Color a Big Price Consideration with Fishing Lures

By Steve Ellis

After condition, color may well be the next biggest consideration that adds to the value of a lure. There are a lot of other variables, such as rarity of the company producing the lures (companies that only produced lures over a few years a very long time ago wouldn’t be considered because the scarcity lies in the lure itself, which trumps everything else other than condition). So, let’s talk about lures from the mega-companies that produced lots of baits over a long period of time. Companies such as Heddon, Pflueger, Shakespeare, South Bend and Creek Chub—considered The Big Five—are probably the most popular with the bulk of collectors out there and produced lures well into the end of the 20th century.

The color of a lure and the infinite variations of color arising out of demand (or what the manufacturer perceives is the demand) will be based on a particular lure design, which is also a component of that same demand. This demand is simply based on the fish-catching ability of the particular lure in colors that will produce landed fish—hopefully lots of fish caught and landed. Yes, fish do see color.

Some of these companies were better than others at designing and producing lures in a myriad of colors. I feel that Creek Chub was the best at this and the most “user friendly.” But, all of these companies offered non-standard or special-order colors to some extent. Probably the most produced lure color in history is red head/white body (RH/W) and every company seemed to have that color combination in their catalog. And that one color is probably also the least expensive when determining value because of the sheer quantity of lures out there in RH/W. Don’t assume that all baits out there are worth less in RH/W then that same lure in another color, because you would be wrong. Why? Well because if it was a lure that was never a catalog production piece in RH/W in for one reason or another, it then became a lot more valuable.

A good example of this is the Heddon Luny Frog. Most frog patterns are shades of green, but at one point someone at Heddon decided to make some in RH/W. Only a nominal amount of those where ever produced and the value is probably at least four times what a frog color Luny Frog is worth.

Furthermore, there are baits that were only used in salt water fishing and produced in colors that would turn on salt water fish—those colors just wouldn’t work for fresh water fish since the color wouldn’t be found on any bait that a fresh water fish would eat. In general, salt water lures are larger than fresh water lures, because the fish you are going after are also bigger than most fresh water fish and these lures are rigged stronger and use non corrosive hardware. Bigger baits attract bigger fish. Well, that line gets blurry when you talk about musky fishing—and musky fishermen use big baits and are always looking for something different to fish with. So, at some point in time some musky fisherman saw a salt water bait he liked the shape and size of and took it musky fishing. That person also probably adapted the bait by hand painting it in a color (like a fresh water perch color) that musky like to bite on. After some success, he could have gone to his local tackle shop and put pressure on the owner to have some made by the manufacturer of choice, or even wrote the manufacturer direct to have some made. Most of these companies would do that. So a common freshwater color that is not a catalogued color in a salt water bait is more valuable.

In the 1930’s, Zane Gray had the South Bend Co. exclusively produce for him a marlin teaser in a special color. Companies like Creek Chub made it simple for a customer to order special colors. Usually, if you would order 12 of the same bait, you could have Creek Chub paint them any color you would like. I was told that at one point Creek Chub would let customers special order as few as six baits. Wow! Now you realize how crazy it can get. Imagine knowing that there could be as few as six possible baits out there in that special order color (Ka-Ching!). Creek Chub even would stamp “SPECIAL” on the box the lure came in (double Ka-Ching!).

I used to collect Creek Chub Pikies, probably the most popular of all Creek Chub Baits, with millions of them produced from 1920 on. The most popular size and the flag-barer of this series was the model #700, a 4 ¼”-long lure with three treble hooks. At one point, I had more than one hundred different colors or varieties of this bait and I was obsessed with collecting as many of them as I could possibly find. In 2000 I sold them. Although I really didn’t want to, I sold them to help finance a business expansion. There are issues that present themselves at certain times and decisions need to be made at those times. Fortunately for me, I sold them at the peak of the market. After I sold them, I discovered that I was among those people who helped to make the market. When I stopped paying “stupid” prices for colors of 700 pikies that I just had to have (I told you I was obsessed), the economy began to soften as well (I wish I was smart enough to have done the same with the stocks in my IRA!). Other people began to stop paying “stupid prices” for those lures they just had to have and so on and so on.

