NEW YORK — How much would you spend on a pair of running shoes? 

For one collector, the answer is US$437,000 (S$597,500). 

This was the price that a pair of 1972 Nike Waffle Racing Flat "Moon Shoe" fetched in a world auction record on Tuesday (July 23) for a pair of sneakers, Sotheby’s said. 

Canadian collector Miles Nadal was the successful bidder, smashing the previous world record of US$190,373 spent in 2017 for a pair of Converse worn and signed by Michael Jordan in the 1984 Olympic basketball final, Sotheby's said in a statement. 

The New York-headquartered auction house added that the Mr Nadal's price “far surpassed” the pre-sale estimate of US$160,000. 

The handmade Moon Shoe was designed by Nike co-founder and track coach Bill Bowerman for runners at the 1972 Olympic trials. Only 12 were created, and the present pair is said to be the only one to exist in unworn condition. 

Mr Nadal said in a statement that he is “thrilled to acquire the iconic moon shoes, one of the rarest pairs of sneakers ever produced” and that the Moon Shoe is a “true historical artefact in sports history and pop culture”. 

Mr Noah Wunsch, global head of eCommerce at Sotheby’s, said that the sneaker auction brought together art, culture and fashion.

“We are eager to see where this sale takes us, not only in future sneaker offerings, but also in other new luxury lifestyle areas,” he said.

The auction house joined up with streetwear marketplace Stadium Goods to sell 100 of the rarest sneakers ever made.

Mr Nadal, a 61-year-old automobile collector and founder of investment firm Peerage Capital, also spent US$850,000 for 99 other pairs of rare or limited collection sneakers last week, with organisers holding back the Moon Shoe for public sale. 

Mr Nadal plans to display the footwear, which includes Nike sneakers based on those worn by Marty McFly in hit movie Back To The Future II, at his private automobile museum in Toronto. AGENCIES