Could an Elf Movie Costume Really Sell for £200,000 at Auction?

A costume worn by Will Ferrell in the film Elf is set to become a highly sought-after collector's item, with predictions of bids reaching up to £200,000 at an auction next month. This iconic outfit, which features prominently in the 2003 Christmas comedy, will be sold by Hertfordshire-based auction house Propstore between 5 and 7 December in London, alongside other notable film memorabilia.

Last updated: 01 November 2023 (BST)

What’s happening now

The anticipated auction of the Elf costume is garnering considerable attention as the festive season approaches. With a starting bid estimated between £100,000 and £200,000, this event is expected to attract collectors and fans of the film alike. The outfit, worn by Ferrell's character Buddy the Elf, was specially crafted for the film and carries significant provenance, coming directly from the collection of producer Jon Berg.

Key takeaways

The costume from Elf is expected to fetch between £100,000 and £200,000.
The auction will take place in London from 5 to 7 December 2023.
Other notable items include scripts from Die Hard and Love Actually, with expected bids of £30,000 and £3,000, respectively.

Timeline: how we got here

Understanding the significance of this auction involves looking at key dates leading up to the event:

December 2003: Elf was released, quickly becoming a holiday classic.
November 2023: Propstore announces the auction details for the costume and other items.
5-7 December 2023: The auction will take place in London.

What’s new vs what’s known

New today/this week

Recent announcements have confirmed the auction dates and the estimated value of the Elf costume, along with other high-profile items set to be sold.

What was already established

The costume has been recognised as a significant piece of film history due to its association with a beloved character and a memorable scene, further enhanced by its original production tags and signs of use.

Impact for the UK

Consumers and households

The auction's high-profile nature adds to the festive excitement as collectors and fans look for unique gifts or memorabilia. The potential price of the Elf costume highlights the growing market for authentic film props and costumes.

Businesses and jobs

This auction may attract increased foot traffic and online attention for Propstore and similar auction houses, generating interest in film memorabilia as a viable investment. The presence of internationally recognised items can also boost the local economy during the holiday season.

Policy and regulation

As auctions of this kind continue to rise in popularity, they may prompt discussions around the regulation of memorabilia sales, provenance verification, and the responsibilities of auction houses in representing the items accurately.

Numbers that matter

£200,000: The upper estimate for the Elf costume.
£100,000: The lower estimate for the costume.
£30,000: Expected bid for the Die Hard script.
£3,000: Expected bid for the Love Actually script.
£350,000 - £700,000: Expected range for Boba Fett's blaster from The Empire Strikes Back.

Definitions and jargon buster

Provenance: The history of ownership of a valued object, which can affect its value.
Hero costume: A costume worn by a main character in a film, often featuring prominently in key scenes.
Production tags: Tags attached to costumes or props during film production that provide details about their use and origin.

How to think about the next steps

Near term (0–4 weeks)

Potential bidders should prepare for the auction by researching the items and establishing their budgets, as the event is expected to draw significant interest from collectors.

Medium term (1–6 months)

Post-auction, the acquired items will likely be subject to market fluctuations, and new collectors may emerge as the popularity of film memorabilia continues to grow.

Signals to watch

Upcoming estimates and auction results from Propstore and other auction houses.
Trends in film memorabilia sales, particularly around the holiday season.
Market interest in similar items from iconic films.

Practical guidance

Do

Research the provenance of items before bidding.
Set a firm budget to avoid overspending during the auction.
Consider attending the auction in person to gauge competition.

Don’t

Don’t rush into bidding without understanding the item's significance.
Don’t underestimate the emotional value of film memorabilia for fans.
Don’t ignore the potential for future resale value when investing.

Checklist

Determine your interest in specific items from the auction.
Review the auction house’s terms and conditions.
Prepare any necessary registration for bidding.
Follow the auction previews to understand market dynamics.
Engage with online communities of collectors for insights.

Risks, caveats, and uncertainties

While the auction presents exciting opportunities for collectors, potential buyers should be aware of the risks involved in investing in memorabilia. Prices can fluctuate based on demand and market trends, and the authenticity of items is crucial. Buyers should verify the provenance and condition of items before making bids.

Bottom line

The auction of the Elf costume signifies a growing trend in the valuation of film memorabilia, particularly as the festive season approaches. As collectors prepare for the event, understanding the implications of such high-value sales can inform future investments in this niche market.

FAQs

What is the expected price range for the Elf costume?

The Elf costume is expected to sell for between £100,000 and £200,000 at the upcoming auction.

When will the auction take place?

The auction will occur from 5 to 7 December 2023 in London.

What other items will be featured in the auction?

Other notable items include scripts from Die Hard and Love Actually, along with props like Boba Fett's blaster from The Empire Strikes Back.