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A human-sized Labubu figure fetched $150,275 at a recent auction in Beijing, setting a new record for the increasingly popular “blind box” toy.
Yongle International Auction hosted the event. The house is usually known for modern art and jewellery. This was a historic first, a full auction dedicated to Labubu. The quirky, toothy monster figurines were originally created by Hong Kong artist Kasing Lung.
Created a decade ago, Labubu saw a massive rise in global popularity after Pop Mart, a Chinese toy company, began selling them in blind boxes, mystery packages that conceal the specific toy design until opened.
The auction featured 48 Labubu lots, all starting at zero yuan. Over 200 people attended in person, while more than a thousand bids came through Yongle’s mobile app. The event generated a total of $518,952 (3.73 million yuan).
The highlight was a mint green Labubu standing 131 cm (4.3 feet) tall, a one-of-a-kind piece that attracted multiple bids before being sold for 1.08 million yuan ($150,275).
Rare Sets Also Fetch Premium Prices
Another top item was the “Three Wise Labubu” set—three PVC sculptures about 40 cm tall. Limited to 120 sets in 2017, one such set sold for 510,000 yuan ($70,956). Interestingly, a similar set had been auctioned at Sotheby’s Hong Kong for HKD 203,200 ($25,889).
Labubu’s popularity exploded after Lisa from the K-pop group Blackpink was seen with one. She praised the toy in interviews and on social media. Since then, many celebrities have joined the trend. In May, David Beckham posted a photo of his Labubu keychain on Instagram.
These endorsements have pushed Labubu from niche toy status into the realm of a cultural phenomenon.
Even enthusiastic bidders felt the sting of rising prices. A restaurant owner surnamed Du, who attended the auction, shared that she was willing to pay up to 20,000 yuan ($2,782) but had to walk away empty-handed.
“My child likes it, so every time Labubu releases new products we buy one or two items,” she said. “It is hard to explain its popularity, but it must have moved this generation.”
Originally sold for as little as $7 (50 yuan) in Pop Mart stores, Labubu figurines have now transformed into high-stakes collectibles. This shift highlights a dramatic change in the world of pop culture memorabilia.
