The article examines the meteoric rise and current cooling of the market for Labubu, the Nordic fanged monster character created by artist Kasing Lung. After a decade of slow development, Labubu exploded in popularity through Chinese toy blind-box manufacturer Pop Mart, leading to record auction sales in 2025. Yongle Auction in Beijing organized the world's first themed Labubu sale, where a mint-green sculpture sold for RMB 1.242 million and a painting, 'Pure' (2021), fetched RMB 1.61 million, setting successive records. The frenzy attracted a diverse range of buyers, from streetwear collectors to traditional ceramics enthusiasts, many of whom share their purchases on social media platforms like Douyin.
This story matters because it illustrates a new dynamic in the art market where social media virality and visibility, rather than traditional curatorial endorsement, drive demand and prices. The Labubu phenomenon blurs the lines between fine art, designer toys, and collectibles, challenging conventional market hierarchies. As the initial frenzy cools, the article raises questions about the sustainability of such hype-driven markets and what comes next for both the artist and the collectors who fueled the boom.