Hi Keith,
I'm not sure of the worth, but I believe I may have just purchased one of the pieces from a set - it's a 5" Bilbo Baggins - he's clay like most of Makras' works, looks exactly like the 7.5", but doesn't have a signature to be found - Makes me think he may have been part of the chess set;
Does that sound like one of the pieces? I gave $62 for the single figure on Ebay, if it turns out to be one of the chess pieces, the entire set should be worth a fortune! Oh, he's painted in that bronze/black combo -
I can take a picture if you think you could confirm...
Oh, btw, that 10" Gandalf is going for $199 right now on Ebay.
Later,
Adam