Labubu Toys Fetch $150K at Beijing Auction
Collectible Figures Spark Global Buying Frenzy
A first-generation Labubu figurine recently sold for $150,000 in Beijing, highlighting the extraordinary demand for these plush toys that have captivated collectors worldwide. The auction underscores a growing trend of collectible toys becoming significant cultural and financial assets.
Record-Breaking Sales
The 131-centimeter (51-inch) mint green Labubu, characterized by its gremlin-like features, prominent teeth, and mischievous smile, achieved a final price of 1.08 million yuan ($150,325) at Yongle International Auction house. This venue typically focuses on jewelry and contemporary art, demonstrating the rising status of these toys within the art market.
The auctioneer announced to attendees at an exhibition center in downtown Beijing, “Congratulations to the online buyer on collecting the world’s only such one.”
The Labubu Phenomenon
Created by Hong Kong-based illustrator Kasing Lung and distributed by Chinese toy company Pop Mart, Labubus have quickly become the most sought-after plush toys globally. Their unique blend of endearing and unsettling aesthetics has fueled a worldwide craze, occasionally leading to chaotic scenes as fans compete for limited releases. According to a recent report by Statista, the global toy market is projected to reach $125.9 billion in 2025, with collectible figures representing a significant growth segment (Statista, 2024).
Demand Outstrips Supply
Even within China, where Pop Mart is headquartered and manufactures most of its products, obtaining Labubus remains a challenge for enthusiasts. A brown, 160-centimeter (63-inch) Labubu sold for $114,086, the second-highest price at the auction, with only 15 of these larger figures known to exist.
A total of 48 first-generation Labubus were offered at the event, which was promoted as the “World’s First” auction dedicated to these collectible figures. Other figures sold for over $1,000 each.
Expanding Market and Future Auctions
Zhao Xu, founder of Yongle Auction, explained to state-owned outlet The Beijing News, “As a trendy toy in China, Labubu is now becoming a global artwork as it has truly sparked a craze around the world.”
Yongle Auction plans to host monthly livestream auctions featuring Labubus and other popular collectibles.
A pair of Labubus designed to resemble the Minions characters sold for 10,000 yuan ($1,391) at the auction. Buyers also incurred a 15% brokerage fee on top of the final hammer price.
Price Inflation and Pop Mart’s Success
The intense demand for Labubus has driven up prices on the secondary market. A blind box from the latest Labubu 3.0 series, originally priced around $81, is currently being resold for as much as $278, as reported by Cover News.
Labubu’s popularity has significantly benefited Pop Mart. The company’s annual results reveal a global gross profit increase of over 125% last year, with revenue in mainland China exceeding $1.09 billion—a 34% rise compared to 2023.
