June 10, 2025 | Beijing, China (REUTERS) — A human-sized Labubu figurine fetched a staggering 1.08 million yuan (approximately $150,275 USD) at auction on Tuesday, setting a new global record for a collectible from the wildly popular "blind box" toy genre.
The sale happened at Yongle International Auction, a Beijing-based house known primarily for its modern art and jewelry auctions. This event marked the first auction ever dedicated to Labubu — the mischievous, toothy character designed by Hong Kong illustrator Kasing Lung and commercialized by Chinese toy giant Pop Mart.
“It sold for 1.08 million, which I believe is a record — definitely a world record for a Labubu sculpture,” said Zhao Xu, founder of Yongle Auction House. “Collectors would have thought long and hard before offering such a price. It truly is a non-standard art piece.”
The figurine, a mint green Labubu standing 4.3 feet tall, was the only one of its kind in the world, according to the auctioneer. Starting from a base price of zero, it received multiple bids from both in-person attendees and over 1,000 online bidders using Yongle’s mobile app. In total, the auction raised 3.73 million yuan ($519,000 USD) across 48 lots.
First introduced a decade ago, Labubu began its journey as an art toy before becoming a mainstream sensation in 2019, when Pop Mart began distributing the characters through its blind box format. These boxes, sold for around 50 yuan ($7 USD), conceal the toy’s design until unclogged, fueling a global craze for mystery collectibles.
Labubu’s rise from niche figure to cultural phenomenon was accelerated by celebrity endorsements. Lisa, a member of Korean pop group Blackpink, helped catapult the character to fame after being seen with a Labubu figurine in public appearances and on social media. In May, David Beckham shared an Instagram photo featuring a Labubu clipped to his bag, sparking renewed interest.
“Pop Mart has been around for quite a while and has built a solid foundation,” Zhao added. “Its market cap is now comparable to Sanrio’s, and I think it’s about to surpass them.”
University student Wang Siyi offered insight into the brand’s appeal:
“It’s playful and quirky, a little rebellious. And Labubu collaborates with big IPs like Mario and other international brands. That’s a big part of the draw.”
With its record-breaking auction and continued global buzz, Labubu seems to be evolving from trendy toy to high-value collectible — signaling that the blind box craze is far from over.