Earliest Steiff teddy bears
In 1897, Margarete's nephew, Richard Steiff, joined the company and gave it an enormous boost by creating stuffed animals from drawings made at the zoo.[6] Richard attended the School of Applied Arts in Stuttgart and studied in England. He designed the world's first plush bear with movable arms and legs, known as "55 PB".[6][3][7]
In 1903, a 3,000-piece order was placed by a buyer in America after the "teddy bear" craze began due to a popular cartoon of President Theodore "Teddy" Roosevelt and a young cub in The Washington Post in 1902.[5][8]
By 1907, Steiff manufactured 974,000 bears, and the company has been increasing its output ever since.[9]
Titanic teddy bears
In 1912, in the aftermath of the Titanic disaster that left Britain in mourning, a British toy retailer ordered black Steiff teddy bears to bring comfort to the public. They did not sell very well and production was soon halted, with just 494 made in five different sizes. Today, they are highly coveted by collectors due to their historical relevance and scarcity.[10]
Company growth to present day
In 1909, when Margarete died of pneumonia, Richard continued his aunt's legacy and further expanded the toy and plush line.[3] He also became the largest stockholder of the company.[11]
In 1925, the Steiff company started using assembly line production to keep up with the high demand.[3] In 1931, Steiff partnered with Disney to manufacture the well-known Disney characters.[3]
By the 1960s, Steiff was known as the largest stuffed toy maker in the world.[2] By 1968, according to Time, the company had 2,100 employees and generated $14 million annually.[12]
Luxury teddy bears
In 2008, Steiff launched a limited-edition Karl Lagerfeld teddy bear with a price of €1,000.[14] In 2018, Steiff and Tiffany & Co. collaborated to offer a luxury teddy bear. The 10.5-inch, caramel-colored mohair teddy bear retailed for $375.[15]
Notable auctions
Vintage Steiff teddy bears are prized by collectors, and depending on the type can bring significant sums at auction. In a 1994 auction, the Steiff "Teddy Girl" made in 1904 sold for a record $165,000.[16]
In 2000, a Steiff Louis Vuitton Teddy Bear, with eyes made of sapphire and diamonds, and with gold parts, sold at an auction in Monaco for $2.1 million.[17]
In May 2001, at a London Christie's auction of vintage teddy bears, a pair of Steiff teddy bears made in 1908 went for sale with an estimated value of about $20,000.[18]
In December 2002, "Edwin", a 5 1/2-inch Steiff teddy bear that accompanied a British soldier, Percy Kynnersley-Baddlely, killed in the Battle of the Somme in 1916, was sold for £4,230.[8][19]