One of the other factors that also lead to the softening of the lure market was, and is, a problem that by now may seem obvious with color to you—phonies and repaints. As prices were heading upwards by great leaps and bounds in the 90’s there emerged the beginnings of a “you want color, I’ll give you color” market, and that really put an end to the upwards movement of prices. Caveat Emptor is and should be your guide. There are definite ways of telling whether a lure has been repainted. Smell the bait. Yep, if there is a paint odor, pass on the lure. Unfortunately, that isn’t as fool proof as putting the suspect bait in an airtight bag and leaving it out in the sun for a while. When you open the bag and smell paint, well, that means it is a fresh paint job and you have been duped. Also, black lights do help to show off partial repaints and touchups. Touchups will appear as dark spots under a black light.

Prices are lower now because of “past histories” and you have a jump on the next phase of price increases. When the economy and the collecting environment improve, and if you are observant, diligent and careful, this is an opportune time to start adding to your collection with color variations.

References:

“Fishing Lure Collectibles, Second Edition” Dudley Murphy/ Rick Edmisten. Collector Books, 2001

“Collector’s Encyclopedia of Creek Chub” Harold E. Smith, M.D. Collector Books, 2002

“The Fishing Collector’s Bible” R.L. Streater with Rick Edmisten and Dudley Murphy. Collector Books

Bamboo (or cane), a grass, was the material of choice used in the construction of fishing rods from the third quarter of the 19th Century to the middle of the 20th Century until the introduction of fiberglass.

Cane rods are individually constructed over months. However, the use of fiberglass in rod making led to mass production and thus lower prices for fishing rods, and many from the “old school” could not adapt to this new process.

The golden age of bamboo fly rods

The golden age of U.S. bamboo fly rods was from the late 20s to the late 50s. The construction of a quality bamboo rod was and is a time consuming process and highly labor intensive, and a true art form when done to perfection.

There were many choices of bamboo, but one variety is the paramount choice for fly rod builders and that is Tonkin cane, which comes from a very specific region in China.

Soon after the Communists came to power, around 1950, the U.S. placed an embargo on importing from China and this coupled with the mass production of fiberglass fishing rods and the fact that many from the old school could not or would not adapt to this new process, lead to the end of numerous cane builders’ businesses.

The benefits of Tonkin cane

Tonkin cane is the cane of choice for many reasons*1 It is straight, with a narrow taper, which keeps it uniform. The nodes (joint segments) aren’t that rough and are more evenly spaced. It is a strong, resilient, and tuff material which lends itself beautifully to the construction of a uniform casting instrument. The rods from the golden age are every bit as coveted to their collectors and to their admirers as a fine violin.

Since the lifting of the embargo in the early 70’s bamboo fly rod building began to gain popularity again. For many bamboo aficionados, it is almost a cult and they would never think of fishing with plastic, a term a friend calls non-cane fly rods.

Tips on collecting bamboo fly rods

Here are a few helpful pieces of information and tips if you decide that you have an interest in collecting U.S. bamboo fly rods:

• Fly rods made in the U.S. will have more value than most foreign fly rods. Most foreign rods don’t offer the same actions that users here in the states are looking for and that includes all those rods made in Japan after WWII.

Rods that came in wooden boxes purchased by our GIs who served in the Pacific or went to Korea. I am not degrading them, as some were quite attractive, but they don’t have the action or the length that cane users are looking for today and are cheaply made.

• Just because it is rare, it doesn’t mean it is expensive or valuable. For the most part, it has to be usable and that drives this market.

• The shorter the fly rod the more usable it is and thus the more it is worth. Why shorter? Well, that is what most collectors want and use today. They like lighter rods in lighter line weights.

It is interesting that value is also determined by usage, which is different than most other valuable collectibles. The user always takes the risk of breaking the item, and thus ruining the investment. I guess that’s living dangerously in a collectable world.

• Not all rods were made equally. Most were dime store rods that have little value today. The heart of bamboo fly rod collecting today are those small independent craft men whose production was quite limited as well as larger scale manufactures that made higher end fly rods. Quality rules.

• As bamboo goes, fly rods are at the pinnacle. None of the other forms of fishing rods do not have the same value even though they are collectable. A good fly rod is more valuable than a good casting rod or conventional rod, or even spinning bamboo (though a number of better shops did make some excellent and valuable spinning rods). Comparing apples to apples, a fly rod beats them all.

• Condition and quality are everything. There was a tremendous amount of bamboo rods produced over the last 150 years. Most haven’t survived and most of what survived aren’t in good enough shape or don’t have the quality to be much of a collectable.

