Christie's launches 'Department X' as collectible sneakers and street-wear boom - CNBC

Christie's is launching a new department to capitalize on the booming market for collectible sneakers, streetwear and sports history.

"When looking at the auction world and the way collectors are evolving and the new collectors coming into the marketplace, we felt this is a strong a robust marketplace," said Caitlin Donovan, Christie's head of Handbags, Streetwear and Sneakers, who will head Department X.

Department X will sell rare collectibles across music, fashion, art and sports history, but sneakers and streetwear will be among its biggest categories.

Street wear, rare sneakers and memorabilia tied to sports icons are likely to grow in value as younger collectors gain wealth.

Some collectors say six-figure sneakers and t-shirts are a product of a speculative bubble, but Donovan said the rise of so-called "hype-wear" is likely to endure despite falling stocks and recession fears.