Christian Louboutin is a well-known French fashion designer whose claim to fame is making luxurious high heeled footwear for women and men alike. His popular stiletto heels are all the rage among discerning women who can afford the high price point. Should you have the desire to purchase a pair of his shoes, be prepared to shell out a minimum of about $1,000. It can be argued that high-end fashion is a little bit ridiculous and flashy, but I do understand the desire to own luxury brands should the buyer be able to afford them. That said, if you think paying $1,000 or more for a pair of Christian Louboutin heels is insane, you should know that someone recently paid a record price of $32.5 million to own a pair of arguably the most famous shoes in existence. On Dec. 7, Heritage Auctions held their Hollywood & Entertainment Signature Auction, and the key lot was a pair of screen matched ruby slippers worn by Judy Garland in 1939s MGM classic film, The Wizard of Oz. This is just one of four surviving pairs of the infamous slippers, and this auction result marks the most ever paid for a piece of movie memorabilia. Up until this point, no piece of movie memorabilia ever came close. Upon news of the sale, I received several messages asking me if there was some mistake. One individual who emailed me asked, How relevant is The Wizard of Oz in the year 2024? Other movie franchises appear to be more popular today. Star Wars is a prime example. Other individuals wondered if the sale was some form of money laundering because they could not fathom the high price. On a side note, every time an antique, a collectible, or a piece of art sells for an ultra-high price, I get emails asking me if it was some form of money laundering. While money laundering occurs, it is not the reason for the high prices we are seeing across all aspects of the art, antiques, and collectibles trade. I cannot dispute the cautionary doubtfulness of some of these emails, however. Incidentally, even the coveted Star Wars movie franchise has only produced auction results in the modest millions for screen used props and iconic items. Case in point, back in 2023, a screen used model of an X-Wing Fighter that was used and seen in the original 1977 Star Wars was auctioned off and sold for about $3.1 million, and that price pales in comparison to the $32.5 million being paid for this pair of ruby slippers. And while it is true The Wizard of Oz can easily be considered a form of pop culture from yesteryear, it is based on the 1900 novel written by L. Frank Baum. Almost every kid in America has been introduced to The Wizard of Oz at some point, whether it be from seeing the original movie, a modern era remake, or reading the book. It should also be noted The Wizard of Oz is considered one of the most iconic movies to ever come out of the Golden Age of Hollywood. This was a period that some historians date from around 1927 (when movies first started to use sound) up through the early 1960s in which some of the most popular and creative movies of all time were created. Both Gone with the Wind (released in 1939 as well) and Casablanca (released in 1942) are prime examples of this period. Today, movie memorabilia is a well-known and popular collecting category. If you remember the Warner Bros. Studio Stores that graced higher end shopping malls during the 1990s, these stores sold actual pieces of movie memorabilia that were used in popular (albeit newer) Warner Bros. movies. In 1939, when movies such as The Wizard of Oz first premiered, nearly no one was saving props and items from these productions because very few people thought they would be coveted. It was only as time went on that nostalgia reared its ugly head and collectors and enthusiasts alike wanted to own a piece of a movie they remember first seeing on the silver screen. Now movie studios are careful as to how screen used props are handled and where they end up after production ends. There are numerous examples of some screen used items disappearing from sets from popular movies as demand for these kinds of items continues to accelerate on the secondary market. The movie memorabilia business is now such an established collecting category that certain companies have even been granted licenses to produce limited edition prop replicas from popular movie franchises like Star Wars, Star Trek, and even some comic book movies as well. This has grown into its own niche collecting category with companies like Sideshow Collectibles making higher end limited-edition collectibles marketed towards these kinds of collectors. It should be noted that none of these mass-produced limited-edition collectibles will ever be as valuable as any true screen used prop, but it does show that movie memorabilia as a collecting category is definitely established in its own right and here to stay. In conclusion, even if one wants to debate the current relevance of The Wizard of Oz franchise, one cannot argue that the buyer of these $32.5 million ruby slippers obviously sees the potential for these collectibles to be more sought after (and valuable) as time goes on. Or maybe the buyer has so much money that they dont even care? That said, two things are guaranteed as a result of this sale. Number one, movie memorabilia is definitely a force to be reckoned with, and number two, Dorothy was right when she said, There is no place like home. Especially if that home contains these $32.5 million ruby slippers. Until next time. Shawn Surmick has been an avid collector since the age of 12. He currently resides in his hometown of Boyertown, Pa., and is a passionate collector of antiques and collectibles. His articles focus on various topics affecting the marketplace.