A more recent example would be the Beanie Baby craze of the 1990s. People were paying ~$5000 in some cases for stuffed toys, just based on rarity and speculative value. According to the article below, it was estimated that 64% of American households had at least one.

What happened in the end? The value crashed, of course, and a lot of people lost all their money.

https://nypost.com/2015/02/22/how-the-beanie-baby-craze-was-...