I actually thought it's gonna rise high :O, guess the whole point of max's head was the equip region

Sellers at 10 keys:

http://www.tf2outpost.com/trade/25184879

http://www.tf2outpost.com/trade/25183058

http://www.tf2outpost.com/trade/25187417

http://www.tf2outpost.com/trade/25185868 - unbumped but still placed it here

Seller for 10keys+5 ref:

http://www.tf2outpost.com/trade/25185067

White one for 10keys+8 ref:

http://www.tf2outpost.com/trade/25184051

Buyer for 9key+1 ref:

http://www.tf2outpost.com/trade/24656116 - appears to have bought many...

Classifieds: http://backpack.tf/classifieds/?item=Horace&quality=1&tradable=1&craftable=1

At the time making the suggestion:

x10 for 10 keys each(some have nice paints

x2 for 9.88(1key+14 ref) - both from the same seller and both painted waterlogged coat

and upwards...

Unsolds at 11:

http://www.tf2outpost.com/trade/25060466

http://www.tf2outpost.com/trade/25177483 - abit young

http://www.tf2outpost.com/trade/25175177 - abit young

unsolds at 1 bud(only reason im putting it is because there aren't almost any sellers for 11 keys, there are 1 bud/10 keys):

http://www.tf2outpost.com/trade/25145327

http://www.tf2outpost.com/trade/25121486

http://www.tf2outpost.com/trade/25184834

http://www.tf2outpost.com/trade/25009985

People still sell them at 11-14 because of their old offers, They aren't availble anymore and there are many sellers for 10 keys.