The fighting Labubu has been sold as a 131cm (4ft 4in) figurine which generated amazing market buzz. It went for an incredible 1.08 million yuan ($150,324, £110,465) at the Yongle International Auction House in Beijing. Back in March, the first-ever auction entirely dedicated to Labubu dolls took place. These colorful strange creature protagonists were created by Kasing Lung over a decade ago. The successful sale drew about 200 people, indicating the increasing appeal for these alternative and often more accessible collectibles.
These Labubu dolls have grown exponentially with popularity over the last few years, especially after received endorsing by big-name celebrities. Lisa from the K-pop group Blackpink is one of these celebrities. Social media influencer and entrepreneur, Cameron Norrie, regularly features the dolls in her social media posts. With the help of social media advocacy, this exposure created a worldwide buying frenzy for the dolls. Collectors and fans are actively looking for and snapping them up!
Originally marketed by Pop Mart in mystery “blind boxes,” these dolls usually sell for around 50 yuan. The latest auction showcased their emerging worth as enthusiasts race to the auction block for the most uncommon and bigger figurines. The auction house had brilliant success with selling all 48 items for a total of 3.37 million yuan. This impressive result is a clear indication that bidders are in high demand for Labubu dolls!
The surging popularity of Labubu dolls has not been without difficulties. Back in March of this year, Pop Mart took a much-disputed approach and yanked all Labubu dolls from UK shelves altogether. This move followed a wave of incidents in which shoppers escalated to violence fighting over the coveted goods. This unfortunate episode is a reminder about the heated rivalry and zeal that exists around the pursuit of these little plastic figurines.
What began as an introduction to Kasing Lung’s imaginative Labubu dolls has blossomed into a cultural phenomenon, far exceeding their debut on the scene nearly a decade ago. This fusion of playful design paired with celebrity endorsements has made their creations sought after keepsakes that fans around the globe are clamoring for. The therapeutic market is scaling quickly. We’re passionate about continuing to learn from this trend and inform future sales and collector buying patterns.