That reflects the demand for an item tied to the New York Knicks winning their first title in 53 years.
The Knicks' victory over the San Antonio Spurs resulted in the highest Finals viewership since 1998. The team's 53-year gap since its last championship made every artifact from this title run a sought-after piece.
Sotheby's modern collectibles chief Brahm Wachter said the demand was "explosive." He added, "Virality translates to demand for us." Auction houses usually target two bidders per item.
The auction, which concluded late Wednesday, was part of a collaboration between Sotheby's and the NBA. It marked the third Finals sale under that partnership. The sports memorabilia market has grown substantially in recent years, with game-worn jerseys from iconic moments commanding high prices. Earlier Sotheby's sales included Victor Wembanyama's jersey from his debut NBA game ($762,000) and another from this year's Finals (around $217,000).
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According to Sotheby's, Brunson's jersey achieved a record for any Knicks collectible. However, by contrast, the all-time record for an NBA Finals jersey is held by Michael Jordan's 1998 game-worn jersey, which sold for $10 million in 2022.
The booming memorabilia sector was evident in this late-Wednesday auction, which included multiple Finals items.
The Knicks' first title in over half a century brought relief to fans who had suffered through close calls and team overhauls. That pent-up excitement drove collectors to compete fiercely for any piece of the title run, pushing prices well above typical levels for modern game-worn jerseys. With the NBA Finals drawing massive audiences, the memorabilia from this series is expected to hold strong value, much like historic items from past dynasties.
The identity of the jersey's buyer remains undisclosed.
The auction's success underscores the booming market for game-worn memorabilia, which has seen record prices for items tied to historic moments. The Knicks' championship, ending a 53-year drought, amplified demand among collectors who view such artifacts as both sentimental and financial investments. Sotheby's has capitalized on this trend through its collaboration with the NBA, hosting exclusive sales of Finals jerseys and other iconic pieces. The Brunson jersey's $1 million price tag places it among the top-tier sales for modern players, though still far below the $10 million record for Michael Jordan's 1998 jersey.
The Knicks' drought stretched back to 1973, when Walt Frazier and Willis Reed led the team to its second championship. Decades of near-misses, including a Finals appearance in 1994 and an Eastern Conference Finals run in 2000, left fans hungry for a return to glory. The 2024 title not only ended that half-century wait but also made the Knicks a national sensation, with record-breaking TV ratings. This deep-rooted fan loyalty and the rarity of the achievement directly fueled the bidding frenzy for Brunson's jersey, as collectors sought to own a tangible piece of a historic moment that may not come again for years.
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