Beijing auction sees life-sized Labubu doll sell for record sum as global craze intensifies.

A life-sized Labubu doll sold for a staggering 1.08 million yuan ($150,324; £110,465) at an auction in Beijing this week, setting a new world record for the most expensive toy of its kind. The sale took place at Yongle International Auction and has only intensified the global obsession surrounding these quirky collectables.

The towering 131cm (4ft 4in) figurine drew gasps from the crowd as bidding escalated. Once the final gavel fell, the auctioneer congratulated the winning bidder, who now owns the most valuable Labubu ever sold. The auction house confirmed that this sale has officially made it the world’s most expensive toy of its category.

Labubu dolls, the brainchild of Hong Kong artist Kasing Lung, have seen their popularity soar in recent years. Originally released a decade ago, these monster-like figures quickly developed a cult following, but recent celebrity endorsements have catapulted them into mainstream culture.

Ordinarily, a standard Labubu costs a modest 50 yuan, sold primarily through Chinese toy giant Pop Mart. However, this auction saw prices climb to extraordinary heights. A total of 48 Labubu items went under the hammer at the event, with around 200 enthusiastic collectors in attendance. Yongle International Auction reported a total haul of 3.37 million yuan from the night’s sales.

The meteoric rise of Labubu’s popularity can be largely attributed to its frequent appearances on social media. Global celebrities, including Lisa from K-pop sensation Blackpink, have flaunted their Labubu collections online, fuelling a frenzied demand. The dolls became a viral sensation on TikTok, with videos showcasing the toys amassing millions of views.

Pop stars such as Rihanna and Dua Lipa have also been spotted with Labubu, further cementing its status as a must-have accessory. Even football royalty has joined the trend — former England captain David Beckham recently shared an Instagram photo featuring a Labubu clipped to his bag.

The craze has not been without its controversies. Earlier this year, Pop Mart pulled Labubu dolls from its UK stores after chaotic scenes broke out, with customers reportedly fighting over the limited stock. The toys are often sold in mystery “blind boxes,” where buyers only discover which design they’ve purchased after unwrapping the package, adding to the thrill — and sometimes the tension — of each purchase.

Despite the high prices seen at auction, Pop Mart continues to thrive on everyday sales. The firm reported a revenue of 13 million yuan for 2024, more than double its previous year’s earnings. Its rapid international expansion has seen new stores open in five additional countries, including Italy and Spain, further spreading the Labubu phenomenon across continents.

The success of Labubu reflects the growing power of niche collectibles fuelled by social media, celebrity endorsements, and dedicated fan communities. What began as an offbeat creation by a Hong Kong artist has now become a global cultural icon, drawing both casual collectors and serious investors alike.

As the dust settled in Beijing, one thing became clear: the world’s appetite for Labubu shows no signs of slowing. With auction records shattered and new markets opening, the quirky monster doll has firmly established itself as a heavyweight in the world of luxury collectibles.