I've noticed a sustained uptick in the prices of these thin-tissue paper hats produced by the Germans in the 1920s in a wide variety of designs. Just ~18 months ago these typically wouldn't bring more than $10-15. Now they seem to be settling in around the $25-30 mark. This example is actually one of the milder designs.
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Mark B. Ledenbach's vintage Halloween collectibles blog.
Original-vintage ANTIQUE (Germany-?) PAPER ~"HALLOWEEN~Party HAT"!
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.