Record-Breaking Sale of Labubu Dolls Sparks Debate on Value and Speculation
The recent auction of two Labubu collectible dolls for a staggering total of 190 million yuan has sparked widespread discussion on social media, with many expressing disbelief and skepticism about the high prices. The mint-colored Labubu sold for 1.08 million yuan, while the brown Labubu sold for 820,000 yuan. Both dolls previously belonged to a collector known by the pseudonym 'Cheng Luo', who had purchased them in 2020 for just over 100,000 yuan. About a year later, he sold them to another collector for around 300,000 yuan.
12 June 2025
The story began in 2019 when the mint-colored Labubu was displayed at a fashion brand store in Shanghai, where Labubu designer Long Jiasheng was photographed with it during a special exhibition. In May 2020, a collector known as "Jing Jing Zhi Yuan" purchased the unique mint-colored Labubu from a trendy store associated with actor Zheng Kai for a five-digit price. The same collector acquired a brown Labubu, No. 7 of 15 limited editions, from another collector the next day. After keeping both Labubus for about 1-2 years, the collector sold both pieces to a buyer for a six-digit figure.
The buyer later put the pieces up for auction at the Yongle 2025 Spring Auction, where they were sold for record-breaking prices. The original collector, "Jing Jing Zhi Yuan", spoke to media outlets about his previous ownership of these now-valuable pieces, expressing satisfaction with his past eye for valuable pieces and stating that he has no regrets about the price he sold them for. He mentioned that he had purchased the mint-colored Labubu in 2020 for a five-digit price and sold it, along with the brown Labubu, for a six-digit figure.
The auction was part of a larger sale where 48 Labubu pieces were sold for a total of 3.73 million yuan, highlighting the explosive growth in the designer toy market. The popularity of Labubu has led to a surge in demand, with some limited edition pieces selling for extremely high prices on the secondary market. The Labubu series has become a cultural phenomenon, with many fans and collectors eagerly seeking out new pieces to add to their collections.
However, not everyone is convinced of the value of Labubu, with some questioning the high prices and comparing them unfavorably to other collectibles. Others have warned against investing in Labubu as a get-rich scheme, predicting that the trend will eventually crash and leave many with worthless items. The debate surrounding Labubu's value has sparked a wider discussion about the nature of collectibles and the role of social media in driving demand.
As the market for Labubu continues to evolve, it will be interesting to see how the phenomenon unfolds. With new pieces being released and the demand for existing ones remaining high, it's likely that Labubu will remain a major player in the collectibles market for some time to come. The story of Labubu serves as a reminder of the power of social media and the importance of understanding the factors that drive demand in the collectibles market.
The success of Labubu can be attributed to several factors, including its unique design, which has been described as "丑萌" or "ugly-cute". The character's appearance, which features sharp teeth and pointed ears, has resonated with many young people who are drawn to its edgy and rebellious vibe. Additionally, the limited availability of certain Labubu pieces has created a sense of scarcity, which has driven up demand and prices.
The Labubu phenomenon has also been fueled by social media, with many fans and collectors sharing photos and videos of their Labubu collections online. The character's popularity has been further boosted by celebrity endorsements, with several high-profile celebrities, including Rihanna and Lisa, showcasing their Labubu collections on social media.
As the Labubu craze continues to sweep the globe, it's clear that the character has tapped into something deeper and more complex than just a passing fad. For many fans, Labubu represents a way to express themselves and showcase their individuality, and its popularity is likely to endure for some time to come.
