A rare, human-sized Labubu figure sold for a record-breaking 1.08 million yuan (£117,000) at Yongle International Auction in Beijing, highlighting the toy’s transformation from a niche “blind box” craze to a high-value collectible, driven by celebrity endorsements and global collector frenzy.

A human-sized Labubu figure fetched a staggering 1.08 million yuan (£117,000) at Yongle International Auction in Beijing on Tuesday, setting a new record for the quirky “blind box” toy that has captivated collectors worldwide. Created by Hong Kong artist Kasing Lung and propelled to global fame by Chinese toy company Pop Mart, the toothy monster figurines have transitioned from a niche craze to high-value collectibles, driven by endorsements from celebrities such as Blackpink’s Lisa and David Beckham. The auction, the first dedicated solely to Labubu, featured 48 lots and attracted approximately 200 in-person attendees, with over a thousand bidders participating via Yongle’s mobile app. The event raised a total of 3.73 million yuan (£403,000), with all items starting at a bidding price of zero.

The star of the auction was a unique mint green, 131 cm (4.3 feet) tall Labubu figure, described by the auctioneer as the only one of its kind in existence. It drew fierce bidding, ultimately selling for 1.08 million yuan. Another highlight was a set of three 40 cm “Three Wise Labubu” sculptures, crafted from PVC and part of a limited run of 120 sets produced in 2017. This set sold for 510,000 yuan (£55,000), following a similar set’s sale for HKD 203,200 (£20,000) at Sotheby’s recent Hong Kong auction. The skyrocketing value of Labubu reflects its cultural significance, fuelled by its “blind box” allure, where buyers purchase sealed packages without knowing the specific design inside, with retail prices starting at around 50 yuan (£5).

Labubu’s rise began a decade ago when Kasing Lung created the character, but its popularity exploded after Pop Mart began marketing it in 2019. The toy’s global appeal surged when Lisa from Blackpink was seen with a Labubu doll and praised it in interviews and social media posts. Other celebrities, including British football star David Beckham, who shared an Instagram photo of his Labubu attached to a bag in May, further amplified its status. The frenzy has transformed Labubu into a collector’s dream, with rare editions commanding prices far beyond their original retail value.

At the Yongle auction, bidders reflected the toy’s broad appeal. One attendee, a restaurant owner identified only as Ms. Du, said she had planned to spend up to 20,000 yuan (£2,150) but left empty-handed as prices soared beyond her budget. “My child loves it, so every time Labubu releases new products, we buy one or two items. It’s hard to explain its popularity, but it clearly resonates with this generation,” she remarked. The auction underscores Labubu’s shift from a playful trend to a serious investment, with collectors and enthusiasts driving demand for rare and oversized editions.

Yongle International Auction, traditionally known for modern art and jewellery, ventured into new territory with this event, highlighting the growing market for pop culture collectibles. The success of the auction signals that Labubu is no longer just a toy but a cultural phenomenon, blending art, nostalgia, and celebrity-driven hype. As the blind box craze continues to evolve, collectors worldwide are watching closely, eager to see how much higher Labubu’s value can climb.