Once a curious, cuddly creature from a Hong Kong illustrator’s sketchbook, Labubu has leapt from niche toy to cult collectible. Created by artist Kasing Lung in 2015 and produced by Chinese toy manufacturer Pop Mart, Labubu is part of a growing genre of designer toys – or “art toys” – and has slowly crept into the orbit of the international art market. With its wide, mischievous grin, the character has gained a devoted fan base across Asia, and increasingly, the West. But can a bug-eyed, goblin-like figure that originally retailed for $20 really fetch five-figure prices at auction? As it turns out – yes, and this might just be the beginning.

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