A life-sized Labubu figure was sold for 1.08 million yuan (approximately S$193,500) at an auction in Beijing on Tuesday (June 10), setting a new benchmark for the collectible toy as it transitions from a trendy item to a sought-after collector’s piece. The auction, organized by Yongle International Auction—known for its modern art and jewellery sales—was the first ever solely focused on Labubu, the quirky, sharp-toothed figurines made popular by Chinese toy manufacturer Pop Mart. The event featured 48 lots and attracted around 200 in-person attendees, while over 1,000 bidders participated through the auction house’s mobile platform. Bidding for each item began at zero, and the event raised a total of 3.73 million yuan.

The top-selling piece, a 131cm (4.3-foot) tall mint green Labubu figure, sparked a bidding war before being sold for 1.08 million yuan. According to the auctioneer, it is the only known piece of its kind. Another notable sale was a set of three 40cm Labubu figures made of PVC, titled "Three Wise Labubu." Produced in a limited edition of 120 sets in 2017, the trio fetched 510,000 yuan. A similar set recently sold for HKD 203,200 (S$33,300) at a Sotheby’s auction in Hong Kong.

Labubu was created over a decade ago by Hong Kong artist Kasing Lung and began mass production under Pop Mart in 2019. Pop Mart is known for its "blind box" marketing strategy, where buyers don’t know which design they’ll receive until unboxing. These toys typically retail for around 50 yuan. Labubu’s popularity soared after K-pop idol Lisa from Blackpink was seen with the toy and spoke positively about it in interviews and online posts. The trend gained momentum, with celebrities like David Beckham also showcasing Labubu figures online—he recently posted a photo of one clipped to his bag.

One bidder at the Yongle auction, a restaurant owner named Ms. Du, shared that she had planned to spend up to 20,000 yuan but ultimately didn’t make a purchase due to the high prices. “My child is a big fan, and we try to buy a few whenever new Labubu toys are released. It’s hard to describe why it’s so popular—but clearly, it resonates with this generation,” she said.