I actually did some research about this in the past year on American cels, especially the Disney ones.
From what I have found, the most highly sought after cels are the ones that had the greatest influence in our animation history, and are also the most expensive.
I would say hands down Disney. The most expensive artwork I have EVER seen related to Aniamtion was the original 1928 storyboard of Plane Crazy made by Walt Disney in 1928. This was his very first moving film that he made (and the first one ever). The cartoon was actually released in 1931 at #3 (Steamboat Willie was the first release to public) because Walt Disney signed a contract in with a company that made sound. So, he wanted music and sound to be played with all his films. The appraisal value of this piece was $3 million and they offer to sell it to me for $1.5 million (ummm . . . . . sure! let me check my other pocket!!).
From what the owner told me, it was originally featured in the New York art museum and someone purchased it from them.
Other cartoons I have seen that sold for a lot are the pre-1940's Mickey Mouse short films. I was told there are the 3 made cream of the crop Mickey cels that are the most expensive and highly sought after:
Plane Crazy (1928)
The Band Concert (1935) - Very first color film
The Sorcerer's Apprentice (1940 Fantasia Film)
I have never seen an in tact cel from Plane Crazy, but they have told me they would go $100,00 - 1-2 million
The Band Concert Mickey cel I have seen sell for up to $125,000 - $500,000 in an auction
The Sorcerer Mickey cel I have seen decent ones go for $20,000 - 30,000.
The other big films that I have seen sell the most expensive cels (prices from $5,000 - 120,000) are:
Snow White - First feature length film in history
Pinnochio - 1940
Dumbo - 1941
Bambi - 1942
Fantasia - These go for a lot, especially the ones with the original hand painted backgrounds
Cinderella
Sleeping Beauty
Peter Pan - Tinkerbell cels
Lady and the Tramp 1955 - the Love Scene I have seen go for $35,000
The other films that I think have not been as popular with Disney are the Silly Symphony films which were released 1929 - 1939. These were used as Disney's "experiments" when he attempted to work with the sound and color. The first color one, from what I have been told, came out in 1932 with Santa's Workshop, which was 3 years before Mickey's Band Concer (I think, not sure though).
The Warner Brother cartoons, especially the early Bugs Bunny cels What's Opera Doc (I think 1929??) I have heard cels run for $100,000+ on those. But, Warner Brothers, you can find great Bugs Bunny are relatively cheaper prices (less than $500).
So, that is the overall take on the Disney early films. If I had more $$, I would have gotten into Warner Bros. But, they can be just as expensive and I would hurt way too bad!
