Labubu Sells for RMB1.242 Million at Beijing Auction
Bastillepost · 1 SOURCESabout 2 hours ago5 MIN
Summary
A mint-green, 131-centimetre first-generation Labubu sold for RMB1.242 million including commission at a Beijing 2025 spring auction held on June 10, 2025, after a hammer price of RMB1.08 million, with the auction house describing it as the only one of its kind in the world. The sale adds to signs that Labubu, the “ugly-cute” elf created by Hong Kong artist Kasing Lung (龍家昇), has crossed from mass-market blind boxes into the art and collectibles market
Key Points
- At the Beijing sale, a 160-centimetre brown Labubu also fetched a hammer price of RMB820,000, while all 48 lots in the dedicated session sold for a combined RMB3.7254 million
- Labubu originated from a Nordic forest elf character created by Hong Kong artist Kasing Lung, and a three-piece “Three Wise Labubu” set previously sold for HK$203,200 at Sotheby’s Hong Kong
- The brand’s commercial model relies on blind-box uncertainty and low-probability hidden editions; in Britain, store sales were once suspended after buying clashes, and some hidden figures briefly traded for about RMB2,300
- The turning point came in April 2024, when Blackpink member Lisa repeatedly posted Labubu on social media, followed by endorsements from Madonna, David Beckham and his daughter, and Charmaine Sheh
- Pop Mart reported 2025 revenue of RMB37.12 billion, up 184.7% year on year, with Labubu contributing RMB14.16 billion and overseas revenue reaching RMB16.27 billion, or 43.8% of the total
Why It Matters
For Hong Kong readers, Labubu’s rise ties a locally created character to a global consumer business and to the city’s auction and capital-market ecosystem. But the story is also shifting from explosive growth to sustainability, as Pop Mart has called 2026 a year of operational adjustment after first-half overseas revenue and Labubu sales both declined year on year