A life-size Labubu figure recently set a record in China, selling for over $170,000 at the world’s first auction dedicated to these popular collectibles. The auction, held in Beijing by Yongle Auction, featured the unique 4-foot-tall mint-green doll made of hard-plastic PVC. Overall, the event sold all 48 lots for a total of approximately $520,000, attracting nearly 1,000 collectors bidding in person and online.
The Labubu phenomenon, created in 2015 by Hong Kong-born artist Kasing Lung, has gained immense popularity, partly due to endorsements from celebrities like Rihanna and Lisa from Blackpink. The figure, characterized by its high ears and serrated teeth, is part of Lung’s children’s book series inspired by Nordic mythology. Labubu dolls are typically sold in “blind boxes,” whose contents remain a surprise until opened, making them a sought-after item among fans.
The auction’s success reflects the rising trend of art toys in the market and highlights the growing influence of Hong Kong and mainland China in contemporary culture. Notably, the second highest bid was for another large Labubu figure that fetched over $130,000, while a set titled “Three Wise Labubu” sold for over $80,000.
Despite global disruptions from U.S. tariffs, demand for Labubu remains strong, evidenced by a 480% increase in Pop Market’s overseas revenue in the first quarter of the year. Wang Ning, founder of Pop Market, has seen significant increases in wealth due to the toy’s popularity, illustrating the potent combination of cultural phenomenon and market trends driving Labubu’s success.
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