A remarkable event unfolded at a recent auction in Beijing, where a human-sized Labubu figure fetched a staggering 1.08 million yuan, or approximately £111,000, marking a significant milestone for the collectible toy market. This auction, held by Yongle International Auction, was notable not only for its monetary achievements but also for being the inaugural sale dedicated entirely to Labubu figures. The occasion was marked by a lively atmosphere, with around 200 attendees present in person and over a thousand others participating through the auction house’s mobile app.

The Labubu figures, characterised by their whimsical toothy designs, originated from the creative mind of Hong Kong artist Kasing Lung a decade ago. Their affiliation with Pop Mart, a Chinese toy company that has successfully marketed them since 2019, has contributed significantly to their ascendance from a mere trend to becoming cherished collectibles. The auction featured a total of 48 lots and raised an impressive 3.73 million yuan overall.

Among the highlights was the standout piece—a unique, mint green Labubu measuring 131 cm (approximately 4.3 feet) in height. This figure garnered numerous bids before finally selling for the eye-catching price. Additionally, a limited edition set of three “Three Wise Labubu” sculptures, originally released in a restricted run of only 120 pieces in 2017, sold for 510,000 yuan.

The surge in popularity of Labubu figures can be attributed in large part to endorsements from international celebrities. Lisa, a member of the popular K-pop group Blackpink, has been particularly influential, having shared her admiration for Labubu on social media. Following her endorsement, other high-profile figures, including famed British football star David Beckham, also posted about their own Labubu figures, further elevating the character’s appeal among fans and collectors alike.

The essence of Labubu’s allure appears to resonate deeply with a younger generation. One bidder, who preferred to remain unnamed and has a child enamoured with the character, expressed disappointment at being unable to purchase a figure due to the unexpectedly high final bids. She remarked, “It is hard to explain its popularity, but it must have moved this generation,” highlighting the emotional connection many feel towards the character.

As Labubu figures continue to evolve in their market status, they are increasingly seen not only as toys but also as valuable investments. This shift has been echoed by recent auctions at prestigious venues, including Sotheby’s, which have bolstered the reputation of Labubu within the larger landscape of collectible art and toys. In this escalating market, Pop Mart is poised to expand its reach, considering future international openings, including ventures in Europe and the United States—an indication of the brand’s growing prominence in the global collectible sphere.

Despite the intense enthusiasm and soaring prices, the accessibility of Labubu remains a point of interest for many fans, with the standard blind box toys starting at around 50 yuan. As the excitement surrounding Labubu continues, both collectors and casual fans are left contemplating the future of this unique phenomenon and its place in the world of collectibles.

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Source: Noah Wire Services