Record Auction for Rare Labubu Figure Surpasses $150,000 in Beijing

In a groundbreaking auction held on June 11, 2025, a rare first-generation Labubu figure was sold for an astonishing $150,325 (1.08 million yuan) at the Yongle International Auction house in Beijing. This sale highlights the soaring popularity of Labubu, a plush toy created by Hong Kong-born illustrator Kasing Lung and marketed by the Chinese company Pop Mart. The 131-centimeter (51-inch) mint green figurine, notable for its gremlin-like appearance, was the centerpiece of an event dedicated exclusively to these trendy collectibles.

The auction featured a total of 48 Labubu figures, with another significant sale being a brown, 160-centimeter (63-inch) figure that fetched $114,086, the second highest price of the day. According to Zhao Xu, the founder of Yongle Auction, only 15 of these larger Labubu figures exist globally, underscoring their exclusivity and desirability. "As a trendy toy in China, Labubu is now becoming a global artwork as it has truly sparked a craze around the world," Zhao stated in an interview with The Beijing News following the auction.

The Labubu figures, characterized by their unique design that blends grotesque and adorable features, have led to intense buying frenzies, particularly in China, where fans often engage in competitive purchasing tactics outside retail outlets. In recent months, the demand for Labubus has surged, with sales figures reflecting a broader trend towards collectible toys gaining international attention.

According to a report by Cover News, a blind box from the latest Labubu 3.0 series, originally priced at approximately $81, has been reselling for as much as $278 on the secondary market, indicating a significant markup driven by consumer demand. This inflation in prices is not an isolated occurrence; it is part of a broader trend in the collectible toy market, which is experiencing unprecedented growth, partly due to the influence of social media and online communities that celebrate these unique items.

Pop Mart, which manufactures Labubus, has reported impressive financial results, with a global gross profit surge of over 125% last year and revenue in mainland China exceeding $1.09 billion, marking a 34% increase from 2023. This financial growth underscores the impact of Labubu's viral popularity on Pop Mart's market performance.

Zhao Xu announced plans to host monthly livestream auctions for Labubu and other trending artworks, further capitalizing on the growing interest in collectibles. The auction included a 15% brokerage fee on top of the hammer prices, which is standard practice in the auction industry.

The Labubu phenomenon reflects a significant shift in consumer behavior, where toys once viewed as simple childhood items are now being treated as investment pieces and collectible art. As the trend evolves, it will be essential to monitor how the market adapts to these changes and what implications they hold for the future of toy collectibles and consumer culture in China and beyond.