A rare, mint-green Labubu figurine has sold at auction in Beijing for more than $150,000, marking a watershed moment in the world of collectible designer toys. Once a niche curiosity, the mischievous gremlin-like creature has now catapulted into the luxury market, drawing global attention and record-breaking bids.
From collectible to cultural phenomenon
What began as a whimsical character by Hong Kong-born illustrator Kasing Lung has become an international sensation. Labubu — with its bunny-like body, jagged grin, and haunting charm — has gone from cult favorite to global collectible. Originally sold in blind boxes by Chinese toy giant Pop Mart, the figure has sparked long lines, heated resale markets, and even scuffles among fans trying to get their hands on new releases.
At a groundbreaking auction this week in Beijing, hosted by the Yongle International Auction House, a 131-centimeter (51-inch) mint-green Labubu figure fetched a staggering 1.08 million yuan ($150,325). The sale was part of what the organizers called the “World’s First” auction dedicated exclusively to first-generation collectible Labubus — a signal that the designer toy is making its official entrance into the realm of serious art and luxury collectibles.
“Congratulations to the online buyer on collecting the world’s only such one,” the auctioneer announced proudly at the downtown Beijing event. The figure, unique in its color and size, was described as the only one of its kind — and the hammer price reflected its rarity.
The rise of a designer toy empire
Labubu is the brainchild of Kasing Lung, whose work blends innocence and the macabre into characters that resonate deeply with collectors. But it’s Pop Mart that turned the character into a global juggernaut. Founded in 2010, Pop Mart has transformed the collectible toy market with savvy branding, limited-edition drops, and an addictive blind-box business model.
In China, Pop Mart stores routinely draw crowds of young adults eager to spend hundreds of yuan on mystery boxes in hopes of landing rare figures. The Labubu 3.0 series, for example, retails at approximately $81, but on the resale market, individual boxes have been seen going for up to $278, according to state-owned outlet Cover News.
The hype has translated into serious numbers. In 2024, Pop Mart’s global gross profit surged by over 125%, with domestic revenues exceeding $1.09 billion, a 34% increase over the previous year. That momentum is fueled in no small part by Labubu’s viral popularity — an appeal that transcends borders and demographics.
The auction that made history
The Beijing auction featured 48 Labubu figures, each a testament to the figure’s evolving status in the collectible art world. A second standout — a towering 160-centimeter (63-inch) brown Labubu — sold for $114,086, the second-highest price at the event. According to Pop Mart, only 15 such brown figures exist worldwide, adding to its desirability.
The auction’s other lots, while not as headline-grabbing, were still impressive. Many figures went for over $1,000 each, with even smaller or themed figures — like a pair of Minions-inspired Labubus — selling for 10,000 yuan ($1,391). All winning bidders were required to pay an additional 15% brokerage fee, underscoring the seriousness of the event.
Zhao Xu, founder of Yongle Auction, sees the sale as just the beginning. “As a trendy toy in China, Labubu is now becoming a global artwork,” he told The Beijing News. Yongle has announced plans for monthly livestream auctions focusing on designer toys like Labubu, further solidifying the genre’s position in the modern art ecosystem.
Scarcity, speculation, and a shifting market
Labubu’s transition from toy to art piece raises questions about the future of collectible culture. Once driven by childhood nostalgia, the market has grown to embrace limited-edition figures as investment assets. The trend echoes phenomena in other markets — from sneakers to NFTs — where scarcity and community drive up value.
But the fervor comes with challenges. Demand for Labubus in China has reached fever pitch, with some fans accusing resellers of artificially inflating prices. As more auctions enter the scene and rare pieces change hands at six-figure prices, the gap widens between everyday fans and high-rolling collectors.
Still, for Pop Mart and Kasing Lung, the success of Labubu marks a new era. The character once thought of as a “grotesque bunny” has become a symbol of global design culture — a creature that sits comfortably both in childhood bedrooms and in glass cases next to contemporary art.
