A human-sized Labubu doll has fetched a record-breaking price of 1.08 million yuan ($150,324; £110,465) at an auction in Beijing. Measuring 131cm (4ft 4in), the figurine was sold at Yongle International Auction and has now become the most expensive toy of its kind globally, according to the auction house. This marks a significant milestone in the collectible toy market, particularly for fans of the Labubu character.
Celebrity Endorsements and Social Media Hype Drive Labubu Dolls’ Global Collector Appeal
Labubu dolls are quirky monster-like figures created by Hong Kong artist Kasing Lung about a decade ago. Although initially niche, their popularity has surged in recent years, thanks largely to celebrity endorsements. Pop Mart, a Chinese toy company, sells these figures, with standard models typically retailing for around 50 yuan ($6.95; £5.12). The dramatic price difference between standard and auctioned dolls highlights their rising status among collectors.
Labubu Doll Sells for Record $150K as Celebrity Hype and Collector Craze Push Prices SoaringThe popularity of Labubu dolls skyrocketed after celebrities such as Lisa from Blackpink, Rihanna, Dua Lipa, and David Beckham were seen with them on social media. These appearances helped turn the toys into viral sensations, particularly on platforms like TikTok. The growing visibility and trendiness of Labubu dolls have played a crucial role in creating global demand and fueling the collector craze.
Labubu Auction Draws Big Crowd, Boosts Pop Mart’s Sales and Global Growth
The recent auction, solely dedicated to Labubu items, featured 48 pieces and attracted about 200 attendees. The event raised a total of 3.37 million yuan, showcasing the strong collector interest in these unique figurines. As the toys continue to gain a cult-like following, such dedicated events are becoming more prominent and profitable.
The immense popularity of Labubu dolls has significantly boosted Pop Mart’s business. In 2024, the company reported a revenue of 13 billion yuan, more than double the previous year’s figures. The retailer has also expanded its presence internationally, opening stores in five new countries, including Italy and Spain. Despite controversies such as pulling the dolls from UK stores due to customer disputes, Pop Mart’s success reflects the powerful combination of creative design, limited availability, and pop culture influence.