The collectibles market is cooling. What remains a good bet?
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EXPECTATIONS were high at an April auction for a pair of Michael Jordan’s sneakers, which Sotheby’s estimated would sell for US$2 million to US$4 million.
An anonymous collector had agreed in advance to pay an undisclosed amount for the used Air Jordans (an “irrevocable bidder” in auction parlance); the only question was how many people would try to top that existing price.
The answer, it turned out, was zero.
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