BEANIE BABY MANIA CAN BREAK THE BANK; PRICES RANGING UP TO $2,995 FOR PLUSH TOYS.

Byline: William L. Hamilton The New York Times

At Jewell and David Brain's booth at the 1997 Atlantique City Holiday Fair, the talk wasn't cheap.

``What's Seymour running now?'' called one collector.

``Sixty-five,'' said Jewell Brain, a dealer from Stamford, Conn.

``I'm looking for Curly,'' another voice called from out of the crush.

``Who isn't?'' Jewell Brain said, with a sharp laugh.

With 1,500 worldwide exhibitors, the fair at the new Convention Center in Atlantic City last month was the largest indoor collectibles event ever staged. And the Brains were the talk of it: Their glass cases were filled with Beanie Babies, 7-inch-long, plush-covered polyvinyl-chloride-pellet-stuffed animals displayed like gems against black. Jewell Brain sold a set of Bronty the Brontosaurus, Steg the Stegosaurus and Rex the Tyrannosaurus for $1,750. She sold Peking the Panda for $1,295. The biggest ticket: a $2,995 tag for Peanut the Elephant in rare royal blue.

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With a kind of viral cuteness, Beanie Babies have invaded the antiques world. At their oldest they are barely 4. New Beanies are still being made by Ty Toys, which ``retires'' characters periodically, taking them out of production and creating scarcity. At their Atlantic City debut as antiques, there was sniggering division among dealers and collectors. Were Beanie Babies corrupting the collectibles market? Or was it business as usual in a business accustomed to bride-and-groom Pez candy dispensers for $4,000 and up? It depended on whom you asked - and what they had for sale.

``They're dangerous,'' said James Maley, a dealer from Fullerton. ``That stuff is essentially new. People are paying - they're hot - but that's the kind of market that will crash.''

Maley had no Beanie Babies for sale, but he had sold a discontinued Snow White Pez dispenser that morning for $250. ``Pez dispensers are all 20 to 40 years old,'' he explained carefully.

Playing it both ways

Dan Morphy, a dealer from the Adamstown Antique Gallery in Denver, Pa., did have Beanie Babies for sale. But he was willing to play it both ways. ``I guarantee those will be dead in a year,'' he said. ``I put money on it.''

Though they started life as a collectible toy for children, Beanie Babies aren't kid stuff anymore. The new collecting market for Beanie Babies is being driven by and for adults, often inspired by their children's original collections. And the prices have matured accordingly.

``Seventy-five percent of my people are adults,'' Jewell Brain said. ``They're a category of `I used to buy these for my kids to play with, now I buy them for my kids and they sit on a top shelf and they're going to pay for college.' ''

Kelly Flagg, 14, of Tappan, N.Y., was visiting Jewell Brain's booth with her mother and father. Kelly began collecting Beanie Babies as toys when they were introduced in 1993. She buys duplicates to trade, some of which are now valuable enough to barter for big-ticket items like those she saw for sale at the Brains' booth. Kelly is within nine Beanies of a complete collection - 135 pieces plus 10 variants on characters, like differing names or colors.

David Brain estimates such a collection would now be worth more than $40,000, not including an added premium for completeness.

Once Kelly crosses the finish line she intends to sell the collection to buy a Corvette.

``As collectors got involved, the prices went off the Richter scale,'' said her father, Warren Flagg. ``My daughter's close enough that it's worth it to start paying.'' Flagg added, ``God forbid that in 1993 she actually played with them - she was 11.''

Billy McLarnon, 7, was there with his father, Bill, and RoseAnne DeSantes.

``Right now, we're down to the nitty-gritty,'' DeSantes said. ``We're considering some short trips by plane - we're real serious about this. We spent $800 on them just last week and the week before.''

Eclipses stock market

And people think the stock market is a wild ride.

``The speed with which the Beanies has happened is incredible - I've never seen this happen in any other collectible market,'' said Brain, who has had experience in traditional collectibles like stamps and art glass.

Collectibles are now referred to as the ``secondary market.'' Why? Because the manufacturers of the items being collected - the primary market - are still active in the field.

Ty Toy introduced Beanie Babies in 1993 as a toy to collect. At a $4.95 retail price, it was easy for children to do: The idea was to own them all. But Ty Toys conveniently introduces new characters to collect as it retires older ones.

The company has just lowered the limbo stick on collectors again - this time with availability. As of June, retailers are limited to 36 pieces of each character per monthly order, one order per month permitted. So there is always a Beanie down the road, and Ty is driving the market.

Ty Toy, a privately held 11-year-old company in Oakbrook, Ill., had estimated Beanie Baby sales of $26 million in 1996. The company has said that 1997 figures are running 10 times higher than the previous year.

``He's thrilled by the secondary market,'' spokeswoman Anne Nickels said of Ty Warner, the company's founder and the Beanies' godfather, who would not be interviewed. ``Even a rumor will create a flurry of buying.''

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Photo

Photo: Beanie Babies may be fun for children like Brittany Campbell of Tarzana, but they are serious business for well-heeled collectors.

Evan Yee/Daily News