Labubu Auction Details: A Milestone in Pop-Culture Collectibles

On June 10, 2025, Beijing Yongle International Auction Co. hosted the world’s first “Labubu Original Collectible Art Auction,” marking a significant leap for Labubu from a trendy toy to a high-value collectible. This event, which drew over a million online viewers, gained further attention due to the participation of prominent figures like Sohu founder Charles Zhang and Hurun Report founder Rupert Hoogewerf. Below is a detailed overview of the auction.

Key Auction Items and Results

1. Mint Green Original Labubu
   • Description: The only one of its kind globally, standing 131 cm tall, made of PVC, in mint green, marked as “globally unique.”
   • Sale Price: Hammer price of 1.08 million RMB, totaling 1.242 million RMB with commission, setting a new global auction record for Labubu and a personal record for Hong Kong artist Kasing Lung.
   • Significance: This ultra-rare piece was the centerpiece of the auction, capturing widespread attention for its exclusivity.
2. Brown Labubu
   • Description: Limited to 15 pieces worldwide, also an original collectible.
   • Sale Price: Hammer price of 820,000 RMB.
   • Highlight: As a limited-edition item, its high sale price underscored Labubu’s growing value in the collectibles market.
3. Overall Performance
   • Transaction Rate: 100%, earning a “white glove” result (all lots sold).
   • Scope of Items: The auction featured a range of rare original Labubu designs, highlighting their potential as high-value collectibles.

Auction Background

• Organizer: Yongle International Auction Co., traditionally known for modern art and jewelry auctions, ventured into Labubu’s first dedicated auction, reflecting the rising prominence of the pop-toy market.
• Market Impact: The event not only boosted Labubu’s commercial value but also amplified its social influence, particularly with anecdotes like Charles Zhang regretting returning a rare Labubu.
• Cultural Significance: Created by Hong Kong artist Kasing Lung, Labubu draws inspiration from Nordic forest elves, blending a “cute-but-quirky” aesthetic (pointy ears, nine teeth, mischievous vibe) to become a global phenomenon. This auction signals the transformation of Chinese original pop-toy IPs from mass-market products to high-end collectibles.

Market Reactions

• Media Coverage: Outlets like Reuters and Global Times reported extensively, noting the auction as a record-breaking moment for blind-box toys and a shift toward collectible status.
• Social Media Buzz: On X, accounts like @NewsCaixin and @WallStTV highlighted the 1.242 million RMB sale of the mint green Labubu, sparking lively discussions among netizens.
• Secondary Market Surge: Labubu’s rare editions command significant premiums in secondary markets, with Macaron series hidden figures fetching 877% above retail and Vans collaboration pieces soaring 1284%. The auction further elevated its collectible value.

Additional Observations

• Celebrity Influence: Labubu’s global craze owes much to endorsements from stars like Blackpink’s Lisa, whose association skyrocketed its popularity.
• Economic Context: Per Pop Mart’s 2024 financial report, the THE MONSTERS series, including Labubu, generated 3.04 billion RMB in revenue, up 726.6% year-on-year, showcasing its market dominance.
• Challenges and Outlook: While the high auction prices enhance Labubu’s brand value, they also raise concerns about market bubbles. Pop Mart must innovate and regulate the market to sustain long-term appeal.

Conclusion

The Yongle 2025 Spring Auction’s Labubu special session, with its record-breaking prices and 100% transaction rate, underscores Labubu’s evolution from a blind-box toy to a collectible art piece. This event not only propels Chinese pop-toy culture onto the global stage but also sets a precedent for other local IPs entering high-end markets. However, balancing scarcity with cultural depth will be key to navigating the risks of market hype and ensuring Labubu’s enduring success.

For more details on specific lots or future auctions, let me know!