At an auction held in Beijing, a life-sized Labubu doll sold for a record price of 1.08 million yuan (approximately 190,000 Singapore dollars), reflecting the popularity of this collectible toy, which gained fame through celebrity endorsements.
According to Bloomberg, this one-of-a-kind mint green Labubu is one of the monster characters created by Hong Kong artist Long Jiaseng. The doll was auctioned alongside 47 other Labubu collectibles at Yongle Auction House in China on Tuesday (June 10).
Another limited-edition brown Labubu ultimately sold for 820,000 yuan. The total auction proceeds reached 3.73 million yuan, marking the first-ever global auction themed around Labubu, attracting thousands of buyers both online and offline to participate enthusiastically.
According to reports, the youngest buyer at the auction was just nine months old, with their family bidding on a co-branded Labubu doll in the infant's name, which sold for 32,000 yuan.
Labubu dolls are produced by Pop Mart, headquartered in Beijing. After celebrities such as Rihanna and BLACKPINK member Lisa were seen carrying Labubu dolls in public, they sparked a fervent following among fans. To secure their desired designs, many fans were willing to queue for hours and even pay a premium to purchase them.
As the popularity of this tooth-baring monster design surged, Pop Mart's Hong Kong-listed shares have risen by over 180% year-to-date.
Currently, Deutsche Bank has raised its target price for Pop Mart by 52% to 303 Hong Kong dollars (approximately 49 Singapore dollars), while Morgan Stanley has also increased its target price from 224 Hong Kong dollars to 302 Hong Kong dollars. (Source: Reuters)