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What a 'sneakerhead’ could do if he had $1 billion?

Written by Aamir Khan

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Posted on November 22 2017

What would a 'sneakerhead’ do if he had $1 billion? Buy every sneaker that was resold in the past twelve months.

You read that right; the global secondary market for sneakers is now estimated to be worth $1 billion. The market reportedly turns a $300 million profit for these shoe hounds scavenging for vintage sneakers.

"I think the most I've spent is $1,500 on one pair, but, I mean, there are pairs that are worth $30,000," Lucas Fracher, who now sells his private collection to celebrities on the prowl for the perfect pair of sneaks, told CBS News.

Marketplaces to buy, sell, and discover exclusive and coveted sneakers, such as Nike Air Jordan's or Yeezy's by Adidas have also grown immensely during the past decade. Most earning revenue by charging a commission fee on sales, and act as a go-between, verifying the sneakers' authenticity before the shoes are sent to a buyer.

Read a more detailed story here.

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