​The Labubu craze sweeps the world: A myth of collectible toys amid a sky-high auction price of 1.08 million, celebrity endorsements, and bubble controversies

The Labubu craze sweeps the world: A myth of collectible toys amid a sky-high auction price of 1.08 million, celebrity endorsements, and bubble controversies

A mint-colored Labub doll was sold for 1.08 million yuan at the Yongle Spring Auction on June 10, 2025, setting a new record in the history of collectible toy auctions.  In the same auction, a limited edition of 15 brown pieces was sold for 820,000 yuan, while the Valentine's Day limited edition, originally priced at only 599 yuan, was driven up to 8,000 yuan in the second-hand market.  Behind this set of figures lies the global craze sparked by the toothed elf Labubu designed by Hong Kong artist Kasing Lung - from the forced suspension of sales in London stores due to rush buying conflicts to brawls among Korean fans who queued up all night.  From the fact that superstars like Lisa and Rihanna of Blackpink regarded it as a "social hard currency", to the fact that the views of related topics on TikTok exceeded one billion times, jpmorgan Chase even claimed that its search popularity "has surpassed Hello Kitty".