A life-sized Labubu doll has broken a new record after it fetched a whopping 1.08 million yuan ($150,324 or £110,465), as stated by the Yongle International Auction house in Beijing. The 131cm (4ft 4in) doll is now the world’s most expensive of its type.
Designed by Hong Kong artist Kasing Lung, Labubu dolls are strange monster-like figures that have gained popularity, particularly after being endorsed by international celebrities. The dolls are normally retailed for only about 50 yuan by Chinese toy retailer Pop Mart.
The auction, which was fully sponsored by Labubu collectibles, comprised 48 items and attracted approximately 200 participants. A total of 3.37 million yuan was raised during the event.
Overnight Popularity of Labubu Dolls
Labubu dolls have recently become very popular around the world, partly because they have appeared commonly in social media posts by Lisa of the K-pop band Blackpink. Rihanna and Dua Lipa have also featured the dolls, and even David Beckham shared a picture of one hanging off his bag on Instagram.
The online toy craze on sites such as TikTok is responsible for creating high demand. Even in the UK, Pop Mart had to pull up Labubu dolls from shelves due to shop customer violence.
The Chinese toy firm is also popular for its ‘blind boxes’, in which customers have no idea what the design of the figurine is when they purchase it. This blind format has been partly responsible for the cult following enjoyed by the brand.
Labubu’s runaway popularity has pushed Pop Mart to double sales to 13 million yuan in 2024, and the firm expanded into five new nations during the last year, including Spain and Italy.
