All week long, a human-sized Labubu doll stole the show. It eventually sold for an astounding 1.08 million yuan, or nearly $150,324, at a Beijing auction house. This unique event was a fun way to celebrate the eclectic monster characters Kasing Lung created for our show. Nearly 200 collectors and enthusiasts packed the venue, hoping to snag a piece of this decade’s hottest toy craze.
Labubu dolls exploded into the international art doll arena about ten years ago. Recently, their popularity has exploded! High-profile endorsements from celebrities have fueled this increase. Notable heavy hitters, such as soccer star David Beckham and the member of the K-Pop sensation Blackpink, Lisa, have moved the needle tremendously. As Labubu dolls have gone viral on social media, the phenomenon has sparked a global buying frenzy. That newfound popularity has sent the price of these unusual collectibles skyrocketing.
The Yongle International Auction House’s inaugural auction was a wild affair. Once there, bidders were given the opportunity to bid on 48 one-of-a-kind Labubu pieces. The bright bulb of the event was the 131 cm (4 ft 4 in) Labubu figurine that awed the exhibition attendees. It broke records with its jaw dropping sale price! The auction house subsequently boasted that they had raised a staggering 3.37 million yuan in support of the event. Our highest produced doll in this result speaks to the incredible collector demand for these dolls.
Labubu dolls, usually sold by Chinese pop toy company Pop Mart. They wrap these collectibles in coded “blind boxes,” promoting the thrill of the unknown for consumers. These dolls usually retail for around 50 yuan per doll. This week’s auction demonstrated just how deep the pockets are for collectors of the series’ rarest items.
It wasn’t just luck. Earlier this year, Pop Mart faced significant headwinds in the UK market. They were forced to withdraw Labubu dolls from all supermarkets after reports of customers brawling over them. Unsurprisingly, these dolls have led to tremendous excitement and demand, emphasizing their cultural importance. Then, powerful influencers and popular creators on social media lined up to demonstrate them, dramatically increasing their popularity.