A rare first-generation Labubu figure has fetched an astonishing US$150,000 (approximately A$230,000) at a recent auction in Beijing focused solely on these trendy toys. The 131-centimetre mint green figure, characterised by its gremlin-like features, was sold for 1.08 million yuan at the Yongle International Auction house, long known for its jewellery and modern art sales. The auctioneer congratulated the successful online buyer, highlighting that it was the only one of its kind in existence.
Labubus, designed by Hong Kong illustrator Kasing Lung and marketed by Chinese toy company Pop Mart, have surged in global popularity. These bunny-bodied, elf-faced creations have sparked intense demand, leading to frenzied purchases and even brawls among fans outside retail outlets. In China, where Pop Mart operates and manufactures its products, enthusiasts struggle to obtain these coveted figures.
The auction showcased a total of 48 Labubus, making it the “world’s first” event solely dedicated to first-generation collectible Labubus. Another noteworthy sale included a brown 160-centimetre Labubu, which commanded A$175,331, ranking as the second-highest sale of the day. Only 15 of these larger figures exist globally, while other variants sold for upwards of A$1,500.
Zhao Xu, founder of Yongle Auction, remarked that the Labubu has transcended from a mere toy to a global art piece, fuelling an international craze. He announced plans for monthly livestream auctions featuring Labubus and other trending artworks. Additionally, a pair of Minion-inspired Labubus sold for A$2,137 during the auction, though buyers had to account for a 15 per cent brokerage fee on their purchases.
Given the rising trend, Labubus have witnessed significant price inflation in China due to escalating demand. For example, blind boxes from the latest Labubu 3.0 series, initially priced around A$121.50, are reselling for as much as A$417 in the secondary market. This phenomenon has significantly boosted Pop Mart’s visibility and financial performance, with the company reporting a remarkable 125 per cent increase in global gross profit over the past year, and a staggering A$1.635 billion in revenue from mainland China — a 34 per cent rise compared to the previous year.
Overall, Labubus currently stand as a cultural sensation, captivating collectors and fans alike while contributing significantly to the success of Pop Mart.