This result is somewhat surprising. The Germans produced scads of these thin-tissue hats, so many that large quantities survived their journey through nearly 100 years of time. Although this particular design is arguably their best, these typically trade for far less, generally in the $25-35 range. If you look at the bidding history, it may be that the prevailing bidder never expected someone else to bid nearly that high. In fact, if the underbidder hadn't been active, the prevailing bid would have been ~$38, a tad over the high end of the expected price bracket.
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Mark B. Ledenbach's vintage Halloween collectibles blog.
