A Toy Revolution: The Labubu Doll Takes the Auction World by Storm

This week, a human-sized Labubu doll made headlines by selling for a staggering 1.08 million yuan (approximately $150,324), setting a new record as the most expensive toy of its kind globally. The sale transpired at the Yongle International Auction in Beijing, attracting around 200 enthusiasts eager to witness this significant event.

Labubu dolls, whimsical monster creations by Hong Kong artist Kasing Lung, have surged in popularity since their inception a decade ago, especially due to high-profile endorsements from celebrities. Typically sold by the Chinese toy company Pop Mart for about 50 yuan, these collectibles have become coveted items, intensifying interest through social media. Noteworthy figures like Lisa from the K-pop group Blackpink, Rihanna, and Dua Lipa have contributed to their virality, often spotted with Labubu in posts, further driving the demand.

This recent auction was exclusively dedicated to Labubu, showcasing 48 items and raising a total of 3.37 million yuan. The buzz around Labubu has led to turbulent scenes in retail; just this year, Pop Mart removed the dolls from UK stores due to reports of customers fighting for them.

These toys are generally sold in mystery blind boxes, creating an element of surprise and excitement for buyers, which adds to their allure. The wave of popularity has translated into financial success for Pop Mart, with the company achieving a remarkable revenue of 13 million yuan in 2024, more than doubling its previous year’s earnings. Expanding its footprint, the company also opened new stores in Italy and Spain, hinting at the ongoing global fascination with Labubu dolls and the collectible toy market.