Labubu dolls, the eye-popping, multi-colored monster characters of artist Kasing Lung have flooded the collectibles market craze and with it flooding the Labubu market. These distinctive figures were originally created ten years ago. This lack of regulation leaves room for deceptive marketing. Recently, they’ve exploded in popularity, especially after being endorsed by celebrities including Lisa from the internationally-known K-pop band, Blackpink. Earlier this year, a beautiful 131cm (4ft 4in) Labubu figurine fetched 1.08 million yuan, around $150,324 / £110,465. This auction at the Yongle International Auction in Beijing is a great example of this trend.
The auction, organized exclusively for Labubu dolls, drew nearly 200 such enthusiasts and collectors. It achieved a final result of 3.37 million yuan from the sale of 48 items of very different natures. According to the auction house, the event demonstrates the fast-expanding interest in these fancy dolls.
Designed by the artist and character designer Qian Shi, Labubu dolls are sold in mystery “blind boxes” by Pop Mart for about 50 yuan. This has resulted in an unprecedented international purchasing spree! Social media accelerates this trend. Social media influencers and celebrities alike have been flaunting their Labubu collections, drawing in new fans and collectors. The original endorsement from Lisa has particularly struck a chord with her millions-strong fanbase, contributing to the mythos surrounding the dolls.
While Pop Mart had some meteoric success this year, they were still by no means home free. After news broke about customers exchanging fisticuffs in the aisles, they yanked Labubu dolls from retail outlets across the country. This momentous decision certainly reflects the deep craving for these collectible assets. It also stokes the fire of competition between buyers, creating a snowball effect of consumer interest.
Labubu dolls have been a huge hit with collectors, becoming the hottest collectible item since beanie babies. It’s their scarcity that makes them so coveted and irresistible. Yet, their popularity continues to soar. This is definitely a trend to watch in the coming years and to see if additional auction events will be born.