Someone spent $150,000 on a Labubu. Yes, really.

Picasso? Don't know him. Rolex? Don't care. The hottest item on the collectibles market right now is a mischievous, sharp-toothed, gremlin-like little girl named Labubu. And yes, someone just paid $150,000 for one.

That’s not a typo. As reported by CNN, at a recent auction in Beijing, a mint green, first-generation Labubu figure measuring a whopping 131 centimeters tall (that’s over four feet!) sold for 1.08 million yuan, or about $150,325.

Let’s pause for effect: $150K. For a toy figure with a devilish grin and bunny ears. If you weren't convinced by now, Labubu is an icon, a legend — and she is the moment.

What makes this $150K Labubu so special?

This wasn’t your everyday Labubu plush keychain from Pop Mart (which typically retails anywhere from $27.99 to $39.99). This Labubu figure was the only one of its kind, auctioned at the prestigious Yongle International Auction House, which normally deals in fine jewelry and modern art. So when the auctioneer banged the gavel and congratulated the anonymous online bidder, it wasn’t just a win; it was a moment in collectible toy history.

The minty mischief-maker stood tall like a playful art statue, and it wasn’t alone. The auction featured 48 rare Labubus, including a 160 cm brown version that went for a cool $114,000. Only 15 of those exist, but even that couldn’t top the green figure's jaw-dropping price tag.

So, why are people paying Range Rover money for a Labubu?

Thank the global Labubu craze.

Created by Hong Kong illustrator Kasing Lung and mass-produced by Chinese toy powerhouse Pop Mart, Labubu isn’t your average cuddle toy. It’s part art, part misfit charm, part collector goldmine. Think of it as the lovechild of a Nordic folklore creature and a TikTok star, with a resale value much higher than its price tag. It's not uncommon for people to pay double or triple retail price for a Labubu keychain, and limited-edition drops and collabs can go for hundreds of dollars on sites like StockX.

Toothy, trendy, and now worth $150K. Credit: VCG/VCG via Getty Images

The demand is there. Pop Mart stores regularly see long lines and sold-out releases for Labubu drops. Blind boxes, where you don’t know which character you’re getting, are snapped up instantly, and $28 toys are being flipped online for over $270. Labubu isn’t just trending — she's a pop culture phenomenon.

Celebrities like BLACKPINK's Lisa, Rihanna, Dua Lipa, and even basketball star Dillon Brooks have sported Labubus clipped to their handbags and belt loops. Labubu is fashion's most playful accessory, a toothy vehicle for self-expression and the ultimate symbol of consumer culture.

As Mashable previously reported, business is booming for Pop Mart. "Labubu is currently Pop Mart's top-selling IP in the U.S. and one of the strongest globally," Emily Brough, Pop Mart's head of IP licensing for the Americas, told Mashable. In 2024 alone, Labubu generated more than $419 million, outperforming all other IPs in the company’s catalog. And the company's revenue in China alone topped $1.09 billion, up 34 percent from the previous year, reports CNN. Globally, Pop Mart profits shot up 125 percent, driven largely by Labubu-mania.