Labubu dolls have taken the art and toy world by storm. These adorable little monster creatures, created by Hong Kong artist Kasing Lung, have proven to be an overnight sensation. These one-of-a-kind collectibles were created 10 years ago. Recently, they’ve taken off in popularity, particularly after a few well-known celebrities gave their stamp of approval. Interest skyrocketed, resulting in what was the most extraordinary single auction affair ever held in Beijing. It was there that one of the life-sized Labubu figurines sold for a world record price.
The 131cm (4ft 4in) Labubu figurine fetched an eye-watering 1.08 million yuan at Yongle International Auction. This sum would be about $150,324 or £110,465 today. This event was dedicated entirely to Labubu dolls, attracting around 200 attendees who came to witness the vibrant world of these playful creations. With 48 pieces sold, the auction house realized a stunning total revenue of 3.37 million yuan. This unprecedented result reflects the vigorous market interest in these types of collectibles.
Chinese toy company Pop Mart is known for selling Labubu dolls, among others. They frequently release these dolls into mystery “blind boxes,” which provides an enticing element of surprise that every collector craves. Usually costing less than 50 yuan, these dolls have triggered an international purchasing craze in recent years. Much of this excitement can be attributed to high-profile endorsements, including social media posts from Lisa of the K-pop group Blackpink, which showcased the dolls to millions of followers. Former football star David Beckham wasn’t the only thing soaring the dolls’ success into the stratosphere. He posted a photo on Instagram featuring one Labubu doll clipped to his backpack.
The rapid growth in demand for Labubu dolls has led to its fair share of challenges. Earlier this year, Pop Mart made the decision to pull Labubu dolls from all UK stores following reports of customers fighting over them. This incident proved to be a global marketing windfall, emphasizing the extreme hunger of fans and collectors, thus enhancing the mystique of these magical personalities even more.