A one-of-a-kind mint-colored LABUBU figurine sold for 1.08 million yuan ($148,000) at Yongle’s 2025 Spring Auction in Beijing, marking a new milestone for China’s booming collectible toy market. The 131cm PVC sculpture was featured in the world’s first auction dedicated to first-generation LABUBU artworks.
Record-Breaking Auction Results
The historic sale included several premium LABUBU pieces:
- The unique mint LABUBU (hammer price: 1.08M yuan + 162,000 yuan commission)
- A brown limited edition LABUBU (820,000 yuan) – 1 of 15 globally
Yongle representatives confirmed the transactions but declined to disclose buyer identities, citing client confidentiality agreements.
Global LABUBU Mania
The auction coincides with unprecedented global demand for LABUBU products:
- POP MART stores worldwide report complete sellouts
- Milan locations see queues forming at 3AM
- Secondary market prices reaching 2x retail value
“Foreign collectors appear even more enthusiastic than overseas Chinese fans,” reported one Italian observer who witnessed a high-profile fashion collector attempting to bypass purchase limits.
Counterfeit Crackdown in Yiwu
Chinese authorities have launched a major anti-counterfeiting operation in Yiwu, the world’s largest small commodities market:
- Merchants removing unauthorized LABUBU replicas
- Remaining fakes selling for 60 yuan ($8) before final clearance
- Market supervision bureau warning of potential criminal penalties
Founder Becomes Henan’s Richest
POP MART founder Wang Ning has achieved new milestones:
- 207 billion net worth (Forbes Real-Time Billionaires List)
- Now Henan province’s wealthiest individual
- Alma mater featuring him prominently in alumni hall of fame
Financial Markets Respond
Investors continue betting on POP MART’s growth:
- Stock price up 191.57% YTD (HKEX: 9992)
- Deutsche Bank raises target price to HK$303
- Morgan Stanley predicts 42% overseas sales CAGR through 2027
The company’s 2024 financials showed explosive growth, with LABUBU’s IP THE MONSTERS line generating 3.04 billion yuan ($418 million) – a 726.6% year-over-year increase.
Cultural Phenomenon or Passing Fad?
While some consumers question the hype, analysts note LABUBU represents China’s growing soft power in design-driven consumer goods. “This demonstrates significant progress in China’s original toy design capabilities,” commented Chen Rui, associate professor at Communication University of China.
Industry observers caution that while the current frenzy may be temporary, it establishes POP MART as a serious player in the global collectibles market, with infrastructure to sustain long-term growth beyond any single IP’s lifecycle.
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