He had no marketing budget and no connections, but he had something more valuable-an intuitive grasp of human psychology that would make him the richest man in the history of toys. Sometimes called the "Steve Jobs of plush" by his employees, he obsessed over every detail of every animal. From the day he started in the toy industry, after dropping out of college, Ty Warner devoted all his energy to creating what he hoped would be the most perfect stuffed animals the world had ever seen. Just as strange as the mass hysteria was the man behind it. More than any other consumer good in history, Beanie Babies were carried to the height of success by a collective belief that their values would always rise. Suburban moms stalked UPS trucks to get the latest models, a retired soap opera star lost his kids' six-figure college funds investing in them, and a New Jersey father sold three million copies of a self-published price guide that predicted what each animal would be worth in 10 years. The $5 beanbag animals with names like Seaweed the Otter and Gigi the Poodle drove millions of Americans into a greed-fueled frenzy as they chased the rarest Beanie Babies, whose values escalated weekly in the late 1990s.Ī single Beanie Baby sold for $10,000, and on eBay the animals comprised 10 percent of all sales. There has never been a craze like Beanie Babies.
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