Fur Fiasco

The chinchilla is a cuddly little South American animal that multiplies rapidly (three to six offspring a year). The number of chinchilla raisers has multiplied almost as fast in the last few years. Former G.I.s, clerks and housewives bought the high-priced animals (up to $1,500 a pair) and raised chinchillas in the happy belief that the fur would take over part of the mink market and make them rich.

Last week the boom met its first real test at the first chinchilla auction. Farmers Chinchilla Cooperative of America, which had staged a pre-auction fashion show, put 10,600 pelts up for sale in Manhattan. The first lot sold for $175 a pelt, but prices quickly drifted down to $25, considered the break-even point. When they dropped to $11, the remaining lots were withdrawn. The 2,760 pelts sold were only enough for about 60 jackets.

Breeders tried to blame the flop on the fact that too many inferior skins had been put on sale. Furriers offered less hope. One said that the fur does not wear well, is difficult to work and is too expensive. Said another: "In the old days you would sell those things to people who went to operas and horse shows, but today everybody wears sport clothes to the opera."

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