This incredible invitation is part of a set of at least three produced by Whitney during the early 1920s. (One shows a cat on the stoop, while the other has an owl on the stoop. This one is the most populated and, in my opinion, the very best.) As I forecast some time ago, small paper has become a white-hot market segment. This same seller sold another one of these in September of 2018 for $495. Most collectors I know have decidedly moved on from lanterns and many candy containers to concentrate on small paper (invitations, place cards, tallies and nut cups) made by a wide variety of manufacturers and diecuts made by Dennison, Gibson and Beistle. As the first generation of serious collectors leave the stage, defined as those who began collecting in earnest during the 1960s, the market will see a relatively large influx of lanterns and candy containers become available. Few first, second or even third generation collectors concentrated on paper goods, so few collections richly featuring such items will be coming to market in the near to medium-term. My analysis routinely indicates that certain market segments will slacken while others grow even more competitive. The small paper market segment, for one, will continue to see price increases that will outstrip, maybe far outstrip, price increases seen elsewhere.
Mark B. Ledenbach's vintage Halloween collectibles blog.