Why a tiny Labubu toy just sold for a record-breaking Dh38,000 on eBAY

Dubai: You’re probably used to paying a few dollars for a collectible toy, but one small figurine just sold for a life-changing amount of money. The most expensive Labubu toy in the world just went for an astounding $10,500 (Dh38,535) on eBay, 125 times its original price of just $85 (Dh312).

The Skater Labubu

The record-breaking toy is a rare, gray-brown doll rocking a tiny Vans streetwear outfit, complete with sneakers, a sweatshirt, and a blue and orange hat that reads 'The Monsters.' This particular figurine was part of a 2023 collaboration between Pop Mart and Vans, sold in a 'blind box.' As a limited-edition toy, it quickly became a highly sought-after collectible.

The allure of Labubu

So why are people paying so much for these quirky, toothy creatures? The answer lies in their scarcity. Labubu toys are the brainchild of Hong Kong artist Kasing Lung, who first designed the characters a decade ago, drawing inspiration from Nordic mythology. The toys have become a viral sensation, thanks in part to Pop Mart’s limited-supply model.

Labubus are typically sold for $20 to $40 (Dh73 to Dh147) in blind boxes, meaning buyers don't know which character they'll get until they open it. The real frenzy, however, is for the super-rare 'secret' editions. The odds of finding one of these in a blind box can be as slim as 1 in 72 or even 1 in 144. It's these secret editions that are fetching thousands on resale sites. For example, a pink 'secret' edition from the “Catch me if you like me” series recently sold for $2,000 (Dh7,340) on eBay.

A modern-day treasure hunt

The demand for Labubus is so high that new releases sell out almost instantly. Fans have been known to line up for hours, sometimes before dawn, just to get their hands on new releases at Pop Mart stores. The weekly drops have been described by some collectors in the UK as the “Labubu Hunger Games,” with restocks causing such chaos and fighting that toys have occasionally been pulled from shelves.

Experts are taking notice of the trend. According to collectible appraiser Lori Verderame, who has her own show on the History Channel, the unique look and general appeal of Labubu toys will make them a strong market collectible for years to come. Alex Fung, a pop culture consignment director at Goldin Auctions, believes that the early Labubus are the ones most likely to hold their value over time. For now, the hunt for these small, toothy monsters continues, and their value only seems to be growing.