This week, a colossal human-sized Labubu doll fetched an astonishing record price of 1.08 million yuan ($150,324; £110,465) at a Chinese auction house, as announced by Yongle International Auction in Beijing. Standing an impressive 131 centimeters (4 feet 4 inches) tall, this figurine has now claimed the title of the world's most expensive toy of its kind, according to the auctioneer.
Created a decade ago by Hong Kong artist Kasing Lung, Labubu dolls are quirky monster characters that have garnered immense popularity in recent years, thanks to endorsements from numerous celebrities. Typically retailing for around 50 yuan, these dolls are manufactured by Chinese toy company Pop Mart. Dedicated entirely to Labubu, this week's auction showcased 48 items and was attended by approximately 200 enthusiasts, raising a total of 3.37 million yuan.
The figurines have sparked a global buying frenzy, especially after frequent appearances in social media posts by Lisa from the K-pop group Blackpink. They became a viral TikTok trend when celebrities like Rihanna and Dua Lipa were spotted with them. Even former England football captain David Beckham couldn't resist the charm, posting a photo on Instagram of a Labubu doll attached to his bag.
Earlier this year, Pop Mart had to withdraw the dolls from all UK stores following reports of customers fighting over them. The Chinese retailer often sells these collectible toys in mystery "blind boxes," which are highly popular among customers who eagerly await the reveal of the figurine's design upon opening the packaging.
The surge in popularity of Labubu toys has significantly contributed to the success of Pop Mart. The company's revenue soared to 13 million yuan in 2024, more than doubling the previous year's figure. Last year, it expanded its footprint by opening new stores in five countries, including Italy and Spain.
