Remember the limited-edition, Back to the Future-inspired Nike MAG shoes that we covered yesterday evening? Well, they fall under the “must-have” department, quickly touching $3,500 in the first night of bidding alone, while some models, as you can see in the screenshot above, actually touched the $4,000 mark (at time of publishing). I am starting to wonder whether our economy is in the doldrums or not…

These shoes are currently being sold on, where all the proceeds will be headed for the Michael J. Fox Foundation for Parkinson’s Research. For those who are not in the know, Michael J. Fox was the actor who played the role of Marty McFly in the original Back to the Future trilogy. To sweeten the whole deal, co-founder of Google Sergey Brin and wife Anne Wojcicki, co-founder of personal genetics company 23andMe, will be matching up to $50 million in funds that are raised by the Foundation anytime between now and December 31, 2012. With more than a year to go, it does seem like a reasonable target.

It is quite hard to imagine how these Nike MAGs were price at $0.99 at the beginning, and this is the perfect case study for the law of supply and demand affecting pricing. Too bad the auction is open to US residents only – anyone else who wants one might have to fork out more by scalpers on the market after the auction is over.

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