Eye-Popping Results: Steiff Petsy Teddy Bear Takes the Blue Ribbon at Ladenburger Spielzeugauktion’s June 2024 Steiff Special Auction

On June 29, 2024, Ladenburger Spielzeugauktion GmbH of Ladenburg, Germany presented its annual Steiff Special Auction. This 226-lot sale took place in Giengen, Germany– the birthplace of the Margarete Steiff GmbH company. The event was held in a centuries-old building located just a stone’s throw from where Richard Steiff invented the jointed Teddy bear that we still know and love today in 1903.

This auction, traditionally held in conjunction with the Steiff company’s annual family summer celebration, tempts collectors from all over the world with the finest antique Steiff treasures curated especially for this signature event. It also consistently delivers breathtaking results; at last year’s sale, Ladenburger Spielzeugauktion sold an all-but-perfect Steiff black mohair Titanic Mourning Bear for nearly USD 250,000, setting a new world record for the most expensive antique bear sold at auction.

This year, the top lot in the sale was #34, a remarkable Steiff Petsy Teddy bear in almost new condition. This precious and important cub was made in the 1928 – 1930 time frame and measured 36 cm tall sitting. He was fully jointed, made from brown-tipped mohair, and had felt paw pads. His face came to life with a center seam, a hand-stitched nose and mouth, large rounded ears lined in wires, and unusual black and blue glass googly-style eyes. The opening bid for this bear was EUR 4,500 or USD 4,900; after many minutes of spirited bidding, he hammered at EUR 82,000 or USD 89,000. We spoke with Pia Fast Seidel of Ladenburger Spielzeugauktion GmbH to learn more about this sale and this most desirable Steiff Petsy Teddy bear.

Auction Daily: Tell us why you think this Steiff Petsy Teddy bear, which was lot #34 in your June 2024 Steiff Special Auction, was so interesting and special.

Pia Fast Seidel: Steiff’s original, pre-war Petsy bears have always been a very popular and sought-after design. One thing that makes these bears extraordinary is their brilliantly tipped mohair. Today, you often find an antique Petsy bear with faded mohair, which can occur naturally over time. The one we just sold in June 2024 was in exceptionally good condition with excellent color and rare, distinctive eyeballs. These things made him very noteworthy from the collector’s perspective, and clearly he caught the attention of many people worldwide. I think that, in part, is why the bear did so well at auction.

Auction Daily: Did this Steiff Petsy Teddy bear generate much interest before the auction?

Pia Fast Seidel: Oh yes! We had dozens of international inquiries about the bear as soon as the auction catalog was published. I had numerous phone conversations directly with possible bidders, to answer their questions about the bear and to provide additional information to them. We also made videos about this bear and posted those to our social media channels. These got many views and comments and also contributed to the pre-auction buzz surrounding this Petsy.

Auction Daily: Petsy realized about EUR 101,000 or USD 110,000, with fees. Were you surprised?

Pia Fast Seidel: I suspected that the bear might trade hands at EUR 50,000, based on the marketplace and other recent sales of somewhat similar bears. However, I didn’t imagine that he would double that. I was thrilled at the result, and so was the consignor!

Auction Daily: And finally, what was it like in the auction room as this lot was being sold?

Pia Fast Seidel: My husband Eduard Fast was at the podium and sold the bear. There were six telephone bidders and several live audience members who were actively bidding as well. Eduard opened the bidding with the starting price, and the bids quickly escalated to EUR 30,000– this bid was from a collector in the room. There was a short pause, and we thought the live bidder may have won. But shortly after that, the phone bids started pouring in. The live bidder went to EUR 40,000. But in the end, a phone bidder did offer the highest price and won the bear.  

Auction Daily: Thank you for your time and expertise here, and congrats on an outstanding sale!

For more information on Ladenburger Spielzeugauktion’s June 29, 2024 Steiff Special Auction and this Steiff Petsy Teddy bear, please visit Ladenburger Spielzeugauktion.

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