The world's most expensive sneakers made by Bicion and Mache

A pair of Dunlop Volleys could set you back about $30 at Kmart - or, you could always lash out $US4 million ($5.3 million) to own a pair of Bicion brand sneakers designed by sneaker artist Dan Gamache of Mache Custom Kicks.

Adopting the philosophy that anything can be the world's most expensive if you throw enough diamonds and gold at it, Gamache has excelled himself with this very limited edition pair of kicks (there's only one).

Rock solid sneaks

Dubbed the Li-Ning Way of Wade "The Fire Monkey" (we have no idea what it means either, but it has something to do with NBA basketballer Dwayne Wade) the shoes are covered in hundreds of carats of white diamond pieces and blue sapphires set in 18 carat gold. You also get a solid gold hang tag depicting the logos of Bicion and Mache.

World's most expensive sneakers

Covered in gold, diamonds and sapphires, and valued at US$4 million, the world's most expensive sneakers are unveiled in New York.

Thankfully this extreme excess is for a good cause. The sneakers were launched in New York City with the announcement that the money will go to Soles4Soles, a charity that collects and distributes shoes and clothing for those in need.

According to rumours, an interested sneaker buff from China is flying in to buy them. We're tipping they're unlikely be seeing any jogging action.

Collectable kicks

Chris Kyvetos, the founder of Australian retailer Sneakerboy, says expensive sneakers are not unusual, especially in the world of collecting. He once collaborated with luxury French fashion house Balmain to create a men and women's hi-top that featured a waxed hide with python accents. It sold off the shelf for $2800.

The most expensive sneakers he stocks are a mid-top leather with rabbit fur ankle by Buscemi. Handcrafted in Civitanova Italy, they sell for $2280.

It's when rare sneakers are resold to avid collectors that prices start to get really crazy. Kyvetos nominates the Nike Air Mag as a case in point. The shoe was made famous in the movie Back To The Future 2, in which it supposedly had self-fastening laces. Nike released a limited edition run of the shoe (albeit without the self-fastening laces) in 2011 for around $US800, examples of which now fetch in excess of $US10,000 ($13,300).

Kyvetos says another example is Kanye West's original sneaker for Nike, the Air Yeezy. "That shoe sold for $US300, and now they are fetching up to $8000 for a pair," he says.

Watch the world's most expensive sneakers unveiled in the video above