Why is the Hallmark Keepsake Carousel Giraffe Ornament so expensive?

I have had many questions recently about the value of the Hallmark 2005 Carousel "Giraffe" Ornament & why is this so hard to find? I thought I would give you my opinion on this ornament.

As many of you already know the Hallmark Carousel series started by Hallmark in 2004. That first year Hallmark offered the Carousel display base which features lights & music for $45.00. The carousel base also had two horses included. The 1st in the series Lion $12.95 was also offered in 2004. Sales of the 1st in the series Lion were just okay. May collectors did not like the suggested retail price of the Carousel base or thought it was too large. The display base was sold to Hallmark stores with the understanding that the base would be available for sale at stores in subsequent years. Well, as you know this base is quite large so most Hallmark stores simply put these on sale after the holidays to move them out as they did not want to store these until the next holiday season. Once stores started putting these bases on sale collectors purchased them & went back for the Lion if they didn't already have it.

When it came time for stores to order the 2nd in the series giraffe most stores remembered how poorly the Carousel sold at retail and decided that they wouldn't order very many of the giraffes so most stores cut their order quantities back. When in reality all the stores that discounted the carousel base were getting collectors interested in keeping up with the series.

I remember hearing from collectors in August 2005 that they already couldn't find the giraffe in most stores.  Although some stores did receive a few more of these in September shipment of ornaments. Of course this ornament was not available for reorder so when they sold out there were no more to reorder from Hallmark. This ornament before Christmas 2005 was already starting to go up in value.

Now how has this ornament gotten to the $200 level is amzing to me. I would say that there are many collectors who really want this ornament to complete their carousel collection, but I'm sure that dealer speculation has driven this ornament up also. If you could buy this ornament at $50 & sell it several months later for $100 wouldn't you? Well how about if you could buy this ornament for $100 & in about a year later sell it for $150 wouldn't you? I truly believe this ornament is hard to find, but wonder what the top price for this ornament truly is? The 2006 prancing reindeer has sold well too, but not like the giraffe. I think the 2008 limited kangaroo will be good also. The 2007 polar bear sold well too. The carousel tiger for 2008 is the last in the carousel ornament series, but I know that there will still be much interest in this collection by collectors especially for the giraffe for many years. 

In conclusion if you have the carousel giraffe & you bought it at the Hallmark Ornament premire in 2005 you were the smartest of the group. If you were able to purchase this ornament on the secondary market for $100 or less you probably feel pretty lucky. If you'll pay up to $200 or more for this ornament, then it really must be keeping you awake at night or you're bound and determined that you're going to get this ornament before it goes  up to $300. If you have any questions about this please email me. David