£550 on average to nearly Ā£850 — a 50% increase. This was one day Ferris didnāt take off.
What we are seeing here is not an outlier, but one event that is part of a larger trend. Kylie Jenner has posted photos wearing rare SB Dunks on several occasions this year and each time she does, prices and sales for those sneakers surged on StockX. This year Jenner has posted photos wearing the Dunk SB High MF Doom, SB Dunk Low What The Dunk, and Dunk SB Low Stussy Cherry.Ā In the weeks following each of these posts, prices for the Dunks rose by 30-50%, and sales volume rose anywhere from 2x to 4x. Jennerās influence hasnāt just stood out at a product level, but in the category overall.
The chart above shows the top 5 SB Dunk price increases in percentage terms. For all SB Dunks, these were the biggest % increases over the past 12 months. Standing out as one of the highest increases was the Nike SB Dunk Low Stussy Cherry, as worn by Kylie Jenner. The Jenner Effect drove this pair of Dunks to a startling 279% appreciation in resale premium year-over-year.
2020 Is A Great Year For SB Dunks
Image by @oski
Now, older sneakerheads who are blinded by the nostalgia of the good old days may not want to hear this, but 2020 is arguably one of the best release years in Nike SB Dunk history.Ā There have been blockbuster collaborations, skate shop exclusives, clean GR colourways, and most importantly – Nike SB is having fun with it! Every SB Dunk released this year has the feeling of inspiration and the sense that Nike is committed to delivering the best product they can. And resale prices on StockX show that sneakerheads are feeling them.Ā
We are in July and there are already four 2020 SB Dunk releases that are reselling over $1,000. These four Dunks all land in the top 10 most expensive sneakers of 2020 on StockX. SB Dunks have never seen immediate appreciation like this with respect to the volume in which they are reselling. The Nike SB Dunk Low Ben & Jerryās are a testament to this monumental year of releases. Among sneakers with at least 1000 StockX sales in the first three days after release, the Chunky Dunky has the highest initial resale value of all time. Yes, you read that correctly. Sorry Off-White Jordan 1, step aside. There is a new king of resale.
Image by Sneaker Bar Detroit
Whatās crazy is that we still have half of the year left and what seems to be an infinite amount of heater SB releases on the way. The Nike SB Dunk Low Grateful Dead Bears pack is within arms reach of hitting skate shops and SNKRS (we are sure you will put those stash pockets to good use). A new J-Pack SB Dunk has been teased by Size? in a Chicago colourway just in time to feed the frenzy of Jordan thirsting after The Last Dance. The Strawberry Cough SB Dunk High is set to finally arrive this fall, marking Todd Bratrudās second SB Dunk High colourway this year alone. If we are forgetting any others, itās probably because we are overwhelmed by reading the news every day of a new GREAT SB Dunk on the way.
Nike SB has brought the edge back into the sneaker game. We are excited to see how upcoming releases affect the trajectory of the SB bubble and how long the hype will last. But for now, one thing is certain: 2020 will forever be known as the Year of the SB Dunk.
