Disney artwork was first licensed for public sale in 1938 through the now-defunct Courvoisier Gallery in San Francisco, which sold Snow White cels for $21.35 each. Courvoisier stopped selling them in 1946. It was not until 1973 that Disney put cels on the market again, through its original art program. By then cels from popular films like Robin Hood (1973) were selling for about $75.

The Big Basmajian
Collecting art based on classic films began as a hobby for animation enthusiasts; prices rarely exceeded $1,000. But in 1984, Christie’s East in New York auctioned the animation art of Disney employee John Basmajian; his vast collection of original Disney artwork cracked the market wide open. His Mickey Mouse cel from Brave Little Tailor (1938)—estimated to bring up to $2,500—sold for $20,900. “The big Basmajian sale blew the lid off and kick-started the Disney animation craze,” Tumbusch says. With the demand for animation art at an all-time high, values skyrocketed. A Mickey Mouse setup (several cel layers) from Lonesome Ghosts (1937) hammered for $49,500, and Mickey shouting from the wings in the original Orphan’s Benefit (1934) sold for $121,000, placing animation cels in league with modern fine art.

Like most collectibles, quality works are not easy to find. It can take months—perhaps years—to procure a valuable piece. “The value of each piece depends on the film, the date, the character portrayed and whether the animation cel has a production background,” says Helen Bailey, entertainment memorabilia specialist for Christie’s in the United Kingdom. “For example, in December 2004 we sold a cel from Snow White with various animals in the dwarfs’ kitchen—the cels were post-production, so not as rare, but it had a background that was a wonderful watercolor scene. It made £11,950 ($21,510).”