INDUSTRY NEWS WRAP:First-edition Labubu sells for record $150,300

A first-edition figure from the globally popular Labubu collectible toy series set a new auction record at Yongle’s 2025 Spring Auction in Beijing, fetching 1.08 million yuan ($150,300). The winning bidder at the world’s first “First-Edition Collectible Labubu Art Special Auction”on June 10 took home a 131 cm-tall mint green PVC sculpture of the original Labubu. The final sale price was even higher at 1.24 million yuan, which includes commission, setting a new record for both Labubu and its creator, Hong Kong artist Kasing Lung.

According toCaixin,the piece was created before Lung signed a licensing deal for the character with Pop Mart (09992.HK), and was labeled as “the only one in the world.” It was sold to an online collector after a no-reserve auction. Another 160 cm-tall brown Labubu, limited to just 15 pieces worldwide, sold for 934,000 yuan. All 48 pieces in the auction were sold, fetching 3.73 million yuan.

Notably, a Labubu piece titled “Three Wise Labubu,” which had just sold at Sotheby’s Hong Kong in May for 186,000 yuan, returned to the Yongle auction block within a month and sold for 586,500 yuan — more than triple its previous price.

Kasing Lung, known as the “Father of Labubu,” was born in Hong Kong in 1972 and moved to the Netherlands as a child. His work, heavily influenced by Nordic folklore, includes illustrated books and collectible figures. He began publishing in 2011 and entered the contemporary art scene in 2020. In spring this year, one of his acrylic paintings debuted at Christie’s evening sale, highlighting his artistic potential and market appeal.

Labubu is now a Pop Mart intellectual property. Since launching the Labubu blind box series in 2019, the company has released various successful product lines incorporating the character. A soft vinyl plush doll launched in October 2023 further fueled the craze. In April 2024, a photo of South Korean pop star Lisa with Labubu on social media sparked a frenzy for the figures in Southeast Asia. Celebrities like Rihanna and David Beckham were later seen pairing Labubu with luxury handbags from Hermès and Louis Vuitton, making “Luxury + Labubu” a new fashion trend. The toy has even been nicknamed “Plastic Moutai” by fans, referring to China’s most famous liquor.

On secondary markets in China, prices for some Labubu figures have surged more than 24 times their list prices. According to Pop Mart’s 2024 annual report, the Labubu-led “Monsters” series generated 3.04 billion yuan in revenue that year, a 7.3-fold year-on-year increase, becoming a major growth driver for the company.

By Lee Shih Ta

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