Labubu dolls, whimsical monster characters created by artist Kasing Lung, have taken the toy market by storm, culminating in a record-breaking auction sale in Beijing. On October 14, a massive 131cm (4ft 4in) Labubu figurine fetched an astonishing 1.08 million yuan (approximately $150,324, £110,465) at the Yongle International Auction. Nearly 200 participants swarmed the event. They were all game to participate in an auction created exclusively for these funky collectibles.
Though the Labubu dolls first came to market over a decade ago, the brand has gained a dedicated and growing fanbase. Their popularity exploded in recent months, fueled by promotion from stars like Lisa from global K-pop supergroup Blackpink. These endorsements have massively raised the dolls’ public profile. They’ve told a compelling story that’s generated massive interest.
Pop Mart’s Labubu dolls, sold in mystery “blind boxes.” This new packaging introduces a whole new level of excitement and surprise for collectors with the added element of chase. Individual dolls typically retail for around 50 yuan. Their scarcity coupled with the fun of just having one to collect has led demand to drive prices up tremendously on the secondary market. The latest auction raised a whopping 3.37 million yuan by auctioning off 48 Labubu pieces. This incredible sell-through points to the frenzy these dolls have created in the collector space.
Earlier this year, Pop Mart made headlines when it withdrew Labubu dolls from all UK stores due to reports of customers fighting over them. This event shed light on a boiling pot of fierce competition among fans and collectors, adding to the excitement and demand for the dolls.
At the same time, celebrity endorsements effectively energized Labubu’s presence and helped spread a worldwide buying frenzy among collectors. Social media channels are exploding with activity featuring these new characters. Influencers and celebrities are leading the trend, further entrenching their place as a fan’s new must-have.