There is a thriving market place today in bamboo both in older rods and contemporary rods. The devotees in this niche market exchange information and support all facets of construction of bamboo fly rods.

If you have any questions please don’t hesitate to e-mail me.

*1 Charles H. Demarest, Inc. www.tonkincane.com & Wikipedia: http://en.wikipedia.org/wiki/Bamboo_fly_rod

1. Most everybody wants perfection, but few have the bucks to pursue it.

2. There are grading guides for almost anything a person collects.

3. Things change and with it so does desirability and demand.

Beginning in 1993, I witnessed a rapid escalation of prices for collectible American-made fishing lures, which lasted approximately nine years. The more perfect the lure, the higher the price paid. With the escalating prices came the dark side. People tried to “create” perfection, to improve on what they wanted to sell the unsuspecting by altering the lure, or creating it by outright forgery. I guess that is inevitable with all collecting. Even though there are a few narrow levels of collectibles that still may have not peaked, in general, the bottom slowly fell out of the fishing collectible basket towards the end of 2001.

When you have a marketplace that isn’t as robust as it once was, a whole new spin on what constitutes value for condition comes alive. With lures, the grading standards that were used by most of us broke down everything into specific grades including: Mint, Excellent, Very Good, Good, Average, Fair, and Poor. These were effective and may still be, but I think they are primarily, though not exclusively, used for dealers when purchasing.

The more choices, the more chances of a buyer to nit pick. Furthermore, because there are so many “common” (low in value and in condition) lures out there, most dealers and advanced collectors just aren’t that interested. It is just too costly and unprofitable to inventory, catalog, and sell these items.

Even though the economy was beginning to change before 9/11(the Japanese had major economic problems and we had our fair share begin too), after that day the deterioration of the fishing collectible market intensified. People just weren’t as anxious to spend stupid money on just any item. I mention the Japanese, since they were very much involved in American made fishing collectibles beginning in the mid 90’s, as their economy declined so did their purchasing power, which negatively affected prices.

At the same time as prices were escalating, many U.S. collectors were willing to pay ridiculous amounts for items that weren’t in the best of shape. These folks probably weren’t concerned with (or weren’t aware of ) adulterations. At fishing tackle conventions, dealers would stock pile “stuff” and price it outrageously knowing that the Japanese, or those of us “who just had to have that special lure”, would buy it. With escalating prices, the influence of E-bay, and later even the Antique Road Show phenomena, fishing tackle began to come out of the woodwork.

There was more reference materials available to everyone and consequently everyone, theoretically, could become an “expert” The adage, ”a little bit of knowledge is dangerous,” became a reality. At garage sales, antique malls and flea markets there were more and more tackle collectors and sellers plus there were always the new converts. Well, the “Perfect Storm” was born. All of a sudden, in a changing economy, there was way to much supply and way to little demand at those high prices. Those dealers and collectors who didn’t adjust prices to the marketplace were left with the same items show after show or list after list. Ah, and, what items were they left with? Tons of the over graded ”middle” ground product and especially junk. What do I mean “middle ground”?

The “middle ground” is a lure in no better than Excellent condition and valued under $1,000. What do I mean by “junk”? Junk, common baits (lures), in horrible condition. What do I mean by over graded? Well, in a rapidly rising market, people aren’t as particular or as critical with the condition, they just “have to have it”, but in a falling market, everyone is more critical and grades tighten up; nothing seems to “slide on by” Looking at auctions prices realized (prices actually paid) I just don’t see that pricing differentials matter much when dealing with lower graded items. Those items aren’t going to sell unless they are sold inexpensively.

I think the following represents a more practical way to look at grading lures:

1.) When I sell an item, I never use the mint word, even if it is. I like to generalize it as Excellent to Excellent Plus (EX/EX+), which means it is new, apparently un-fished, and may approach perfection, or even be there; or then again it may have a tiny imperfection that someone may detect.

2.) Excellent (EX), would still mean an item with very minor flaws or defects and still an attractive item.

3.) Excellent to Excellent Minus (EX/EX-), a ‘tweener grade, it is neither good enough to be EX nor bad enough to be VG. The lure would have a few more problems such as more prominent age lines, pointers, varnish flakes, or other minor flaws.

4.) Very Good to Good (VG/G), it has age lines, minor problems, some minor paint chipping or paint cracking, minor hardware problems but better than just an example and could even have a minor paint touch up.

