The collectibles market is cooling. What remains a good bet?

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.