A human-sized Labubu doll has set a new record by fetching 1.08 million yuan (approximately $150,324 or ยฃ110,465) at an auction held in Beijing this week, according to Yongle International Auction House. Measuring 131 centimeters (4 feet 4 inches), this figurine is now recognized as the worldโs most expensive toy of its kind.
Background
The Labubu dolls, whimsical monster characters, were designed a decade ago by Hong Kong artist Kasing Lung. Their popularity has surged in recent years, largely attributed to endorsements from high-profile celebrities. They are produced by Pop Mart, a Chinese toy company known for its innovative marketing strategies. Typically, these dolls are sold at a modest price point of around 50 yuan.
This weekโs auction was dedicated exclusively to Labubu collectibles, showcasing 48 distinct items and drawing approximately 200 attendees. In total, the event raised 3.37 million yuan.
Celebrity Influence
The rising demand for Labubu dolls can be closely tied to their visibility on social media platforms, especially TikTok. K-pop sensation Lisa, a member of the group Blackpink, has been instrumental in popularizing these dolls through her posts. Other celebrities, including Rihanna and Dua Lipa, have also been seen with Labubu figures, amplifying their appeal among fans and collectors alike. Additionally, former England football captain David Beckham featured a Labubu doll attached to his bag in a recent Instagram post.
Sales Surge and Market Impact
Earlier this year, Pop Mart faced challenges when it pulled Labubu dolls from all UK stores following reports of intense customer competition over the sought-after items. This incident highlights the toysโ rising status as collectible phenomena. The company typically markets these dolls through โblind boxes,โ allowing customers to discover the specific design only upon opening the packaging.
As the demand for Labubu toys continues to climb, it has significantly bolstered Pop Martโs business performance. The companyโs revenue surged to 130 million yuan for 2024, more than doubling its earnings from the previous year. Following its success, Pop Mart expanded its retail presence, opening new stores in five countries, including Italy and Spain, last year.
Conclusion
The unprecedented auction price of the Labubu doll not only underscores the growing phenomenon of collectible toys but also reflects broader trends in consumer enthusiasm driven by social media and celebrity culture. The future looks promising for Pop Mart and its signature Labubu line as they continue to capture the interest of both collectors and fans globally.
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