At first glance, it looks like a toy: a mischievous little gremlin with sharp ears, wide eyes, and a toothy grin. But make no mistake — Labubu is no ordinary toy. Equal parts street style staple, luxury collectible, and art object, Labubu is the Gen Z status symbol you didn’t see coming.

And if there was ever any doubt, that changed this week — when a human-sized Labubu sold for a record-breaking 1.08 million yuan ($200,000 CAD) at an auction in Beijing, officially becoming the most expensive toy of its kind in the world.

Labubu’s Origin Story

Labubu is the breakout star of The Monsters, a line of characters created over a decade ago by Kasing Lung, a Hong Kong-based artist and illustrator known for his whimsical, slightly eerie creations. Labubu — with its oversized ears, wild grin, and impish energy — has since evolved into a pop culture phenomenon thanks to its partnership with Chinese collectible toy giant Pop Mart.

Sold in blind boxes and limited series, Labubu quickly became one of Pop Mart’s crown jewels, embodying a design language that’s distinctly modern: equal parts cute, creepy, and collectible.

How Labubu Broke the Internet

Labubu’s rise wasn’t slow — it was viral. From Instagram shelfies to TikTok unboxings, Labubu figures quickly became Gen Z must-haves, especially once celebrities like BLACKPINK’s Lisa, Rihanna, and Dua Lipa were spotted wearing them as bag charms or posting them in selfies. Even David Beckham joined the frenzy, sharing an image of a Labubu hanging from his designer tote.

That kind of visibility propelled Labubu out of toy circles and into fashion and streetwear culture. The blind box format added a thrill of surprise, while Pop Mart’s drop-style releases gave the brand the kind of hype reserved for sneaker launches.

Earlier this year, Pop Mart pulled Labubu from its UK stores after fights broke out among customers trying to get their hands on new releases — an act more reminiscent of iPhone lines or Black Friday than a toy store.

The crescendo of Labubu-mania came this week, when a 131cm (4’4″) human-sized Labubu figurine was auctioned off at Yongle International Auction in Beijing for 1.08 million yuan ($200,000 CAD). It was one of 48 Labubu items sold during a dedicated auction, which attracted nearly 200 attendees and raised 3.37 million yuan in total.

The sale solidified Labubu’s place in the luxury collectibles market — not just as a toy, but as a serious asset class for next-gen collectors.

Meanwhile, the Labubu phenomenon has helped propel Pop Mart to a record 13 billion yuan ($2,500,000,000 CAD) in revenue in 2024, more than doubling its earnings from the previous year. The brand has expanded globally, opening stores in Italy, Spain, and other international markets to meet growing demand.

Collecting Chaos: The Wildest Labubus on the Market

While standard Labubu blind boxes retail in Asia for about 50 yuan ($10 CAD), the aftermarket is a different beast entirely. Some rare or secret-edition figures — including special artist collaborations or crossover releases — sell for hundreds, even thousands of dollars online.

Top-tier collectibles include:

• Space Labubu – A metallic variant that regularly resells for $1000 CAD

• Labubu x Skullpanda Hybrids – Crossover collectibles that marry fanbases and spike prices.

• Artist-Custom Labubus – Hand-painted or one-off sculptures sold through auction or gallery drops, with prices into the five-figure range.

But nothing compares to the newly minted million-yuan mega-Labubu — a symbol of just how blurred the lines between toy, art, fashion, and luxury have become.

Labubu isn’t just being collected — it’s being styled. Across social media, fans are adorning their figurines with miniature Prada bags, Balenciaga hoodies, and tiny Chanel sunglasses, turning the mischievous monster into a pint-sized fashion icon. Some collectors commission custom accessories, while others repurpose doll-sized luxury items to create full-blown Labubu looks. It’s cosplay for collectibles — a tongue-in-cheek fusion of high fashion and toy culture that feels perfectly Gen Z: ironic, indulgent, and irresistibly Instagrammable.

Labubu’s appeal lies in its contradictions: grotesque yet adorable, mass-produced yet exclusive, playful yet valuable. In many ways, it mirrors the taste of the generation that made it famous. Gen Z isn’t looking for sleek minimalism or traditional status symbols — they’re looking for culture, character, and collectibles that speak to their digital-first, irony-infused worldview.

And in that space, Labubu reigns.

Whether clipped to a designer bag, showcased on a shelf, or encased in auction glass, Labubu has become more than a toy — it’s a cultural artifact of our time.