Thank you for contacting Mearto with your appraisal inquiry and thank you for the additional photos.

It is a lovely teddy bear. Such vintage soft toys are being offered at auction on a regular basis. Steiff is one of the best makers of soft toys and are one of the most sought after makers of teddy bears. The brand became very popular as they made their teddy bears like little copies of real bears seen in the zoo in Germany around the 1900s.
The materials used were the best and this is also one of the reasons they were expensive when made and are collectors items today. The fur is made of honey coloured mohair, the stuffing is a kind of sawdust and the eyes and stitches are well made. Your teddy is from the first half of the 1900s. The older teddys have a visible hump on the back - this is not the case with your teddy bear. It appears to be in good condition with only few signs of wear and use. It is a good thing that the button in the ear is still intact as these were often removed due to fear of children swallowing them.

The estimate provided is for a well-advertised specialised online antique toys auction, where I believe the Steiff teddy has the best chance of realising its fullest potential. However, there is no measurement for the sentimental value you might attach to the teddybear. Retail "asking prices" can be higher and vary.

Please let me know if you have any additional questions. I’m happy to help.
Thank you