On June 8, 2025, a vinyl toy not much taller than a venti latte sold at a Chinese auction for $150,000. That toy? A Labubu — a wide-eyed, snaggle-toothed character from the The Monsters series by Pop Mart and artist Kasing Lung. And with that hammer drop, Labubu joined the ranks of Rolex Daytonas, PSA 10 Charizards, and blue-chip art as a legitimate investment-grade collectible.
If you’re unfamiliar with the Labubu phenomenon, now’s the time to get acquainted. These mischief-makers have quietly been building a cult following since their debut, especially in East Asia, where vinyl toy culture has long blurred the lines between childlike charm and adult obsession. But the recent sale marks a new threshold — one that elevates Labubu from hype to headline.
“Demand is outpacing supply in a way that’s becoming dangerous,” noted a WAX client who manages a seven-figure toy and art portfolio. “This isn’t just emotional bidding. It’s FOMO-fueled asset acquisition.”
The winning bid came during an auction hosted by Yongle, one of China’s premiere houses for pop-culture collectibles. While $150,000 may seem outlandish to casual observers, insiders aren’t blinking. A special-edition Labubu had previously sold for over $90,000 — but this most recent sale set a new watermark for what a designer toy can command. It wasn’t part of a collaboration with a luxury brand or gallery. It didn’t come with a diamond-studded base. It was pure collector demand.
So, what’s going on?
Scarcity + Sentiment = Supernova
At WAX Collect, we’ve been tracking an uptick in behavior tied to collectibles like Bearbricks, Sofubi, and yes, Labubu. For many collectors, these are no longer “toys” — they’re emotional assets. And in some cases, literal ones.
Consider this: between Q1 2024 and Q2 2025, insurance applications for collectibles on our platform increased by 54%, with values over $10,000 now making up nearly 30% of those submissions. That’s not impulse-buy territory. That’s portfolio planning.
And while some legacy financial analysts might still scoff at the idea of a $150k rabbit-eared figurine, that skepticism is eroding. Fast.
Bloomberg described the June sale as part of a “raging demand” for Labubu across China, highlighting how cultural relevance — not just provenance — is now driving price action.
From Shelf to Safe: What this means for Collectors
Whether you’re an enthusiast with a few vinyl characters perched on your desk or a serious investor with climate-controlled storage, this sale signals a turning point. Labubu’s rise isn’t just a fluke or fad. It’s a case study in how collectibles migrate from the fringe to the financial frontier.
More significantly for WAX clients, it underscores the growing risk exposure for insured — and uninsured — assets in this category. Designer toys are notoriously delicate, often unpackaged, and susceptible to damage from UV, dust, or minor handling. We’ve seen multiple issues tied to cracked surfaces, melted resin, and shipping mishaps — all of which erode long-term value.
If you’re holding high-value toys (or thinking of jumping in), now’s the time to formalize your strategy. That means vaulting, insuring, and tracking provenance with the same seriousness applied to watches or whisky.
Because in 2025, the line between toy and trophy is thinner than ever.
We’ve always treated collectibles with institutional-grade care. This sale confirms what our clients already know: niche doesn’t mean niche forever. Labubu is now part of the conversation. And we’re watching the next contenders closely.
Labubu dolls are no longer fringe collectibles—they’re assets in a global market.
