It was part of a series of advertisements with other celebrities, and it was well-known enough at the time that when the company got Ringo Starr to sell their wine, he was _disappointed_ that he wouldn't get to wear the bear costume.
You're absolutely right. He was a respected art historian & collector, and there is even a Vincent Price Art Museum in Monterey Park, California. Price was also a celebrated culinary expert - a man of many talents.
So.... When Nostalgia Critic showed me this, little did I know there was a reason for Vincent to dressed as a polar bear: this was a full blown campaign! Yep, Sun Country Wine Coolers had several commercials with this same kinda formula in the mid 80s. Dress up a well known celebrity as a polar bear caricature of themselves, have them talk about what they like about the beverage, and then have them take off the mask and make either further thoughts on the beverage, or a comical remark on the gimmick. I'm not entirely sure what the idea behind the gimmick was (guess polar bears are the company's mascot like Coca Cola), but it does make me laugh, and I do find cute seeing these celebs step out of their comfort zone, so I won't question it.
To think that he'd be 101 years old if he was still around. Why am I cursed with being born a tad too late. If only I was born in the 70's to experience the 80's.
I’m convinced that Vincent Price took this role simply because he thought it would be fun. Much like Christopher Lee took any role just for the joy of working.
Sooo... wearing a polar bear costume to promote wine coolers, and playing a criminal mastermind rat... Can we just confirm Vincent Price was a closet furry?