There is also the camp of enthusiasts who view these shoes as investments. Just like the precious works that go under the hammer at Christie's or Sotheby's, coveted sneakers can command hefty prices. At the recent Shanghai Sneaker Con, which took place in mid-May, a pair of Air Jordan 4 Undefeated sneakers with an asking price of 180,000 yuan ($26,017) traded hands.

Released in 2005, this pair of sneakers was the result of an exclusive collaboration between the Jordan brand and US sneaker boutique Undefeated. There are only 72 pairs in the world.

"Sneaker Con is where you get to see the 'holy grail of sneakers'. Most of the time people only get to see such coveted sneakers online. This convention is where you get to see them in person," says Michael Ma, the CEO of Endeavor China, the organizer of the Sneaker Con event in Shanghai.

"Everyone brought their stock to the event. We even had one collector from Australia who brought 150 rare shoes, most of which cannot be found anywhere else in the world."

Founded in 2009 in New York by a bunch of sneakerheads, Sneaker Con is widely considered to be the premier sneaker event in the world and has been held more than 100 times in over 30 cities. Apart from shoes, the event frequently features high-profile athletes, celebrities and famous designers.