A human-sized Labubu doll sold for an impressive 1.08 million yuan (approximately US$150,000) at an auction in Beijing, highlighting the rising craze for this popular collectible toy embraced by celebrities.
The unique mint green Labubu, a monster character designed by Hong Kong-born artist Kasing Lung, was auctioned at China’s Yongle Auction house on Tuesday alongside 47 other Labubu-related items. The sale also included a limited-edition brown Labubu, which fetched 820,000 yuan, bringing the total sales value of the auction to 3.73 million yuan, according to local media reports. This event, described as the world’s first auction of Labubu artwork, drew thousands of on-site and online bidders, the report noted.
Pop Mart International Group Limited, the Beijing-based creator of the distinctive monster dolls, has seen its shares jump over 180% this year amid the popularity of its soft toys, which are carried by celebrities such as Rihanna and K-pop star Lalisa “Lisa” Manoban from Blackpink. Enthusiasts are known to endure long queues and pay inflated prices to secure their favorite Labubu toys.
A recent incident involved a Chinese bank offering Labubu as free gifts to attract depositors, prompting regulatory intervention and a ban on such practices.
The youngest buyer at the auction was a nine-month-old infant, whose family purchased a co-branded Labubu doll for 32,000 yuan in the child’s name, the report said.
The toys’ popularity has prompted brokerages to raise Pop Mart’s price targets. Deutsche Bank increased its target by 52% to HK$303 ($38.6), citing strong offshore growth, while Morgan Stanley raised its target to HK$302 from HK$224, suggesting it should be valued similarly to companies like Sanrio and Walt Disney.
Last year, Pop Mart’s blind-box series featuring Labubu generated over 3 billion yuan in sales, accounting for nearly a quarter of the company’s revenue.
