Would You Pay $170,000 for a Labubu?

Labubu Figure Sells for $150,000 at Auction, Solidifying its Status as a Collectible Sensation

A rare first-generation 131-centimeter (51-inch) mint green Labubu figure, known for its gremlin-like features, sharp teeth, and mischievous grin, fetched 1.08 million yuan ($150,325) at the Yongle International Auction House.

Labubu, the highly sought-after plush toy brand created by Hong Kong-born illustrator Kasing Lung, has become a global collectible phenomenon. These figures are produced by Pop Mart, the Chinese toy giant, and are increasingly becoming prized items in the world of rare collectibles.

A prime example of the craze is the Labubu 3.0 series blind box, originally priced at $81, now reselling for up to $278 on secondary markets. This surge in demand has contributed to a significant boost for Pop Mart, with the company’s global gross profit rising by over 125% last year. In mainland China alone, Pop Mart’s revenue reached $1.09 billion, a 34% increase from 2023.