Rick Harrison Knows NOTHING About Sneakers (Biggest Fumble in Pawn Stars History?)
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- Опубликовано: 28 апр 2024
- Rick Harrison... bruh... you could've had Paris dunks for $250 (well... kinda. If you average it out.) But instead no. You drop 62 grand on them later down the road. Come on bruh.
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the risk at that price ....not worth it
Risking $62k.. and $800k is drastically different... esp into a market thats volatile & one youre not familiar with is a huge gamble.
Also.. how much do you think they have in total to buy inventory?.. $10m?.. so hed spend ~8-9% up front of his total budget for the store ... + Labor to try and sell it.
Spending $62k to dip your feet in the market was the play.
By no means is this a bag fumble... It looks like you like shoes... But majority of people like myself wont spend $80 on new shoes
Completely valid take, and I can totally see this from your perspective. I think I probably didn't look at it from Rick's lens well enough. I think if the right buyer got a hold of this collection, they could flip it for huge profit, but yes it would take time, and yes it is a massive risk. I just thought it was wild to see how much profit could've been made under the right circumstances, but obviously it would be tough.
Reselling such a large shoe collection like that would have been a lot of work for many years. That's a lot of labor/warehouse space/risk. Some of them might have sold at auctions (that's a 15-25% in fees). That's why it's easier to pay more just for a few key pieces that can be resold within days instead of a whole collection. They need quick return, they don't speculate on what could be the value in 5 years .. they would go out of business. They need to be able to double their money on every purchase within a fairly quick timeframe (days/months) ... not years.
I agree with almost all of this except for the key pieces part. Those Paris dunks are unfortunately not selling in a few days, or months. I’d be shocked if he sold them in under 6 months and I would be even more shocked if he got more than 5k in profit from them. That shoe can go for 100k but it’s hard to find the buyer. Certain sales are only at 20k
Great video!!
Thank you so much!! Glad you enjoyed!
So u wanted him to sit on a million dollars worth of shoes for a decade and store them market them and pay someone to ship them and upkeep them .. he’s a business man not a shoe head business man it made no sense to him in 2013 he’d have to hire a full time staff just to market and sell those shoes it’s not a dumb decision when he knew nothing about shoes and the knock off market for shoes is a billion dollar business who’s to say some of those shoes wasn’t “fake”
I did acknowledge how I could see why he wouldn't towards the end of the video. Honestly, probably smart that he didn't... but I do think even in 2013 he could make his money back selling the general releases and holding the grails. But yes, I probably approached this as too much of a sneakerhead and less of a business man. But it was a crazy steal for all those shoes. And nobody was gonna get that offer besides Rick. Nonetheless, he probably made the right call. But it was fun to dive in!
800k to 1.2m in over 10 years is a big gamble. If it was just invested in a terms deposit you'll get minimum 1.1m at 3%pa or even 1.3m at 5%pa over the 10 years.
True, but at the end of the day you could invest what you sold in the first year and hold the grails a while and then invest that later. It’s a lot of work and you’d need someone who knew what they were doing, but there was money to be made under the right circumstances… but you are right about the workload. Probably easier to invest
FYI when I say Rick is being “cheap” in this video… I’m not saying cheap by worldly standards, I just mean cheap by his own standards. He’s still spending a ton 😭
Sneakerheads are a strange lot...
Yes, yes we are. haha