CHINA: What began as a quirky, toothy monster toy in a blind box has now become one of the most lucrative collectibles in the world. On June 10, a human-sized Labubu figurine — standing at 131 cm (4 ft 4 in) — sold for 1.08 million yuan (US$150,275) at a Yongle International Auction in Beijing. The sale not only smashed records but also marked a pivotal moment: Labubu is no longer just a toy; it’s an investment asset.
From cute to capital
Created by Hong Kong illustrator Kasing Lung, the Labubu character first gained traction after being commercialised by Chinese toy giant Pop Mart in 2019. Sold in “blind boxes” — where buyers only find out the design after unboxing — Labubu figures were initially priced around 50 yuan (US$7). Their offbeat charm and exclusivity struck a nerve with a generation seeking emotional connection and surprise in consumer goods.
But what transformed Labubu into an auction house headliner? The answer lies in celebrity influence and social media virality. Endorsements from Dua Lipa and Blackpink’s Lisa, turned Labubu into a must-have cultural icon. What followed was a wave of speculative demand, limited-edition releases, and global scarcity — the perfect recipe for a collectibles market boom.
Auction frenzy in Beijing
The recent auction was the first of its kind, dedicated solely to Labubu. With 48 lots up for grabs, the room saw over 200 attendees and more than 1,000 online bidders. Total sales amounted to 3.73 million yuan, and the human-sized Labubu was the undisputed star.
Another notable sale included the “Three Wise Labubu” set — three 40 cm figurines that fetched 510,000 yuan. A similar set had previously gone for HKD 203,200 (~US$25,890) at Sotheby’s in Hong Kong, further proof that the resale market for Labubu is holding — and growing.
Not just a trend — A market
Labubu is now part of a larger narrative: the financialisation of fandom. Pop Mart’s business model thrives on scarcity, unpredictability, and storytelling — key traits shared by everything from NFTs to art collectibles. With Pop Mart’s 2024 revenue hitting 13 billion yuan, double the previous year’s figure, the company has expanded to five new countries, including Italy and Spain.
And like fine art or trading cards, rarity defines value. The human-sized mint-green Labubu is believed to be the only one of its kind in the world, justifying its six-figure price tag. With no signs of oversupply and a still-growing fanbase, the market shows strong indications of price stickiness and upward momentum.
The risk? You can’t unbox regret
By nature of the market, not everyone’s getting a slice of the pie. That sentiment echoes a familiar tension in collectibles: the shift from plaything to portfolio item often prices out everyday fans. While early adopters may be reaping returns, new entrants now face a market that’s more Sotheby’s than shopping mall.
What’s next?
As auction houses step into the world of designer toys and more investors treat rare figurines like fine assets, Labubu is poised to become more than a cultural oddity — it could be a case study in the future of emotional investing. And with Pop Mart pulling the dolls from UK stores earlier this year due to frenzied demand and even fights, scarcity and exclusivity may only fuel this fire.
In short? The age of the toy investor has arrived. And for Labubu, the sky may be the limit.