The work had been in the institution's collection since 1976.
The Hungarian collector's heirs laid claim to the work.
The work has been in the same private collection for 35 years.
Phillips will source works by in-demand artists before their prices begin to skyrocket on the secondary market.
Sold at Sotheby's, they are the first sneakers to sell for more than $1 million.
The work could become one of the most expensive ones by a living Black artist ever to sell at auction.
Elaine and Alexander Rosenberg's holdings were closely watched by experts in the field.
In 2002, it sold for $1 million at Sotheby's.
Most major fairs have dramatically shrunk their in-person editions this year.