If you lived through the 1990s in the antiques and collectibles trade and survived, you should be given some type of award. The 1990s were a very strange time in the collectibles trade with the birth and continuation of several known speculative bubbles. In the late 1980s, a run up in modern era sports cards would later become known as the junk wax era. During this same time, there was massive speculation occurring in modern era comic books that started around the time of the 1989 release of Tim Burtons Batman movie based on the comic book character of the same name. By the early to mid-1990s, the POG and Beanie Babies crazes were in full swing. And if that was not enough to cause you to go insane, there was another, lesser known speculative bubble taking place that occurred right before the advent of online auctions featuring colorful plastic candy dispensers. In the year 2023, PEZ collecting has been eclipsed by more popular collecting categories by a wide margin. Video games, Pokemon, comic books, and vintage action figures have all gained traction in the past few years in the trade, while other collecting categories have lost ground. That said, back in the early 1990s, PEZ collecting was experiencing a massive spurt in growth. Fueled in part by the rise of toy collecting conventions and online e-commerce, PEZ collecting was all the rage. The PEZ company was well poised to take advantage of this growth, as it was not only vintage dispensers that were climbing in value at this time, but also modern era PEZ releases were being snapped up as soon as they could be made. Premiums were being paid for scarce and uncommon dispensers that were released in overseas markets only. This caused a massive gold rush of sellers eager to get their hands of these perceived to be scarce dispensers and sell them into the North American market for a hefty profit. Many lucky sellers were able to take advantage of this kind of arbitrage, and the advent of eBay made it all too easy. During this time there were several eccentric characters that made a name for themselves buying and selling PEZ dispensers. One such individual by the name of Steve Glew took PEZ speculation to new heights. He was able to elicit a cult following of collectors willing to pay a premium for the dispensers he got ahold of in overseas markets. Recently, Netflix released a documentary about his exploits. The film is aptly titled, The PEZ Outlaw, and every collector, regardless as to whether or not you like PEZ, should watch it. It is actually a cautionary tale of collectible speculation gone wrong. According to the documentary, Steve Glew knew the value of hard work at a young age. Glew grew up poor in Michigan. Then he discovered PEZ while selling toy premiums he got from cereal boxes. One look at how much some PEZ dispensers were selling for at the time was all it took, and he was on an adventure to locate the hardest to find PEZ. Due to how PEZ was marketed, opportunities were available in the market if one was industrious enough. The PEZ company was started in the 1920s in Austria. By the 1950s, the company was a success and opened up a location to serve the U.S. market. Interestingly enough, a lot of the best dispensers never made never made it to the U.S. markets. By the 1980s, demand was high for some of these releases. This gave Glew a brilliant idea; he would go directly to the factory in Europe and attempt to import some of these dispensers that he knew U.S. collectors would pay a premium for. At the time, few thought the idea would work, but he found a way, and a massive business was born. Unfortunately, Glew got a little too greedy and attempted to take on the PEZ company directly. This was a major misstep, as taking on a multimillion dollar company is never wise. The U.S. division of PEZ was able to anticipate Steves moves and simply outmaneuvered him. Steve had invested sizable sums of capital in his business venture and was forced to admit defeat. It is for this reason that The PEZ Outlaw should be required viewing for any speculator in the antiques and collectibles trade. In the year 2023, there are several collecting categories that echo what was happening with PEZ collecting in the early 1990s. Both Funko Pop and Lego give off similar vibes at present time, with collectors paying a premium for these products on the secondary market. The PEZ Outlaw shows us exactly why nothing is guaranteed in these markets. PEZ is no longer the collecting juggernaut it once was. Even the sought after vintage dispensers manufactured in the 1950s and 1960s have been selling well below their 1990s highs, with few exceptions, and this market isnt coming back any time soon. Speculators, beware. One of the greatest things about the current streaming wars that are taking place between Netflix, HBO Max, among others, is that there is no shortage of documentaries surrounding the antiques and collectibles trade. In an upcoming article, I will be giving my thoughts on Beanie Mania, a documentary featuring collectibles expert Harry Rinker on the subject of the great Beanie Baby Bubble that was occurring right alongside the PEZ craze. Spoiler alert: That craze didnt end well either, as some of you are all too well aware! Shawn Surmick has been an avid collector since the age of 12. He currently resides in his hometown of Boyertown, Pa., and is a passionate collector of antiques and collectibles. His articles focus on various topics affecting the marketplace.