Kitsch and capitalism: The rise and fall of Hummel figurines
Your grandmother just passed away, and you're combing through her attic deciding what to keep, what to toss, and what to sell. And suddenly you spot it: a box of Hummels, the collectible figurines that debuted in 1935 based on the illustrations of one Maria Innocentia Hummel, a German nun. According to renowned antiques expert Terry Kovel of Kovels.com, the figurines initially gained popularity in the United States because soldiers during World War II bought them in Europe for their wives, girlfriends, and parents, who "thought they were cute".
A hot secondary market soon developed and for a while, the values of Hummels rose, although Kovel notes that inflation was a major driver of that price run-up. Wanting to take advantage of the boost in values, Goebel, the German parent company of the Hummel brand, sought to cash in. According to Kovel, "Back in the 70s and 80s they started all this limited editions stuff: they had plates and bells, and you name it. They thought they could fool the public."
And it worked -- for a while. Kovel said many dealers marketed the Hummel memorabilia for its investment merits -- pointing to the strong track record of price appreciation. But as financial writer Felix Salmon once noted about the secondary market for Thomas Kinkade prints, "As a general rule, no retailer has ever consistently been able to make money by selling the proposition that his goods are going to increase in value after they're bought."
According to Kovel, the problem is that with much-hyped limited edition pieces, everyone who wants them buys them from the manufacturer when they're issued -- and then a secondary market never develops after that, and resale values fall. See also, for instance, Andrew Tobias' recent takedown of Franklin Mint collectibles.
The Downfall of the Hummels
Now, Hummels have succumbed to the reality of the "made for collectors" marketplace. In October 2008, Goebel ceased production of Hummels. In 2009, Manufaktur Rodental GmbH acquired the rights to the brand and resumed production, but on a much smaller scale. But even though production has been limited it has done little to boost demand for the tiny statues.
Prices, Kovel says, have "gone to hell." "If we have a Hummel whose book value is $325, they are now bringing about $50, sometimes less," wrote estate liquidator Julie Hall, the author of The Boomer Burden: Dealing with Your Parents' Lifetime Accumulation of Stuff, in an email. On eBay, ultra-rare Hummels still occasionally fetch big bucks -- 'Adventure Bound' was recently sold for $1,135 on eBay by BakertowneCollectables. But that's the exception. Many other Hummels don't sell at all -- or sell for less than $50, a once unheard of price for Hummels.
And what about those non-figurine Hummel-branded products, like plates and bells, that Goebel launched back when prices were going up, up, up? Forget about it: A lot of nine Hummel collectible plates from the 1970s through the early 1990s recently sold for less than $15 per plate. Contemporary Hummel figurines can now be found at discounters like Marshalls and Overstock.com although, collectors complain, the quality has gone downhill over the years as the company sought to cut costs.
As bad as the past ten years have been, the outlook for future prices doesn't seem to be much better. "A lot of young people kind of hate the things and think they're saccharine," said Kovel.
Hummels have "come and gone," said Hall. "People appear to want something clean, simple, fresh and very different these days," she said. "The trend is already in motion – we are seeing what was once the rage, Traditional possessions, not selling for much at all. The trend is clearly going in the direction of contemporary, or vintage modern."
Like so many things, demographics will be the driver of the Hummel market of the future: everyday, Hummel enthusiasts pass away and their treasures get dumped onto an already saturated market. Without any new collectors to replace them, Hummels are likely to continue their descent into poverty.
Money Clips
- HILARIOUS: Warren Buffet Plays Axl Rose in New Commercial - Huffington Post
- ON THE PLUS SIDE: Where Home Prices Are Rising - CNNMoney
- FRICTION: Could China Trade War Put Walmart Out of Business? - 24/7 Wall St.
- PROFILE: Opinionated Auto Industry Insider Dies - FORTUNE
- DON'T LAUGH: More Homeowners Turning to Fake Grass - SmartMoney
- HIT HARDEST: States Hurt Most From Rising Gas Prices - CNBC
- GET YOUR MONEY'S WORTH: Best Cars to Buy Used - CBS MoneyWatch


Reader Comments (Page 1 of 10)
1-27-2010 @ 6:14AM
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1-27-2010 @ 8:47AM
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1-27-2010 @ 12:37PM
Edward said...
You are unique as the first person who dated a Hummel..congratulations. I believe, in the long run, quality will always come back in favor and the original Hummels Like the 1935 to 1950 variety will go back up. Perhaps not in a Reganomics 4th world country like the USA where the market of intelligent people has went down from quality thinking to only price thinking but to other countrys that have had a lifetime of junk and would like to purchase quality and even have enough intelligence to provide there own people health care rather than re-elect the same rich liars like Nixon who sold us out to China and help make the weathly even richer. Ask yourself Why Do Rich People Only Buy Quality And Sell Working People Junk? Who owns the Original Art & Quality Antiques? (The Homeless?).
We saved Kuwait so the rich can have cheap gas for there corporate farms and yachts. How many Kuwaities are in combat today with us saving Americans in Iraq & Afganistan (Yes, Zero) We even watched Sadam get murdered without hearing one word of dirt he said about Bush-Rummy-Cheney who were in bed with him for over 20 years and sold him the gas weapons that killed his own people (Chemical Ali said what?)
