The Moomins and the Great Flood of Moomin Mugs

Investopedia defines “speculative bubble” as “usually caused by exaggerated expectations of future growth, price appreciation, or other events that could cause an increase in asset values” and notes that this “drives trading volumes higher, and as more investors rally around the heightened expectation, buyers outnumber sellers, pushing prices beyond what an objective analysis of intrinsic value would suggest.”

Moomintroll mug.

Moomin mug. The author of this blog emphatically denies having modeled for the illustration.

Helsingin Sanomat has recently decided to blow up one special asset bubble, namely that of Moomin mugs. In case you’re not familiar with this particular investment vehicle, Moomin mugs are coffee mugs adorned with pictures of Moomins. You’ll find one or two (dozen) in almost every Finnish home, right next to the Mariskooli bowls and Savoy (aka Aalto) vases.

On 20 January, Helsingin Sanomat featured an article titled “The Moomin Mug Is Now An Investment Asset – Prices Have Risen By Several Factors Of Ten” in which the author says that “many consider Moomin mugs investment assets that can be bought with small change and sold later at a higher price.” Since HS is not Wikipedia, “many” is not adorned with a “[weasel word]” tag. The article then goes on to cherry pick a few prices from (see below) as indicative of Moomin mug valuations.

For some reason, Helsingin Sanomat hasn’t seen fit to mention that, the Finnish equivalent of eBay and the home of the Moomintroll mug trading frenzy, is part of the same group of companies as HS.

In the interest of full disclosure, I would like to state that I do not personally own any Moomin mugs, even though I sip coffee out of one most mornings. If I were sitting on a huge collection, however, right about now would be the time when I would consider shifting the majority of my position to a different asset class.


  • Reading the story from our beloved HS I was sure the mugs being sold are actually half full and that’s the reason for the price increases.

  • It wouldn’t be a HS story without a hidden agenda. There must be a Moomin mug vending machine on a street corner not far from where you live.

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