Just like Gandalf's staff, it begins with an approximately 1" wide wooden dowel from Home Depot ($3.50), cut to be about head height.
I also used E6000, super tacky craft glue, a sheet of black craft foam from Michael's (about $1), a wooden 2" doll head from Michael's ($1.50), black, white, and silver paint, and glossy varnish.
Step 1: Glue the doll head to the top of the staff.
Step 2: Paint the staff.
The rest of the staff I painted black.
Step 3: Make the fins.
Step 4: Attach the fins.
Let the first fin dry. Repeat for the other three fins, making sure to line them up so that they are all at right angles to each other. If necessary, you can sketch faint pencil lines for guides on the staff.