I hope everyone who voted for Nixon, Regan, Ford, Bush is now unemployed & broke-Do eat your import. It appears that the only way they will ever seem to learn, why working people in the thirtys, died in strikes to get Unions, Health Care, Social Security, User Laws etc. that they have taken most away and expect Obama in one year to cure, while attempting to work with (only say no, but lie and say want to work with, working people) similar heros of the billionaire.
The best is when they get the people to talk about Hummels instead of Robin Hood a real hero.
Until we truly make it a 20 year sentence in jail, watching Bush mission accomplished speaches, for bribing politicians (called lobbying) and make real fair trade (import country must purchase same amount from us hence forcing quality and jobs) there will be no recovery and we will continue in decline.
If you want to see real quality visit, nucow.com, if not visit walmart.com.......Ed
I
1-27-2010 @ 2:04PM
Lynda said...
First of... your comment has nothing to do with the issue and if you need a commercial for your product go pay for it... the economy needs it.
Second I am a GCA (Graduate Certifed Appraiser) for personal Property and it is absolutely true that Hummel Figurines have had a very big downfall in the last year. Figuriens that sold before for $200-$300 are now selling for about $30-$40, but that's with all Antiques and Vintage items. It just means that there is no maket for these items at the moment and you can not know what will be in the future. I do know that everything takes cycles and it may very well be that sometime in the future Hummel will be back on top since quality will always finds a market soon or later, as of right now, if I would be in the market to sell my Collection I would hold off on it. If you don't have that luxury then you are taking a big lost and Collectors now are fortuned to buy at rock bottom prices.
Also it isn't just Hummel: see also other fine collectables like Depression Glass or Flow Blue ... it's been way below Book Values for a couple of years, in many regions you have to cut the "book" prices in half to even sell this item. America is re-ajusting to the rest of the world.
1-27-2010 @ 6:12AM
rugbymom said...
I am totally fed up with these spam comments that AOL allows when it reportedly said it was upping its efforts to elimate them. What gives??
Reply
1-27-2010 @ 6:15AM
It's True said...
What does your comment have to do with Hummel figurines? Why waste our time complaining?
1-27-2010 @ 6:25AM
Dave said...
I agree completely Who would actually believe those adds? Waste of time & space These people should get real jobs.
1-27-2010 @ 8:30AM
Irene said...
ita agree with you and I have head a lot lead to a site with a virus on it. I always report them.
1-27-2010 @ 8:34AM
Ken said...
Hang in there Rugbymom, the next two don't seem to have a F ------- clue as to what you said. I agree with you.
1-27-2010 @ 8:53AM
OnPoint said...
You're indirectly "on point" with the topic. Agreed, we should not have to skim through countless self-marketing diatribes before reading other's pertinent blogs. I click "report" on the upper-right to these miscreants' postings.
1-27-2010 @ 9:25AM
Erhardt said...
I agree. I have actually stopped reading these comments because of all the stupid spam i.e. "I am a lonely army officer", or "I lost weight by eating whatever" or "see X-rated bafoonery at my website".
Cmon AOL, get it together.
And while you are working on spam controls, please stop reporting on these moronic celebrities. We dont care what they eat, do, or wear
1-27-2010 @ 10:11AM
jules said...
I second that!
If I needed a date, I certainly wouldn't scout out the comments section of a hummel article!!
1-27-2010 @ 10:21AM
OnPoint said...
To "It's True": Since signing-up to blog in Oct 09, you've had only
negative comments. Don't be a hater, get a life.
To "Justbnfrank": Get off your political soap box, this is not the
time nor place. Plus, Chris Brown did not win in
"Massechsetts." Rihanna's posse saw to that.
To jules: How 'bout the comment section of a "Hummer" article?
As for Hummels, this is a lesson in investing in "limited-edition"
anything. They had their time but are now seen as antiquated and dated by a society obsessed with the newest, latest, and cutting-edge gadgets, for better or worse. Beanie Babys and Bicentennial quarters? You're next.
1-27-2010 @ 11:22AM
CHaLuPaSrTaSTY said...
It's True, what does your comment have to do with Hummels? You're probably one of the spammers.
1-27-2010 @ 11:57AM
Ana said...
100% agree, the spam is terrible! Come on AOL, do better!
1-27-2010 @ 12:52PM
Susan said...
OnPoint, if you're going to be the Internet Police and critique people's posts, it may interest you to know the the Chris Brown who ran for the the senate in Massachusetts is not the same Chris Brown the entertainer, who dated Rhianna. It's one thing to state an opinion, but when you come on here, read people's blog history, and pretty much act like a condescending jerk, then you should try to get your own facts straight. I mean really, Chris Brown, the singer, running for Senate?? Really?
1-27-2010 @ 12:34PM
Uncledickierc said...
rugbymom...I agree. Aol is asleep on this...just like they are asleep on restoring the comments/feedback on all of thier major news articles through sphere. It keeps promising a new commenting experience...which so far has turned out to be "no commenting".
1-27-2010 @ 4:09PM
Mario said...
Very true. It seems like Ed is frustrated about a lot of stuff that has nothing to do with Hummel. He rants on and on, and his grammar and spelling leave a lot to be desired. Perhaps he needs to take English Composition 101 again.
1-27-2010 @ 6:24AM
Elizabeth said...
My grandmother loved and owned Hummels, so they are special to me. I think they are cute. I think my mother still has my grandma's Hummels along with some other things that we need to go through still. I am glad for this article. It saved me from having to learn what to expect if we decide to try to sell some of them. I know I want to keep some!
Reply