StockX partners with Shinola to launch third IPO auction
StockX is expanding on its offering of ‘things,’ partnering with Shinola to launch the Lake Erie Monster watch, Shinola’s first mechanical watch.
The Lake Erie Monster is Shinola’s first serialized dive and self-winding timepiece and is limited to 500 individually numbered pieces. StockX's IPO auction is for five unnumbered ‘000/500’ Lake Erie Monsters, with a five-of-a-kind Lake Erie Monster Tech Portfolio and a special authenticity card.
“We are very excited to be a part of Shinola’s entry into the world of mechanical watches,” said Reg Brack, GM, Watches at StockX. “The Lake Erie Monster combines a classic dive watch aesthetic with a unique enamel dial and automatic movement resulting in something truly special.”
Founded in 2016, StockX takes a stock market approach to the growing secondary market. The platform allows users to offer products that can be bought, sold and auctioned like company stock. The online marketplace began with sneakers before expanding into watches and handbags and recently streetwear.
The partnership with fellow Detroit-based company Shinola is StockX’s third IPO auction of limited-edition consumer product. The online marketplace held its first IPO auction in August 2016 with Roc-A-Fella to launch limited edition merchandise to celebrate the 20th anniversary of Jay Z’s first album, Reasonable Doubt, and held its second IPO in January 2017 with Nike and the Cleveland Cavaliers to launch LeBron James’ first retro sneakers.
The Detroit-based companies launch the Lake Erie Monster watch on Tuesday, with an auction that will run from November 7, 2017 at 12pm EST to November 12, 2017 at 10pm EST. Bidding starts at $2,250.00 (the watch retail price). Once the bidding period has ended, the watch will be sold to the five highest bidders who can either take possession of the watch or resell the item on StockX.
In addition, funds raised from the bids will be distributed to The Empowerment Plan, a Detroit based nonprofit organization focused on permanently elevating families from the generational cycles of homelessness and poverty through employment, and Detroit Children’s Fund, which raises philanthropic funds to support the replication of successful Detroit schools, the recruitment of proven school networks not currently in Detroit, and the development of Detroit’s teachers and school leaders.
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