A Beijing auction house sold a life-sized Labubu figure for 1.08 million yuan (approximately SGD$193,400) on 10 Jun 2025. The sale set a new record for the “blind box” toy as it moves from craze to collectible.
Yongle International Auction held the event, marking the first auction dedicated to Labubu figurines. The auction house traditionally specialises in modern art and jewellery.
Record-Breaking Labubu Sales at First Dedicated Auction
The auction featured 48 lots and was attended in person by roughly 200 people. More than 1,000 bids were submitted through Yongle’s mobile app. All lots started with a base price of zero. The event raised a total of 3.73 million yuan (about SGD$5.3 million).
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The top-selling item was a 131cm-tall mint green Labubu figure. It received multiple bids before being sold for 1.08 million yuan. Yongle said it was the only one of its kind in the world.
A set of three 40cm-tall Labubu sculptures made of PVC material sold for 510,000 yuan (about SGD$72,700). The set, titled “Three Wise Labubu,” was part of a 2017 limited edition run of 120 sets.
A similar set from the same series sold for HK$203,200 (about SGD$33,300) at a recent Sotheby’s auction in Hong Kong.
From Hong Kong Artist Creation to Pop Mart Partnership
Labubu was created about ten years ago by Hong Kong artist and illustrator Kasing Lung. In 2019, Lung agreed to let them be sold by Pop Mart, a Chinese toy company that markets collectable figurines often sold in “blind boxes”.
These boxes are packaged without revealing the design inside, and typically retail for around 50 yuan (about SGD$9) in Pop Mart stores.
The toy’s popularity surged after Lisa from Korean pop group Blackpink was seen with a Labubu figure. She praised it in interviews and social media posts.
Other celebrities, including British footballer David Beckham, followed suit. In May, Beckham posted a photo showing a Labubu attached to his bag.
A restaurant owner who attended the auction and identified herself only as Du said she had planned to spend up to 20,000 yuan (around SGD$2,850) but walked away empty-handed as the final prices were too high.
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She said her child likes Labubu and they purchase one or two items whenever new releases become available. Du said it is difficult to explain the appeal but believes “it must have moved this generation.”
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