A rare Labubu doll sold at auction in Beijing this week for ¥1.08 million ($150,552), setting a new record for the collectible toy at the center of a new craze. The 4.25-foot-tall figurine was purchased by an online bidder during a sale dedicated to Labubu toys mounted by Yongle International Auction House.
The toy, a first-generation mint green Labubu with sharp teeth and a gremlin-like grin, was the only one of its kind, according to the auction house.
Labubu is a plush character created by Hong Kong illustrator Kasing Lung and manufactured by Chinese toy company Pop Mart. First introduced in a Nordic-inspired picture book, Labubu is part of “The Monsters” series, alongside characters like Zimono, known for its spiked tail, and Tycoco, a skeleton-like figure. The figure’s wide eyes, furry exterior, and nine-toothed smile have taken the world by storm.
The Yongle auction featured 48 Labubu figures, which were marketed as first-generation collectibles. A brown 160-centimeter-tall doll was the second-highest sale of the day, fetching $114,086. Most other figures sold for over $1,000, while a pair of Minions-inspired Labubus went for about ¥10,000 ($1,391).
Labubus have become a global phenomenon, with demand skyrocketing above their retail availability (though there are some still for sale on Artsy). They are often sold in “blind boxes,” retail packages where the contents are hidden. A blind box from the Labubu 3.0 series, priced around $81, has fetched prices as high as $278 on resale platforms, according to Cover News.
Pop Mart’s revenue reached ¥13 billion ($1.79 million) in 2024, boosted by its global expansion and celebrity endorsements from huge stars such as Rihanna, Dua Lipa, and Blackpink’s Lisa. The company plans to hold monthly livestream auctions for Labubu and other “trendy artworks,” Yongle founder Zhao Xu, told state-owned outlet The Beijing News.
