A human-sized Labubu doll shattered records this week, selling for 1.08 million yuan ($150,324) at Yongle International Auction in Beijing. The 131cm (4ft 4in) fiberglass figurine, created by Hong Kong artist Kasing Lung, now holds the title as the world’s most valuable designer toy following a competitive bidding war among collectors.
Celebrity Endorsements Fuel Global Labubu Frenzy
The auction’s star lot owes its meteoric value surge to viral celebrity exposure, including Blackpink’s Lisa, Rihanna, and David Beckham, who all showcased the quirky monster characters on social media.
Pop Mart, the Chinese company behind the Labubu phenomenon, has seen its collectibles transform from 50 yuan blind box toys to six-figure art investments through this celebrity-driven hype cycle.
On the other hand, Yongle’s special Labubu-themed event attracted 200 serious collectors who drove total sales to 3.37 million yuan across 48 lots. The auction house confirmed this marked China’s first single-artist toy auction, reflecting the booming demand for urban contemporary art pieces in Asia’s luxury markets.
From Blind Boxes to Museum Pieces
What began as affordable mystery figurines in Pop Mart’s signature blind packaging has evolved into a serious art movement. The record-breaking doll features Kasing Lung’s original hand-painted details and comes with authentication documents tracing its exhibition history. Industry analysts note this sale price surpasses previous benchmarks set by KAWS and Bearbrick collectibles.
Labubu Controversy and Expansion in Global Markets
Pop Mart’s aggressive international growth – including new stores in Italy and Spain – follows viral incidents like UK supermarket brawls over limited-edition Labubu drops. The company’s 2024 revenue hit 13 billion yuan, more than doubling previous figures as the brand transitions from mass-market toys to high-end art investments.
As auction houses take notice of the art toy boom, Sotheby’s has announced plans for a dedicated Urban Contemporary Art Toy auction series starting this fall. Meanwhile, Pop Mart continues leveraging Labubu’s popularity, with plans to release augmented reality versions that blend physical collectibles with digital experiences.
