Fast Learner said:
It would, of course, be a total hoot if it had already been filmed.
Unfortunately (as Mistwell implied), the expensive part of making a film -- the most expensive part -- is all of the people. The dozens-to-hundreds of people it takes in the background to make a film are much, much, much, much more costly than the sets. As nice as it would be, it would be far too speculative to do such a thing.
Fantastic theory, though!
I don't think I am that much of a loon.
However, in truth, I agree. I do not think it has been done. Still its an interesting case study.
But I think my point is that the cost would be largely subsumed since there is a lot of resource reuse going on already. Battle of the five armies- use the "massive" program and film some close in fight shots. They would only need new sets for Laketown, The Hall of the Elven King, Erebor, and the exterior of Erebor and the goblin caves. ("only" need he says!) Costumes are done, props are done (ok they would have to make orcist), Trolls (moving and stone) are done, gollum is done, hobbiton was done until they burned it down..., scores of extras have already been paid for, and the Ians would find it fun. With that in mind the extra cost might be that of the single digit millions. Maybe even less. But...
I guess I need to make clear that even with the "relative" ease of filming the hobbit under people's noses, I do not think that it happened. I am just saying that in hindsight doing all four would have been economicly and logistiocly viable given the results of the trilogy. And people have hinted at it but not really pointed it out, the thing that actually makes my argument work is the thing that destroys it too. That is the way the movie was filmed. While they were doing principle photography, they had no idea that the films were going to be successful (watched yes, successful no). And it makes good business sense not to do a film you can't distribute. Also, by the time Fellowship went to can, they were done with most of the filming. So there was no way to know while filming was going on. I guess I am looking at it in a business case study. Still, it would be funny if they did do it and did not tell anyone. But I think it is somthing that is going to happen and has not happened yet.
Now keeping my first point in mind, and assuming that most of the set pieces might still be intact, there is no doubt that the hobbit could be made very cheaply (relatively speaking). As was pointed out, they would at this point pretty much just have to pay for people and about half the sets. Again, given demonstrated return, and considering a cut with whoever has the rights to distro, even if they ask an inflated price, it might make good business sense to film it.
It would be interesting to see the Dwarves decked out like Gimli rather than their Rankin Baas counterparts, to see the ruins of Dale, and all the detail that escapes the animated version. And that would be the first time the hobbit met LotR seamlessly as the book comes off as lighter than LotR and the animated versions are a patchwork. So it would be good to get some consistency between the prelude and the trilogy.
Aaron.