Hong Kong – May 30, 2025 — A collectible from the ‘Three Wise Labubu’ series by renowned Hong Kong artist Kasing Lung has been sold for HK$203,200 at Sotheby’s, marking one of the highest public auction prices for a Labubu figure to date. The piece, themed after the classic ‘see no evil, hear no evil, speak no evil’ trio, reflects the explosive growth of Popmart and the wider designer toy market.
The Labubu character, created by Kasing Lung, first gained traction in the early 2010s. Drawing inspiration from European fairy tales and Japanese character design, Labubu debuted in blind box collectibles distributed through Popmart, the Beijing-based toy company now listed on the Hong Kong Stock Exchange. Kasing Lung, who began his career as an illustrator in Belgium, partnered with Popmart to bring his fantastical creatures to mass audiences across Asia.
Labubu’s popularity skyrocketed following high-profile celebrity endorsements, particularly by BLACKPINK’s Lisa, whose public appearances with Labubu figures ignited a collector frenzy across Asia. Prices for rare Labubu editions on the secondary market have since soared, with some reaching six-digit valuations in HKD.
Popmart, the powerhouse behind a portfolio of artists including Kenny Wong (Molly) and Ayan Deng (Dimoo), has played a pivotal role in mainstreaming designer toys. Through a mix of offline flagship stores, online drops, and global licensing, Popmart has created a subculture of toy collectors spanning Hong Kong, mainland China, Southeast Asia, and the West.
The Sotheby’s auction signals that designer toys are entering the realm of fine art collecting. Market analysts suggest that figures like Labubu are not only pop culture symbols but also alternative assets in a diversifying collectibles market.
With scarcity, character storytelling, and emotional appeal driving demand, Labubu’s rise from cult favorite to auction headline is a testament to how designer toys are reshaping the intersection of art, commerce, and fandom.