5.) Fair/Poor (F/P), would imply substantial problems with paint loss, chipping and defects. There also may be some parts loss, paint touch ups, and worm burns (the chemicals in plastic worms will dissolve the paint on lures).

6.) Finally, Example, a grade that includes major paint loss and hardware replacement or the lure could have been completely repainted.

All these grades are affected to the positive side with the addition of an original box and/or paperwork (box inserts). In some cases the box or paperwork can be more valuable than the lure since most were thrown away. The condition of the original box and paperwork are as equally important as the condition of the lure. Today there seems to be a lot of demand for this combination of lure in the correct box with the original paperwork, especially if all these elements are in EX/EX+.

My advice, be careful and know what you are buying or selling. Things change and with it so does desirability and demand. Just because a lure is rare, it doesn’t mean that it is valuable; it’s the condition!

“It was the mid-1990s, and there was a huge influx of money into the market,” said Ellis, who is Worthpoint’s expert on collectible and antique fishing lures. In fact, on another trip, the very same Japanese customer tried to enter the country with more than $10,000 in undeclared cash. U.S. Customs’ officials seized it. “I had to help him get a Japanese-speaking attorney so he could get his money back,” Ellis said.

When Ellis started collecting lures in the early 1980s, the market was simple. Ellis was running his family’s bait-and-tackle shop and swapping for the old lures. “The old handmade lures had character and class. I’d hang them up in the store as decoration,” he said. Occasionally a collector would come in, spy one or two of the old lures hanging, and offer Ellis three or four lures for his one. “I really didn’t understand what I had, how valuable they were,” he said.

Ellis started to learn, at first through a local club where fishermen gathered to compare and swap lures and then, as the market began to emerge in the 1980s, at regional and national shows. Gathering that knowledge and being ready to pass it on is why Ellis has become one of Worthpoint’s newest Worthologists.

The heart of the market is wood lures from the late 19th century through the 1930s. Some trace a key moment for the market to the day in 1898 that Michigan beekeeper and newspaper publisher, James Heddon, was whittling to pass the time while waiting for a fishing buddy. Heddon tossed his whittled piece into a millpond, and a bass struck at it. And so the James Heddon and Co. was born.

The world of lures – populated by bite-ems, runts, wobblers, tangos, dingbats, orenos, crazy crawlers and Punkinseeds – changed dramatically as money poured into the market from the 1980s on, Ellis said. “At first, prices weren’t outrageous. We didn’t have the speculators. Then it became an investment, and when you have investors instead of collectors, it is a different story.”

In 1901, Heddon made a high forehead underwater minnow lure; in 1998, it sold for $9,800. Recently, a rare, five-hook, high-forehead lure sold for $30,000, Ellis said.
“Heddon is probably the biggest name,” Ellis said, “but it isn’t the only one.” A giant and rare, handmade Riley Haskell musky minnow lure, from 1859, sold in 2004 for $101,200.

It isn’t only the rare antiques that saw big price jumps. Japanese collectors, for example, were most interested in lures from the 1950s and ’60s. Prices for Heddon lures doubled and tripled in the ’90s with even bigger increases for rare colors, especially in plastic baits.

The craftsmen at Chubb Creek turned out lures in singular styles that are popular in the marketplace. An angler ordering Chubb Creek lures could custom order any color. “You got some weird stuff, odd colors and with that, high prices are paid,” Ellis said.

The wave of money and the emergence of Internet trading were bound to take their toll. “Once there was so much money, we began to see counterfeits,” Ellis said, “lures that had been touched up or repainted.” A simple way to tell if a lure is a counterfeit or a repaint is to put it in a closed plastic bag for a while. “When you open it, if you smell paint, it’s bogus,” Ellis said.

The counterfeiting, the dot.com bubble bursting and the economic downturn in Japan and the U.S. after the Sept. 11, 2001, terrorist attacks all led to a drop in the market. “The truly high end held its value and the low end, well, that market was always cheap. It was the middle that felt it the most,” Ellis said. “Since then, I wouldn’t say that prices have recovered as so much as readjusted. Condition is the key.”

Resources:

Click here for Steve Ellis’s The Fishermen’s Spot

Click here for how fishing lure are made

Click here for the American Museum of Fly Fishing
The Museum’s permanent collection contains more than 1,200 rods, 400 reels and 20,000 flies, including the oldest documented flies in the world.